Cryptocurrencies have gained a lot of attention during 2020 and 2021, especially with the bull market phase of Bitcoin, which peaked at a price of $63,000 in April 2021. This success translated to other cryptocurrencies in the market that also entered a bullish cycle.
Some great examples include Ethereum, XRP, Litecoin, and other altcoins. This success meant that the crypto market attracted not just regular investors but also traditional investors such as the Grayscale Bitcoin Trust fund, Pantera Capital, and many other crypto trust funds that realized the potential of cryptocurrencies and actually saw how many accredited institutional investors wanted to trade in crypto.
Beyond the existing cryptocurrencies, there is a great range of new altcoins that entered the market due to the great demand for virtual currencies. The Civic coin is one of the latest cryptocurrencies (created in 2017) that provides a lot of benefits for its users. In this article, we will explain everything you need to know about CVC.
What you'll learn 👉
What is Civic Coin
Before we explain what Civic Coin is, we will go through the Civic platform. The civic platform is essentially based on AI and blockchain technology in order to provide identity verification. The Civic Coin is an important part of the platform, and the token is exchanged on the Ethereum blockchain network. Here you can read about investing in Civic coin (CVC) and everything else that you need to know about the platform and the investment process in more detail.
Otherwise, the Civic coins are exchanged in order to complete the verification process. This is a highly secure innovation because it saves time, money and protects the identity of the users as it was designed to thrive on blockchain technology, which itself is one of the safest decentralized, peer-to-peer-based systems.
Moreover, the users will be able to safely log into a specific website or application without going through the process of creating a username, using their email address, and even adding a password. So, overall, it is highly unlikely that your account will ever be compromised or your identity is stolen.
Development and Future Possibilities for the Civic Coin
The CVC Coin was developed by a famous entrepreneur from South Africa – Vinny Lingham, that was looking to create a solution that will allow increased security for both parties in the e-commerce sector. This revolutionary currency was also created with the help of is Jonathan Smith which has a background in banking and technology.
The main result was the CVC coin which offered a viable solution for verification of the identity of the users. It’s worth mentioning that you can’t obtain CVC coins through crypto mining, and since it was launched, approximately 670 million CVC tokens are in circulation from a supply of 1 million CVC.
In terms of the future possibilities of the CVC coin, beyond being an available option for trading, it can be widely used as a safe verification method on e-commerce sites or other websites that require personal data from its users in order to access certain services or purchase products.
Trading Sites and Storage
As this coin is associated with the Ethereum blockchain, more specifically, it is an ERC20 token; it is stored on any mobile, desktop, and hardware wallet that also stores Ethereum. When it comes to trading CVC, there are not that many options available because it is still a new coin. However, there are approximately 25 exchange sites where you can trade the Civic coin for other cryptocurrencies such as Bitcoin, for example, and other traditional currencies.
Final Thoughts
The impeccable design of blockchain technology offers plenty of opportunities to improve the security of digital services. CVC coin is just one great example of a cryptocurrency based on blockchain technology specifically designed to prevent future identity thefts or any other security issues. Overall, it’s a great choice not just for crypto investors but online businesses.
