What is Civic (CVC)?
Future of CVC Cryptocurrency and know how to buy CVC

What is Civic?

#1 - What is Civic?

Civic: The Basics

Using blockchain technology in an unprecedented way, Civic is more than just a coin or a cryptocurrency to trade.

  1. It’s an identity verification platform which is meant to make life easier, not only for the user, but also for the entity who wishes to verify the identity.
  2. Rather than going through a long-winded document verification process, the Civic token enables the verification of identity directly in places where it is accepted. The advantage here is that since it uses blockchain technology, it’s extremely secure and identity theft is highly unlikely!
  3. The Civic coin or Civic token (CVC) is the currency associated with Civic, which thrives on the Ethereum blockchain, primarily exchanged during the identity verification process.

Civic Development

The CEO of the Civic project is Vinny Lingham, a South African entrepreneur who has been in the e-commerce sector for over a decade.

The CTO, Jonathan Smith is the man helping power Civic technologies. He has been in the banking and technology field for more than 15 years according to the Civic website. There are also several notable technical advisors on the team, and around 50 full-time employees and developers working for the company.

 

#2 - What are the advantages of Civic?

Civic Technology

  1. Civic is a platform which works to securely verify any user’s identity without the need for a username and password.
  2. In order to register on the Civic platform, users need to download its mobile application and verify their identity on it by providing certain documents.
  3. Civic also runs an extensive background check on the user by checking public information such as social media accounts, etc. This prevents fake identities and identity theft with an extremely high success rate.

There are basically three entities in play here:

  1. The “identity requestor” who wishes to verify the user’s identity.
  2. The “user”. and
  3. A trusted third-party “validator” who validates the identity.

The validator verifies the user’s identity during the platform’s extensive registration process, and stores the data in the form of un-decryptable hashes in the blockchain. The requestor, then, can simply exchange Civic coins (or CVC) for the data with the consent of the user.

Civic Use Cases

Since Civic is creating something resembling a free market for identity verification, its uses are quite versatile. Some of the use cases of this cryptocurrency are:

  1. On e-commerce websites to prevent fraud or credit risks.
  2. As a registration/login option in websites.
  3. To verify the identity of a user, both in online applications as well as offline, such as while booking an airplane ticket.

 

#3 - How to Buy & Store CVC?

How To Buy Civic

The CVC coin is traded on around 25 platforms, where you can exchange Bitcoin, Ethereum, etc. for the tokens. It’s difficult to find a platform which will accept fiat currencies like US Dollars for the CVC coin, but a few such exchanges do exist.

The major exchanges that support the CVC token include KuCoin, Bittrex, OKEx and more.

  1. While cryptocurrency exchanges provide you a platform to buy or sell the Civic coin, CoinSwitch, largest cryptocurrency exchange comes in to help you make the right decision by providing the prices for the CVC token on multiple crypto exchanges. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token and compare the prices at exchanges. This way you can choose the best deal for you!
  2. What’s more - with CoinSwitch you do not rely on a separate wallet from the exchange to store your Civic coin. Instead, all transactions happen to and from your own personal private wallets.

CVC Storage

A Civic coin is an ERC20 token - which means it can be stored on any wallet that supports Ethereum. Fortunately, there are plenty of Ethereum wallets available out there that can store your Civic cryptocurrency:

  • Mobile wallets like Coinomi and Jaxx (which is also a web wallet as well as a desktop wallet), and
  • Online wallets like MyEtherWallet.
  • There are also hardware wallets are Ledger Nano S, Ledger Blue and Trezor, which are safer to use than the rest.

 

#4 - What is the future of Civic?

Market Cap and Global Acceptance

The CVC coin, unlike Bitcoin and other cryptocurrencies, can’t be mined. So Civic mining (or CVC mining) is certainly not a thing.

  1. 1 billion Civic tokens were launched in July 2017, out of which 330 million were sold in its token sale.
  2. 330 million coins have been retained by the company.
  3. 330 million were allocated to give as rewards, and
  4. 10 million was allocated to cover the token sale costs.
  5. The circulating supply, as of June 2018, is about 34.2 million tokens, and the market cap is close to 70 million USD, much less than its counterparts like Ethereum. Price History
Also Read: Complete Analysis of Civic | Live Civic (CVC) Price Charts And Predictions

DATE

OPEN

HIGH

LOW

CLOSE

VOLUME

MARKET CAP

Jun 01, 2018

0.32459

0.33042

0.31213

0.31962

1,37,51,000

11,12,36,000

May 01, 2018

0.41285

0.43286

0.3855

0.42528

60,49,800

14,14,85,000

Apr 01, 2018

0.20492

0.21087

0.18597

0.19265

49,66,320

7,02,26,400

Mar 01, 2018

0.34522

0.38303

0.33096

0.3721

59,44,310

11,83,08,000

Feb 01, 2018

0.57148

0.5813

0.42912

0.4517

1,17,30,600

19,58,47,000

Jan 01, 2018

0.86568

0.93497

0.82467

0.90665

1,91,44,800

29,66,69,000

Dec 01, 2017

0.29339

0.32524

0.28716

0.30933

19,23,460

10,05,44,000

Nov 01, 2017

0.34675

0.34675

0.30107

0.30493

30,11,650

11,88,29,000

Oct 01, 2017

0.40484

0.41023

0.38818

0.38919

13,52,750

13,77,28,000

Sep 01, 2017

0.5205

0.52222

0.48106

0.49049

50,70,740

17,69,71,000

Aug 01, 2017

0.16288

0.18073

0.15631

0.16981

9,65,800

5,53,78,200

Jul 17, 2017

0.16124

0.17729

0.14757

0.17672

97,50,800

-

Trends so far

The individual price of a Civic token has not changed much from its initial value of 0.17 USD to the current 0.21 USD. Its maximum value was 1.66 USD on 25th December 2017.

With its relatively low market cap when compared to other cryptocurrencies like Ethereum, the Civic token doesn’t figure very high in global rankings, falling even below the 250th rank.

However, its secure identity verification shows immense promise, and predictions are that the value will go up exponentially in the next few years, especially in an age increasingly concerned about fake news and fake identities.

 

#5 - How is Civic different from other cryptocurrencies?

  1. Identity theft and fraud have always been a problem, and one is never actually sure while verifying someone’s identity manually. Civic’s blockchain utilisation and decentralised system, along with its data encryption, makes it completely secure.
  2. While most of the popular cryptocurrencies tend to focus on financial aspects and services, the Civic cryptocurrency stands out for its unique focus on identity security and verification.
  3. Let’s go back to the question of what is CVC again. Civic claims to verify a user’s identity with no ambiguity or risk of fraud, while reducing the repetitive work required to verify manually to a great extent.
  4. Since it uses a combination of biometrics and documentation, hacking becomes impossible because of the lack of a username and password.

 

#6 - Should you invest in Civic?

As a platform, the Civic cryptocurrency shows a lot of promise. While it is only available in the US presently (which may be disappointing news about its current potential), it’ll soon expand and come over to other countries - which should give it a nice bump in value.

The blockchain is where the future lies, and the Civic coin uses it in a unique way to make life easier and our identity more secure. It also has the added advantage of being relatively new and costing very less, so probably there’s nowhere to go but up from here amirite?

Investing in Civic tokens has been predicted to produce long-term results by crypto analysts, so be patient if you want returns.

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