Most likely, you already know where to get your hands on Bitcoin, but do you know where to buy Electroneum? If you don’t, this guide will help you out.
Electroneum is a cryptocurrency that is similar to Bitcoin in function, but that you can mine using a smartphone app.
Top Places to Buy ETN with BTC
There are many exchanges that offer Electroneum, but quite often you will find that the trading pairs for ETN are limited. Here are the top three exchanges for obtaining Electroneum using Bitcoin.
Binance is the largest crypto exchange in the world with an average 24h trading volume of nearly $30B. It offers Electroneum for both BTC and ETH. In total, it supports more than 150 coins. The company is active within the crypto scene, supporting start-up projects and financing crypto developments. The downside is that Binance has been hacked. The hot wallet it operates has been compromised twice in the last three years.
This is another big crypto exchange with 201 coins on offer and no transaction limits at all. This makes swapping crypto on Godex very advantageous to those looking to trade high volumes. Besides, it’s an anonymous on-the-fly exchange, where you don’t need to store any sensitive info or funds. Given that, the platform is extremely safe and hasn’t been hacked.
Both exchanges have intriguing unique selling points, so make sure to check them out for your next ETN trade.
Is it Worth Buying ETN?
Electroneum is a mixed bag when it comes to investment. The coin has been at a stagnant price for the last two years and hasn’t been actively developed since launch. This has changed recently with the development team planning updates on the cryptocurrency and users starting to gain a bit more trust in the coin.
As a result of this renewed interest, the coin value has tentatively begun to rise. Since Electroneum is showing a bullish trend, price predictions among experts are mainly positive.
ETN went from being a highly hyped coin to being almost worthless in an instant. If the development team continues to work on the project and get a roadmap out for users to see, then Electroneum could restore some of the trust that it has lost over the years.
As well as buying Electroneum, you can also top up funds by downloading the Electroneum app and mining the token on your smartphone. ETN is one of the most accessible cryptos for non-tech people.
The overall prediction for 2021 is an expected price increase, maybe even doubling in value by the end of the year. Given that it is a penny crypto, even a 100% increase won’t see the price jump much on the graphs. It is best to look at price graphs as well as use a BTC to ETN calculator before trading.
The risk with ETN is that it may fall victim to its own success as it did previously. Because so many people used the token initially, the blockchain got backed-up and transactions were delayed considerably. This also affected mining as many were actively earning ETN at the time but couldn’t access the tokens they were mining for long periods of time. Developers are looking at ways to make ETN more scalable.
Another risk is that the currency doesn’t appreciate in value the way investors expect it to because it is so easy to mine. Normally mining is a difficult process, and it works in most cases to drive up the coin value like with Bitcoin.
With Electroneum it is easy to mine, and this can have the opposite effect, reducing demand for the cryptocurrency and driving the price down. The supply limit for Electroneum is also very high — 21,000,000,000. It means that mining the token will still be prevalent for many years to come.
The last risk of Electroneum is that the coin gets hyped again and the price is not representative of the true value. This happened on launch. The price of the token rose significantly and then collapsed overnight.