Should You Add Electroneum to Your Investment Portfolio?

Should You Add Electroneum to Your Investment Portfolio?

Should You Add Electroneum to Your Investment Portfolio?

Should You Try Electroneum As an Investment?

With more than 20,000 different cryptocurrencies to choose from, we are bound to miss some of the promising underdogs in the industry. While Bitcoin and Ethereum are sure values in this market, there are hundreds of cryptos that have managed to build genuine, real-world use cases. 

Electroneum (ETN) stands out as an affordable mobile payment platform that aims to go back to the roots of cryptocurrencies and serve as decentralized money. But is ETN really worth considering as an investment? 

In this article, we explore the fundamentals of the ETN cryptocurrency and provide a list of its pros and cons. This will allow us to draw a conclusion on whether ETN is a sound investment or should simply be used as a means of payment. 

ETN Overview

Electroneum is a mobile crypto platform that provides a payment network supported by thousands of merchants on a global level. Launched through an ICO in 2017, the project successfully raised over $40 million for further development of the platform. 

The ETN cryptocurrency runs thanks to a mobile mining app, that allows users to spend their coins. Furthermore, the app is crucial for creating new coins and conducting transactions on the network. 

Initially, Electroneum used Monero’s code and proof of work consensus mechanism and was forked from the privacy coin. However, it has since migrated to a more democratic proof-of-responsibility engine for validating transactions. This PoR consensus is a permissioned system where 11 validators (run by NGOs) control the network. 

The ETN cryptocurrency has a maximum supply of 21 billion coins, of which 17.9 billion are already in circulation. While it hasn’t been listed by major exchanges yet, you can find it on anonymous exchanges such as Godex

Best Features of Electroneum

Electroneum has several unique features that make it stand out from the crowd and give it real-world use cases. 

Convenience and Ease of Use

The most important aspect of Electroneum is its convenience. All users need to do to start spending ETN is to install a mobile app accessible on their website. This app allows users to mine ETN, while at the same time giving access to the merchant payment network that accepts the coins. 

In this regard, Electroneum goes back to the basis of crypto and becomes a true currency that has a goal to be spent as digital money. With thousands of merchants available for services ranging from gift cards to car services around the world, it’s a versatile payment platform. 

Astounding Growth

The Electroneum ecosystem experienced staggering growth, especially following its ICO in 2017. Before 2020, the network had already gathered more than a million users. Today, over 3 million people are using its network and benefit from its payment system. 

That being said, the Electroneum price has been stagnating over the years with a few price spikes during macro bull rallies. In short, ETN follows the price of Bitcoin when it surges. Consequently, it can be interesting to make a BTC to ETN exchange during bear markets to open a profit opportunity for the next rally. 

Instant Payment System

The instant payment system of Electroneum is its flagship feature. Payments are near-instantaneous thanks to the PoR consensus and require negligible fees to complete. The platform provides the Instant Payment Notification API that can be seamlessly integrated into ePOS systems. For this reason, Electroneum has become popular crypto with merchants. Should You Add Electroneum to Your Investment Portfolio?

Global Use

Users can pay for goods and services on the exhaustive global merchant network, providing real use cases for the ETN crypto. Users can also access electronic products such as Playstation and XBOX gift cards, telecom providers, and much more. 2,000+ merchants in 190+ countries are available on the network. 

What Makes ETN Worth Using?

Investing heavily into ETN might not be the best idea, as the cryptocurrency has been in a constant downtrend since 2019. While the price spiked considerably during the bull run in 2021, prices have since fallen to pre-covid levels. 

That being said, these cheap prices are ideal if you wish to purchase ETN coins and use them for payments. The price doesn’t fluctuate too much, so this makes it perfect for payments. The merchant network is growing, providing more ways to spend ETN over time. 

Finally, since ETN tends to make 10x gains every bull run, it can also be a good opportunity for a low-risk, high-reward trade. 

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Should You Add Electroneum to Your Investment Portfolio?

Should You Add Electroneum to Your Investment Portfolio?
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