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How to buy Electroneum
Read our step-by-step instructions on how to buy, sell and trade Electroneum in Ireland.
If you want to buy Electroneum but don’t know where to start, you’ll find the info you’re looking for in this guide. For details of how and where to buy Electroneum, as well as how to sell and even hold your ETN, keep reading.
Where to buy Electroneum
A step-by-step guide to buying Electroneum
There are two options available to anyone who wants to buy Electroneum:
- Buy Electroneum with fiat currency, such as GBP
- Buy Electroneum using another cryptocurrency, such as bitcoin (BTC) or Ether (ETH)
Buying directly with GBP is a quicker and more convenient approach for most people, but you can find step-by-step instructions for both options below.
Buying Electroneum with GBP
If you want to buy Electroneum with GBP, here’s an example of how to do it:
Buying Electroneum with another cryptocurrency
If you want to use another cryptocurrency to buy Electroneum, here’s a step-by-step example of what you need to do:
How to sell Electroneum
If you want to sell your ETN coins, the process you’ll need to follow is pretty similar to what’s detailed in step 4 above. Remember to use the “Sell” rather than the “Buy” field when entering your transaction details, and be aware that because ETN is only listed in a limited range of trading pairs, you may not be able to directly exchange it for the currency you want.
Which wallets can I use to hold Electroneum?
While some cryptocurrencies can be stored across many different wallets, there are limited options for storing ETN. You can choose from two official wallets:
- The Electroneum app wallet. When you create an Electroneum account on the Electroneum website, you’ll also automatically create an Electroneum mobile wallet which can be used to mine ETN. This wallet can be accessed via the Electroneum App on Android, which you’ll need to download from Google Play, while an iOS app has yet to be released.
- The Electroneum paper wallet. You can also use Electroneum’s offline wallet generator to create a paper wallet you can use to safely store your ETN. The main benefit of this wallet is that it offers cold storage for your ETN, with the obvious downside being that you can’t use it to mine Electroneum.
How Electroneum works
Billed as “the mobile cryptocurrency”, Electroneum is a digital currency built with mass adoption in mind. Designed to allow users with all levels of technical expertise to gain access to cryptocurrency, Electroneum is based on a mobile app and lets you mine ETN directly from your smartphone.
To keep mobile mining somewhat effective and therefore make the coins accessible for everyday users, Electroneum is specifically designed for CPU mining rather than ASIC mining. By providing easy access to over 350 million unbanked smartphone users in the developing world, the Electroneum team hopes to be at the forefront of the expanding digital payment sector.
Built on the Monero codebase, Electroneum coins can be held, sent, received and spent. With a key focus on micropayments, the Electroneum website reports that the company has a global patent pending on a technology that allows instant cryptocurrency payments. These instant payments will initially be in ETN, but the patent also covers bitcoin and other digital currencies.
What to know before you buy ETN
Before buying any cryptocurrency, it’s essential that you fully understand all the risks involved. Digital currencies are complicated and volatile assets, and there are multiple factors that can potentially have an impact on the price of a particular coin.
If you’re thinking of buying any Electroneum, make sure you consider the following factors first:
- Supply. The maximum supply of Electroneum is capped at 21 billion coins. This high maximum supply means that ETN transactions only have two decimal places, which is meant to give Electroneum a “real money” feel. According to CoinMarketCap, at the time of writing (August 2018), the circulating supply was 7,659,614,234 ETN.
- Availability. Electroneum is only available on a limited range of exchanges, so consider the effect this lack of widespread availability could have on the level of demand.
- Whitepaper. If you want to know more about how Electroneum works and its key features, check out the project’s whitepaper.
- Not on iOS yet. In July 2018, Electroneum announced that Apple has approved its iOS app and that beta testing would soon begin. While Electroneum’s Android app has been available for some time, the iOS app is still (as of August 2018) listed on the project’s website as coming soon.
- Partnerships. Electroneum has signed agreements with a number of mobile networks around the world, including South America’s XIUS and Japan’s BMedia, in an effort to increase its potential user base.
- Target market. With a focus on providing mobile money services to the unbanked, a market that PricewaterhouseCoopers’ 2017 Global FinTech Report says could one day develop into a US$3 trillion industry, Electroneum has big goals. Of course, whether it can achieve anything close to the level of widespread adoption it is targeting remains to be seen.
By considering these and a range of other factors, you’ll be able to make an informed decision about whether you should buy any Electroneum.
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.
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