A beginner’s guide to the Einsteinium digital currency and how you can buy EMC2 in Indonesia.
Einsteinium (EMC2) is a cryptocurrency designed to fund scientific, technological and philanthropic projects. The coin circulates using a proof-of-work algorithm and is managed by the Einsteinium Foundation, which operates a crowdfunding platform to support charitable and research projects.
Let’s take a closer look at what Einsteinium does, how the coin works and how you can buy EMC2.
Where to buy, sell and trade EMC2
You can buy EMC2 on the following cryptocurrency exchanges:
A step-by-step guide to buying Einsteinium
If you want to buy EMC2, here’s an example of how to do it:
Step 1. Create an account with a cryptocurrency exchange that allows you to trade EMC2
EMC2 isn’t listed on every crypto exchange around the world, so search for a suitable platform that allows you to exchange EMC2 with the currency of your choice. Once you’ve found a site, sign up for an account by providing your name, email address and contact information.
In line with Know Your Customer (KYC) laws, some exchanges will also require proof of ID before your account can be verified and you can begin trading. It’s also recommended that you set up two-factor authentication for increased account security.
Step 2. Deposit funds into your account
At the time of writing, it’s not possible to buy EMC2 directly with Indonesia rupiah (IDR), so you’ll first need to acquire a popular crypto, for example bitcoin (BTC) or Ethereum (ETH), and then exchange that coin for EMC2.
To deposit your chosen currency into your trading account, look for the “Deposit funds” link (or similar) once you’ve logged into your account.
Step 3. Buy EMC2
Once the necessary funds have been deposited, search for the currency pair you want to trade, such as EMC2/ETH. Review the current price of EMC2 and click on “Buy EMC2”.
You will then need to choose a limit or market order, enter the amount of EMC2 you want to buy, and review the full details and cost of your transaction. If you’re happy with all the details and ready to proceed, confirm your buy order.
How to sell EMC2
The process for selling EMC2 is very similar to the buying process outlined in Step 3 above, but you’ll be choosing “sell” rather than buy. However, keep in mind that exchanges tend to only offer certain pairings, so you may not be able to directly exchange EMC2 for the fiat or cryptocurrency of your choice.
Which wallets can I use to hold EMC2?
For security reasons, storing cryptocurrency on an exchange is not recommended. Instead, it’s much safer to store your EMC2 in a secure wallet.
Einsteinium’s official Excalibur wallet is available for download to Windows, Mac and Linux operating systems from the Einsteinium website. A Coinomi wallet download is also available for anyone who wants to store, send and receive EMC2 on an Android device.
How Einsteinium works
Founded in 2014, Einsteinium was largely unheard of until March and April of 2017, when the non-profit Einsteinium Foundation was founded in Canada. Under the coin’s proof-of-work mining system, the foundation receives 2.5% of every block reward. Of that amount, 80% goes towards funding scientific research.
These funds are distributed at the end of each epoch (the time it takes miners to build 36,000 blocks onto Einsteinium’s public ledger), and the Einsteinium community votes to decide which projects receive funding.
Miners can receive block rewards for 730 epochs, but the size of the reward scales down from 1,024 EMC2 in the first two epochs to just one token in the final epoch. However, to encourage continued mining, Einsteinium has also added what it calls Wormhole Events, which occur within each epoch and see a block reward of 2,973 EMC2 replace the standard reward.
Key things to consider if you’re thinking about buying Einsteinium
Cryptocurrencies are complex and speculative, and you should never buy or hold any crypto before fully understanding how it works and all the risks involved. If you’re thinking of purchasing EMC2, make sure you consider the following factors first:
- Supply. According to CoinMarketCap, at the time of writing (01/02/2018) the circulating supply of Einsteinium was 216,398,698 EMC2.
- Past performance. While past performance is not a reliable indicator of future performance, a look back at a chart of the value of EMC2 shows that the coin traded at less than US$0.01 from 2014 until April 2017. More recently, it saw a huge spike in value, rising from US$0.06 in November 2017 to reach US$2.63 on December 18, 2017.
- Dramatic drop. Some of the rise in value of EMC2 throughout December was due to the expectation of a “mind-blowing announcement” the Einsteinium team would make on December 19. Online forums were rife with speculation and rumours that the announcement would contain news of a huge partnership, but it ended up being news of an algorithm change. As a result, the price of EMC2 dropped back to US$0.75 by December 30.
- Corporate partnerships. It’s always important to keep up to date with the announcement of corporate partnerships and arrangements organised by any cryptocurrency. For example, in January 2018 Einsteinium announced it was partnering with ATW Tech subsidiary Voxtel to implement EMC2 cryptocurrency in all its platforms.
- Roadmap. While Einsteinium will primarily be used to fund scientific research, its roadmap also reveals plans for other platforms linked to the EMC2 coin, including a social media platform and messenger app.
Consider the issues above and a range of other factors before deciding whether or not to buy any EMC2.