You might be hearing this for the first time and may never have imagined that there is anything called a “Virgin Bitcoin”. Yes, you heard right.
First of all, one of the characteristics of Bitcoin is that it is a transparent network, and every transaction on the network can be traced. On top of that, the history of transactions can never be deleted. Another point to note is that every particular Bitcoin is unique, including the ones that are yet to be mined.
Based on the information above, you will understand that it is possible to find out how any particular Bitcoin has changed hands right from when it came into existence. For the want of an appropriate term, I would refer to older Bitcoins as “regular Bitcoins” in this post.
Back to the Subject Matter. So, What is a Virgin Bitcoin?
In simple terms, Virgin Bitcoin is a term used to refer to any freshly mined Bitcoin that has not been used for any transaction at all.
This should be a normal development, at least based on the fact that every Bitcoin today was once a Virgin Bitcoin. So why do we have to specially talk about a freshly mined Bitcoin? Of what importance is it in the industry today?
The idea of Virgin Bitcoins has generated a lot of interest, based on the premium status that is being associated with it, especially in the cryptocurrency marketplace. This class of Bitcoins are currently being traded at higher costs, with mark ups of between 10% and 30% across different platforms. The reason for this is not far-fetched, as a matter of fact, it is because of their status of “no history”, so they can be assumed as the safest kind of Bitcoins to hold.
How Safe Are My Bitcoins?
As already explained above, the history of every Bitcoin in existence today can be traced back to the point of mining. All wallets where they have been can be identified and singled out. It is true that Bitcoins are termed to be ideal for anonymous transactions. This anonymity is only to the limit of not knowing the particular identity of a wallet holder. Apart from this, we cannot categorically assume Bitcoin transactions to be anonymous. Rather, it can represent the most open way of making transactions.
Having this in mind, and putting into consideration the vices in the crypto industry, it means that some Bitcoins can actually be risky to hold as investment. The implication of this is that it is possible to buy Bitcoins from the open market that have been used for illicit transactions, or some other criminal transactions.
Imagine being caught in the crossfire of a criminal investigation that you know nothing about, and have your Bitcoins blacklisted because it was used by someone you know nothing about to commit an offense. This is exactly why people are becoming more careful around the “regular Bitcoins”, and are ready to pay even more for Virgin Bitcoins.
The identification of Bitcoins is not yet so popular in the industry, however, there are signs that for purposes of regulation and security, we may soon be seeing increased activity in this area. This is the same sentiment held by Flex Yang, CEO of Babel Finance who spoke after the recent G-20 summit. He explained what could happen as soon as the already agreed adoption of the standards of the Financial Action Task Force (FATF) kicks in.
“When these standards go into effect, interexchange transactions will require transparency regarding senders and receivers of cryptocurrency. This opens doors to a wide berth of scrutiny as regulators probe different ledgers to determine what wallets participated in illicit crypto exchanges, hacks, etc. Bitcoin remains of interest to institutional investors, but their threshold for risk is much lower. With uncertainty as to how the crypto world will conform to the FATF standards, many traditional investors feel it best to air on the side of caution.”
Therefore, it is in line with airing on the side of caution that most people who can afford it are going for Virgin Bitcoins. After all, you wouldn’t want to lose your investment over something that you know nothing about. But then, it is one thing to want to buy Virgin Bitcoins, and another thing altogether to know how and where to purchase them.
Where Can I Buy Virgin Bitcoins?
Thanks to platforms like Vertex.Market, buying Bitcoin or any other cryptocurrencies has become very simplified and flexible. The platform provides all the liquidity you may need to trade effectively in the highly dynamic marketplace. Apart from that, if you want to differentiate and classify between Bitcoins or any other cryptocurrency, Vertex affords you that opportunity.
It is a peer-to-peer platform that allows customers to make purchases using bank transfer. Even tokens that are yet to be listed can be purchased on Vertex, and the coins sent directly to the users wallet.
On Vertex, everyone is treated specially and every transaction need that you may have is adequately addressed, even if it has to do with Virgin Bitcoins.