How to buy Electroneum with fiat currency ?
Today, more and more novice traders are joining the crypto-currency trading and buying platforms. This phenomenon is explained in particular by the evolution of the price of BTC. However, the price of bitcoin is now prohibitive for the average investor.
A virtual currency such as Electroneum is thus an excellent alternative for newcomers to the crypto world.
What are the fiat currencies ?
As with any virtual money, you have the opportunity tobuy Electroneum with fiat. This last term however requires a brief reminder. The fiat currency is a means of payment and exchange imposed by the state in a given territory.
It can take a myriad of names like baht, dollar, dinar, dirham, ruble, peso, rupee, yen, yuan, etc. Nevertheless, it is the same concept.
The Latin word ” fiat ” can be translated as ” let it be so “. It thus refers to the imposed and arbitrary side of this currency. The State holds the monopoly of the monetary production and delegates the management of this prerogative to the central bank. The entity is then responsible for issuing the associated media, namely the fiat currencies (coins and bills) and scriptural (numbers registered on a bank account).
The value of a fiat currency is based on a forced rate and a promise of stability made by the state. It also comes from the obligation to use exclusively this currency in daily transactions. To reinforce this monopoly, each country makes the use of foreign currencies more expensive via the foreign exchange market.
The currency rates work differently on sites like the ETN platform’decentralized exchange Godex.io. The value of a cryptocurrency comes from the mutual trust between the participants of the blockchain. The price will then vary according to supply and demand.
How to mine Electroneum ?
You can mine the digital currency, if you have difficulty in buy Electroneum with fiat. Just use dedicated tools. These programs are also easy to use and low on resources.
The official website ETN-network even encourages mobile users to start mining on their smartphones. This feature actually contributes to the success of the crypto-currency.
Issued since 2017, theElectroneum (ETN) aims to reduce the cost of money transfer. Developers have therefore chosen a structure and cryptography that allows easy mining, including on cell phones. To do this, you need a dedicated application and a virtual wallet.
Moreover, the ETN has an electronic wallet specially designed for its tokens.
This basic technique allows to generate a daily volume depending on the power of your phone. After its launch, mining will continue in the background. So your device should not overheat or lose battery life.
However, this method is characterized by a rather low return.
Note that 1 ETN is worth about 0.006 USD (US dollar).
To improve the result, prefer the powerful tools integrating a CPU or ASIC (application-specific integrated circuit). The Cloud is also an interesting option for ETN mining. You will then be able to earn cash’money on the Internet by exchanging your coins on a trading platform.
How to buy ETN crypto-currencies with fiat currency ?
For buy Electroneum with fiat, the first solution is to look for platforms offering this virtual currency and accepting cash deposits. This type of player is quite rare for the moment due to the youth of ETN. In addition, the conditions of access can be complicated on some sites.
Cryptopia, for example, allows users to make a first transaction in fiat currency. However, the platform allows only payments in New Zealand dollars. You will also need to make a transfer from an account in New Zealand.
Nevertheless, it is quite possible to do this operation in two steps. You must first buy bitcoins or other popular currencies on a site like Kraken, eToro, etc. Then simply convert them into Electroneum.
You can also bet on the ETN/BTC pair with the best brokers in the market.
In general, the deposits are free for crypto-currencies. The currency converter only charges commissions on transactions. The cost varies from platform to platform, but is moderate overall.
Kucoin, for example, charges a 0.1% transaction fee for purchases in BTC or ETH. On Qryptos, Conversion to ETN costs 0.15% with BTC, ETH and QASH.