Electroneum is a cryptocurrency that claims it much easier to use than other cryptocurrencies such as the very popular Bitcoin. It’s doing this by allowing transactions to be conducted through a mobile app. Miners can also use the app to mine new coins (unlike cryptocurrencies like Tron that have no mining).
This is a change from a lot of existing cryptocurrencies, but at the same time, it makes it a little more challenging to buy (at least for Americans).
In this article, we’ll dig more into what Electroneum is, how it is different from other cryptocurrencies and how to buy it.
What Is Electroneum?
Electroneum is both the company behind the cryptocurrency and the actual currency. You can see their website at electroneum.com. The currency symbol is ETN. ETN says they are the first British cryptocurrency.
ETN had one of the most successful ICOs by user count. They reached a $40M hard cap and registered over 300k users. Their user base is still growing. The coin is currently ranked #43 overall by market cap.
ETN is currently trading at $0.127025 USD as of January 21, 2018. It has experienced some volatility over the pass 30 days due to various news announcements.
One Dec. 21, ETN enjoyed a spike from $0.076 to $0.107 USD because John McAfee had a few positives things to say about it. Another occurred on Jan. 6 when an announcement was made that Electroneum had signed an agreement with Telecommunications & Payments Giant XIUS. This moved the currency from $0.089 to $0.200 USD.
How Is ETN Different?
ETN separates itself by claiming to be a very user-friendly cryptocurrency. By using the freely available ETN mobile app, you don’t have to worry about long wallet addresses or security. The app will keep all of your transaction details private, unlike other cryptocurrencies.
ETN is also faster than Bitcoin to transact with. Part of how they can do this is by using the Monero codebase for its blockchain.
You can create an offline wallet to hold your ETN coins. The wallet is available at electroneum.com. One of ETN’s selling points is its security. They claim it is virtually impossible for your offline wallet to be hacked.
How To Invest In ETN
There are more exchanges coming in the near future that will allow you to buy ETN. For now, we’ll have to use Cryptopia.
Let’s walk through the process in detail.
1. Create A Cryptopia Account
The first thing you need to do is setup a Cryptopia account.
Cryptopia is a popular choice because it allows crypto-to-crypto transactions from companies like Coinbase. It’s important to note that you can’t send money to Cryptopia. You have to go to Coinbase -> Exchange (Cryptopia) -> ETN.
So, you’ll always need two accounts:
- Cryptopia: which you can signup for here
- Coinbase: Coinbase gives you $10 in free Bitcoin when you signup and deposit $100 or more
Hopefully, this changes soon, but that’s how it goes today.
2. Buy Bitcoin or Ether on Coinbase
Once you have a Cryptopia account setup, you need to buy Bitcoin or Ether on Coinbase.
It’s very easy to do once you have a Coinbase account setup. You simply go to the Buy/Sell page and enter your information. Then, your Bitcoin will be in your wallet and you can move to step 3.
3. Transfer Your Bitcoin To Cryptopia
Once you have your Bitcoin or Ether in your Coinbase account, you can transfer it over to Cryptopia. This is also fairly easy to do.
In your Cryptopia account, go to your balances then wallets and you can see all the different coins you can hold in your account.
In our case, we’re transferring over Bitcoin, so click on Bitcoin, and you’ll see a Wallet Address generate. Here’s what most look like:
Once you have that address, you go back to Coinbase, choose “Accounts”, and then “Send.” You’ll see this screen come up where you can send your Bitcoin to the address generated in Cryptopia:
4. Buy ETN
Once you have your Bitcoin in your account at Cryptopia, you can finally buy ETN.
In your Cryptopia account, execute the ETN/BTC (or ETN/ETH) exchange.
Once you place your trade, it will show up in your Cryptopia account.
ETN has a knack for finding its way into the news, which has major effects (in a positive way) on the currency. However, it always seems to settle back down fairly quick. Overall though, ETN is on an upward trajectory.
The endorsements from well-known figures such as John McAfee and a deal with a telecommunications company all bode well for ETN’s future.
Of course, it is like investing in any new cryptocurrency. There are risks involved. By staying on top of ETN related news and watching how it grows, you can likely glean a little more than most about its potential future and investment opportunities.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.