If you have heard good things about Electroneum lately, then you will not be alone. The price of the crypto coin has started to go upwards and many experts in the field are predicting a profitable 2021. So, with that in mind, here is a complete guide to Electroneum and what it aims to do.
All About Electroneum
Electroneum was developed and launched a few years ago, in 2017. Its aim is to give users access to cryptocurrency regardless of their financial means. They made mining Electroneum very simple. It can be done using a smartphone app. The idea was to allow third-world countries to develop using Electroneum for financial access.
The Electroneum blockchain is both excellent and poor in equal parts. Firstly, it is energy-efficient, because mining is straightforward, and transactions can be processed without much energy used. Secondly, it is considered a secure blockchain system as it is not subject to a 51% attack. Lastly, the blockchain has been praised for the way in which mining helps those that are less fortunate to receive rewards.
However, it has an ugly downside — it is really unscalable. Even moderate workloads on Electroneum cause significant backlogs. Users grew very frustrated after its launch because they couldn’t access funds since transactions were taking a very long time to complete. The problem is that the more popular Electroneum gets, the more it suffers from this design flaw.
Developers are looking to implement solutions to the scalability problem, but as yet it hasn’t been fixed. Luckily, the blockchain is largely unused now. Currently, the number of users is slightly over 4 million.
The History of Electroneum
The price of Electroneum was subject to a lot of hype when it was launched. This pushed the price of Electroneum up artificially. Very quickly the problems with the blockchain became apparent and the upward price predictions looked impossible.
The coin made it to 20 cents, but then the inevitable crash happened. Many investors were left stung by the catastrophic price drop. Since 2018, the price of Electroneum has hovered around the 1 cent mark, and even dipped as low as $0.0013 in 2020, which is pretty much completely worthless.
But the good thing about being completely worthless is that the only place a price can go is up. That is what has happened with Electroneum over the last few months as more investors are prepared to take a risk on the cheap token.
It is worth mentioning that buying Electroneum at this point is still risky. While the low price represents some value, there is a possibility that Electroneum crashes again and becomes obsolete. You will need to check your price charts carefully before committing to buy Electroneum. Make sure to use a real-time BTC to ETN converter to stay updated.
Buying Electroneum on Godex.io
Buying Electroneum is a very straightforward process with Godex.io. Here is a step-by-step guide to obtaining Electroneum using Godex.
Step One — Cryptocurrency Pairs
First, you need to select your Electroneum pair. Most people buy ETN with Bitcoin (BTC). But you can also select other cryptocurrencies from a drop-down list on Godex. Most exchanges don’t offer this facility, which is why we have chosen Godex for this example.
Step Two — Click Exchange
Once you have selected the cryptocurrency pair that you want to exchange, enter the amount of ETN you are expecting to get. The calculator will show you how much, say BTC, you need to swap. Click the exchange button below the converter. The converter will always give you a real-time figure of the amount of ETN you will receive.
Step Three — Complete Wallet Details
You will need to supply the public address for your wallet in order to facilitate the trades. Godex, in turn, will provide you with the address where you should send coins for exchange. You sit back while the exchange does the rest of the work behind the scenes. It will even let you know when to expect the funds to be deposited. This varies from coin to coin due to transaction speeds.
Unlike other exchanges, Godex has no trading limits and a huge range of crypto pairs. So far, it has 201 coins on offer. This means that you can buy a large quantity of Electroneum with no need to complete regulatory requirements. It is worth noting that Electroneum requires all users to complete identity checks to comply with the UK regulator’s anti-money laundering requirements. So, you will still need ID to transact with ETN itself.
Advantages of Buying ETN
Currently, the ETN price is rising slightly, leading many to believe that it will break out in the near future. This is the main advantage of buying ETN at the moment. Another advantage is that you can always mine ETN on your smartphone to add to your investment balance.