Civic is a blockchain identity verification technology that allows consumers to authorise the use of their identities in real-time. It allows businesses and financial institutions to reduce the cost and increase the reliability of background checks.
About Civic Coin:
Civic (CVC) is a cryptocurrency based on Ethereum. This is what powers the Civic’s identity verification mechanism. Upon verifying their information using Civic, users may safely share and verify personal information with service providers. This eliminates the regular re-verification requirements. Service providers may give CVC to users and verifiers in exchange for this convenience.
Jonathan Smith and Vinny Lingham founded Civic in 2015.
Primary features of Civic
CVC coin is an ERC20 token. This means that you can store it on any wallet that supports Ethereum.
- Civic is a network of decentralised applications built on Ethereum that focuses on verifying and requesting information about one’s identity.
- It enables people to use the blockchain to verify their age when purchasing beer from vending machines.
- The Civic ecosystem is composed of three distinct components: Users, Requesters, and Validators.
- The user is in complete control of their data as it is stored locally on their mobile device. They can share the information with whom they want to.
Is Civic a promising cryptocurrency?
Civic coin price currency has increased over 200% in 2021 and by around 800% in the previous year.
According to different civic currency price forecasts, the coin still has the opportunity to grow. There may be a higher upside potential after the coin resumes its ascent to the peak.
Suppose you missed the Civic Coin’s Initial Coin Offering (ICO). In that case, you could purchase it on third-party cryptocurrency exchanges such as CoinSwitch Kuber.
How to use Civic coins?
It is more than a coin and aims to serve as both a wallet and an identification card. You may use it to build a safe and handy personal database. It can save virtually anything you desire, from your passport details to your medical history.
Pros & Cons of Civic coin
Pros
- Civic securely verifies the identity of any user without requiring a username and password.
- It does a thorough background check on the individual by examining publicly available information such as social media accounts. This effectively prohibits the creation of false identities and identity theft.
- It seeks to address real-world issues and has enormous development potential.
- As their technology is patented, it may be advantageous against competitors in the future.
Cons
The platform may face stiff competition soon. More blockchain applications may emerge in the future as the size of the identity verification business is huge. Thus, Civic must establish several relationships and enter the mainstream market soon to flourish.
Which products support CVC?
| Send/Receive | Trading | |
|---|---|---|
| Coinbase | ✔ | ✔ |
| Pro | ✔ | ✔ |
| Wallet | ✔ | ✖️ |
What regions support CVC?
| US | NY | CAN | EU | UK | DE | SG | JP | |
|---|---|---|---|---|---|---|---|---|
| Coinbase | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✖️ |
| Pro | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✖️ |
| Wallet | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✖️ |
Crypto to fiat trading pairs
| US | UK | EU | |
|---|---|---|---|
| USD | ✔ | ✖️ | ✖️ |
| GBP | ✖️ | ✖️ | ✖️ |
| EUR | ✖️ | ✖️ | ✖️ |
Note: Coinbase Wallet does not support direct bank transactions. You’ll need to transfer your crypto to Coinbase.com or send it to an external address in order to cash out.
Crypto to crypto trading pairs
| USDC | BTC | ETH | USDT | |
|---|---|---|---|---|
| CVC | ✔ | ✖️ | ✖️ | ✖️ |
See the full list of countries that Coinbase supports for crypto-to-crypto trading.
Note: Only assets hosted on the Ethereum blockchain can be converted through the Coinbase Wallet mobile app at this time. Learn more about trading on Coinbase Wallet.
How many confirmations are needed for CVC?
CVC requires 35 network confirmation. Learn about transaction confirmations.
Which blockchain network hosts CVC?
CVC is hosted on Ethereum.
What are the minimum and maximum withdrawal amounts?
Coinbase has implemented safeguards to ensure a healthy and efficient network both on-chain and through our platform.
These safeguards include both minimum and maximum amounts for each cryptocurrency we allow customers to send through the blockchain.
Minimum: 0.000000000000000001 CVC
Maximum: 1,130,000 CVC
By coinswitch and coinbase