How to buy Electroneum with fiat currency ?
Today, beginner traders are becoming more and more numerous on 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 a lambda investor.
A virtual currency like the Electroneum is thus an excellent alternative for newcomers to the crypto.
What are fiat currencies ?
As with any virtual money, you have the opportunity tobuy Electroneum with fiat. However, this last term 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 such as baht, dollar, dinar, dirham, ruble, peso, rupee, yen, yuan, etc.
Nevertheless, it is the same concept.
The Latin word ” fiat “can be translated by ” that it is so “. It thus refers to the imposed and arbitrary side of this currency. The state has a monopoly on money production and delegates the management of this prerogative to the central bank. The entity is then responsible for issuing the associated media, namely the cash currencies (coins and bills) and scriptural (numbers registered on a bank account).
The the value of a fiat currency is based on a forced exchange rate and a promise of stability made by the state. It also comes from the requirement to exclusively use this currency in daily transactions. To reinforce this monopoly, each country makes the use of foreign currency more expensive via the foreign exchange market.
Currency rates work differently on sites like the Forex platform’Godex decentralized exchange.io. The value of a cryptographic currency comes from the mutual trust between the participants in the blockchain. The price will then vary according to supply and demand.
How to mine Electroneum ?
You can mining digital currency, if you have difficulty in buy Electroneum with fiat. Just use dedicated tools. These programs are also easy to use and not very resource-intensive. The official website ETN-network even encourages mobile users to start mining on their smartphones.
This feature contributes to the success of the crypto-currency.
Issued since 2017, theElectroneum (ETN) aims to reduce the cost of money transfer. The 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.
In addition, ETN has an electronic wallet specially designed for its tokens.
This basic technique allows you 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 outcome, focus on powerful tools integrating a CPU or an ASIC (application-specific integrated circuit). The Cloud is also an interesting option for ETN mining. You can then earn money’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 actor is quite rare for the moment because of the youth of the ETN. In addition, the access conditions can be complicated on some sites.
Cryptopia, for example, allows users to make a first transaction in cash. However, the platform allows only payments in New Zealand dollars. You will also have to make a transfer from an account domiciled in New Zealand.
However, it is possible to do this in two steps. You must first buy bitcoins or other popular currencies on a site like Kraken, eToro, etc. Then you just have to 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, applies a 0.1% transaction fee for purchases in BTC or ETH.
On Qryptos, conversion to ETN costs 0.15% with BTC, ETH and QASH.