Electroneum (ETN) is generating a lot of interest after it has spent a couple of years out in the cold. This handy guide will talk you through everything you need to know about Electroneum, including buying, mining, and trading.
What is ETN?
Electroneum was initially going to be a Bitcoin rival that revolutionized the way the world saw cryptocurrency. Most importantly, it allowed third-world countries into the crypto market. The developers decided that the key area to focus on was easy access to Electroneum. You can mine it from a smartphone. To do this, users simply need to download the Electroneum app, and they can get mining within minutes.
This created a lot of interest and soon everyone was calling Electroneum a gamechanger. The project attracted an initial investment of $40M and the number of early adopters was 300,000. However, soon the platform began to run into serious problems and the investor confidence fell away.
How has ETN Performed?
Early on, Electroneum rocketed in value and the development team envisaged the coin being worth a few dollars by 2021. Everything looked great because Electroneum had managed to get people using the platform — something that even big networks struggle with.
But this big uptake had bad consequences. First, because it is so easy to mine, the currency kept undervaluing those who bought and invested in the currency. After all, why would you pay for a token that you can mine with about the same amount of effort?
Another big issue came when this increasing usage started to cause problems on the network. The platform either failed to function or got so backed-up that miners were unable to withdraw their Electroneum from their accounts.
What once seemed to be golden became a bitter experience for those involved. Many investors left in search of the next promising project, and miners were left with tokens that had almost no value. It meant that in first-world countries, Electroneum pretty much expired. No one was bothered to mine a token that was worth a few cents.
In other locations though, Electroneum continued to function, but at a smaller than anticipated rate. Now after a few years of being rejected, the coin is starting to show signs of life. This is notable especially as trading volumes on BTC to ETN exchange platforms have increased over the last few months. In USD terms, the 24-hour trading volume of ETN is $1.3M at the time of writing.
Something that is encouraging is that crypto experts look at Electroneum as a breakout coin for 2021. It could again begin to climb to the heights in value it once enjoyed. Alongside this more positive outlook, the development team is working away to try and rectify the mistakes of the past, so they don’t happen again. All in all, 2021 is looking challenging for Electroneum, but promising at the same time.
BTC/ETN Exchanges
If you’re looking to acquire ETN, it is worth mentioning that you can mine it on the Electroneum app. For those who don’t want to mine it, you can buy it on a few exchanges. The exchanges you can buy ETN on are as follows.
ProBit
This exchange supports ETN to BTC swaps, but you should be warned that they price ETN uncompetitively. On average, you can expect ETN to be priced at nearly double its market value. Bear in mind that ETN is currently only worth a few cents at the most, making ProBit an expensive choice.
FinexBox
This exchange also offers ETN to BTC. But it is still typically pricing ETN well above its market rate. If ETN is trading elsewhere for 2 cents, you can expect it to be priced at 2.5+ cents on FinexBox.
Godex
This is a large exchange that compares the market rates across several platforms and provides the most advantageous one. This is a safe bet for users looking to buy ETN or swap it for BTC. Godex supports many other cryptocurrencies as well.
There is a huge number of crypto exchanges that sell ETN, all ranging in size and reputation. There are at least twenty other exchanges to choose from, so feel free to do your own research on Electroneum across other exchanges.
