Is Verge Coin ($XVG) Crypto Scam or Legit ?? 🔥

 

 

Verge Coin: Is It a Scam or Legit?

 

Introduction

 

Verge is a cryptocurrency that claims to offer secure, anonymous, and private transactions. However, many people are skeptical about its privacy features and question whether it is a scam or a legitimate investment. In this article, we will examine the privacy features of Verge and whether they are effective in protecting users' identities.

 

Verge's Claims of Privacy

 

Verge claims to offer privacy by hiding IP addresses with TOR and the Wraith protocol, which allows for stealth addresses. This means that the blockchain is transparent, but nobody can tell who is transacting with whom.

 

The Reality of Privacy

 

Law enforcement and government agencies use blockchain analysis to track high-value targets. They trace transactions associated with their targets through the blockchain, and at fiat/cryptocurrency gateways, they follow anti-money laundering (AML) and know-your-customer (KYC) laws, which require users to give up their identity. If transactions can be traced to one of these gateways, they can reveal the identity associated with a given address/account.

 

Verge's Weaknesses

 

Verge does not defend against any known methods of deanonymization. Running Bitcoin over TOR (which is what Verge is) has been studied and found to be unsafe. The Wraith Protocol alone is weak privacy, even if it does get implemented, as it only provides privacy for the recipient. In practice, when users are given the option to use privacy, they stick with the transparent default and only use private features when they need it, making them a smaller pool and easier to track.

 

Conclusion

 

Verge fails to offer real privacy and is indistinguishable from a scam. Its claims of privacy do not address the ways in which law enforcement and government agencies track individuals through the blockchain. The Wraith Protocol alone is weak privacy, and running Bitcoin over TOR is unsafe. In conclusion, investors should be cautious when considering investing in Verge and should thoroughly research the cryptocurrency before making a decision.