Electroneum is a cryptocurrency, the purpose of which is to enable people to take advantage of remote payments without becoming slaves of banks. The target audience is cell phone users, that is, the de facto majority of the world’s population. It was launched in the fall of 2017 by raising $40 million through the issuance of a coin.
The owners of the asset offer the fastest and most secure transactions with minimal fee as its advantage, thus maximizing user attractions. However, that is not the most important thing because Electroneum is a rare example of a crypto coin that can be mined directly from a cell phone. But let’s try to understand if it’s worth making the effort.
Which Electroneum Wallet to Choose
Electroneum Wallet is an environment for storing and using this cryptocurrency. It can constitute both software and hardware solutions. According to the policy, ETN coins can be placed only in their own wallets. Storage using multicurrency wallets from other vendors is not supported and is not allowed.
We suggest you choose one of the Electroneum storage methods according to your needs.
Electroneum Wallet Application
This wallet is downloaded to a smartphone or other device as a standalone application. The majority of Electroneum cryptocurrency users (more than 2 million out of 4 million) prefer this option.
The application enables not only storing but also mining coins, although one should not expect to do it continuously in the background mode: performing the necessary operations compromises the performance of the smartphone and uses the battery charge very quickly. In this case, the earnings are unlikely to exceed the amount needed to recoup the spent Internet traffic.
The application exists in versions for Android and iOs devices and is available for download at official aggregator sites, which once again confirms the full legal status of the cryptocurrency. Despite this, many reviews point to the vulnerability of the application to malicious software, so it is certainly a good idea to install an antivirus application on your gadget.
Cell phone numbers and email addresses are used for authorization. It is recommended to use two-factor authorization to improve security.
Electroneum Wallet on the Web Page
For those who do not want to download and install additional software, the Electroneum Wallet is also available as a web page. This is the official page guaranteeing a high level of protection. The card and PIN code requested at every login, and the confirmation of login via cell phone will help avoid unauthorized access to your assets.
However, like any other cryptocurrency wallet, the web version of Electroneum does not offer a 100% guarantee against hacking, so it is not recommended to keep large amounts on it.
Electroneum Paper Wallet
The Electroneum paper wallet is a highly secure access code that can be written on any medium, such as a piece of paper. The level of protection is absolute as long as the piece of paper is hidden at your side in a safe place.
The disadvantage is the complexity of setting it up. You also have to take into account the inability to mine a coin with a paper wallet.
Electroneum Desktop Wallet
This wallet in the form of a downloadable PC application is the most secure and convenient. There are official applications to be used on desktops and laptops powered by the following OS:
The app is good at everything, except that it “kills” the main idea of Electroneum – cryptocurrency in your smartphone.
CLI Electroneum Wallet
Maximum access to all functions is provided by this wallet based on the principle of commands entered at the command line (CLI). You can send transfers, receive payments, and mine coins. The CLI wallet turns your machine into a blockchain network node. Like the desktop wallet, the CLI is available on major operating systems.
The disadvantage is the high complexity of mastering it. Despite the manuals and tutorial videos, it is not recommended for beginners. It is more appropriate for experienced miners and traders.
So, which one of the Electroneum storage methods do you prefer? It depends on the goals you are pursuing. So, the mobile app is more suitable for small daily payments. If you are going to mine and store large amounts of Electroneum, your choice should be the desktop version.
How safe is it to use Electroneum wallet?
In this case, everything depends on the wallet type of your choice. The safest cipher is the one on a piece of paper but it’s also the least convenient. A wallet app is convenient but not impressive in terms of security. A reasonable compromise is a desktop version on a machine with good anti-virus software.
Is it possible to transform Electroneum coins into cash?
You can’t cash out the Electroneum but ETNs can easily be exchanged to BTCs or other popular currencies, which can be easily cashed out. LetsExchange.io will help you exchange 370 different cryptocurrencies.