So you are impressed with Electroneum and think it’s a solid investment. You’re going to have two basic questions: How to buy Electroneum and where to buy it? In this article we will show you our favourite ways to buy ETN.
- 1 Are You Too Late To Buy Electroneum?
- 2 How High Could ETN Go?
- 3 How To Buy ETN – Our Top 2 Ways Explained
- 4 Creating a Coinbase Account
- 5 I’m Good To Go On Coinbase. What Next?
- 6 Setting Up An ETN Wallet
- 7 Create a Kucoin Account
- 8 How To Transfer From Coinbase To Kucoin?
- 9 How To Trade Bitcoin or Ethereum For ETN on Kucoin?
- 10 How To Withdraw Your ETN From Kucoin?
- 11 Conclusion
Are You Too Late To Buy Electroneum?
The first thing to know is that ETN only ICO’d on the 23rd October 2017 so the cryptocurrency simply hasn’t been around for very long. Public trading of Electroneum first started on 2nd November 2017, when it first hit cryptocurrency exchanges priced at 9 cents a coin. Since then, the project has seen an all time high of 22 cents a coin and can be picked up at just 2.5 cents (at the time of writing).
Many in the cryptocurrency community believe that Electroneum is the project that will help cryptocurrency achieve mass adoption. The project is far away from that goal currently and there is plenty of room for ETN to announce exciting partnerships in its two target markets: Computer games and gambling.
In short, you are not too late to buy ETN. There are simply so many large computer game and gambling companies that Electroneum have not partnered up with yet. If the project can make the right commercial relationships, then we can see Electroneum going far and gaining significant traction. As usual, the most important thing is to choose your entry point wisely and acquire coins at a reasonable price, rather than worrying if you are too late.
How High Could ETN Go?
In short, no one knows how high Electroneum might go or if the project will be worthless. What is clear is that ETN is trying to gain a share of the highly lucrative gambling and computer game markets.
- Value of global computer game markets in 2017: $78.61 billion.
- Value of global gambling markets in 2017: $47.11 billion.
- Total 2017 valuation of Electroneum’s core target markets: $125.72 billion.
It is unknown what market share ETN might actually achieve and depends on the deals that Electroneum can make with key industry players. For fun, let’s say ETN get’s 1% of each of its core target markets and is valued upon similar lines to large companies in these niches. What would ETN’s valuation look like?
Computer Game Market
- Electroneum would own $0.78 billion of the market’s annual revenue (based on 2017 figures).
- Activision Blizzard Inc are listed on the NASDAQ and have created well known games such as World of Warcraft and Call of Duty. The company is valued at $50 billion and investors are paying $55.33 for each dollar of revenue the company produces (price to earnings ratio).
- If we assume that ETN’s market cap for computer game revenue, is determined by the same price to earnings ratio as Activision Blizzard Inc (55.33).
$0.78 billion (1% of computer game market revenue) * 55.33 (price to earnings ratio) = $43.15 billion market cap for computer game revenue.
- ETN would own $0.47 billion of global gambling revenue per year (based on 2017 figures).
- Paddy Power Betfair PLC are listed on the London stock exchange and are valued at £6.02 bn, which is the equivalent of $8.57 billion USD. The company has a price to earnings ratio of 27.92.
- We will assume that Electroneum’s market cap is is determined by the same price to earnings ratio at Paddy Power Betfair PLC.
$0.47 billion (1% of gambling market revenue) * 27.92 (price to earnings ratio) = $13.12 billion market cap for gambling revenue.
Computer Game & Gambling Market Combined
In our fun experiment, we assume that ETN gains 1% of all revenues from the gambling and computer game market meaning that Electroneum would command a market cap of around $56.27 billion.
On a more serious note, we have no idea where the ETN price may go in the future. What we do know is that if Electroneum is able to grab a decent sized slice of its target markets, then investors will do very well indeed.
How To Buy ETN – Our Top 2 Ways Explained
We will show you two ways to buy Electroneum. It’s on you to decide on the correct option.
- How to buy ETN with regular currency (for example; USD, EUR & GBP). To do this you will need to create an account at Coinbase and a cryptocurrency exchange. Unfortunately, there is no method to buy Elecontroneum using a single account.
- Our second method is for those that already own some cryptocurrency and want to trade this for ETN. We will show you the best and simplest exchange to do this.
Buying Electroneum With USD, EUR or GBP
This method is perfect for those making their first ever cryptocurrency investment. If you want to take the leap, you will need to create an account at Coinbase and a cryptocurrency exchange. Sound like a lot? Don’t worry, we will show you precisely how to get things set up.
Buying With Crypto
For those that have been there and done that, just skip ahead of all the Coinbase stuff.
Creating a Coinbase Account
Coinbase Key Facts
- Established Track Record: Coinbase was founded in 2012 and is the world’s most popular cryptocurrency exchange.
- Serious Backers: Venture capital firm IVP, who were involved in the latest funding round, have been early investors in businesses like Netflix and Twitter. Other investors include companies like the New York Stock Exchange.
- Easy To Use: Coinbase is renowned for it’s easy to use interface. This makes it the perfect exchange for cryptocurrency newcomers.
- Small Minimum Deposit: You can invest as little as €6 into cryptocurrencies on Coinbase.
- Regulated: Coinbase is one of the few cryptocurrency exchanges to be regulated.
- Insurance: Customer funds are insured and segregated. US customers are even insured up to a balance of $250,000.
- Deposit Methods : Credit / debit card, bank transfer and PayPal for US customers.
- Tradable Cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
- Customer Support Methods: Email and FAQ’s.
Looking to invest more than $100 in ETN by using Coinbase? Good news! You will also get $10 FREE by signing up through Total Crypto!
I’m Good To Go On Coinbase. What Next?
Nice one on getting the first hurdle out of the way. The bad news is that you cannot buy ETN directly on Coinbase and you will need to use a cryptocurrency exchange to get your hands on it. To do this, you need to convert your money into either Bitcoin or Ethereum on Coinbase. Once done, you can trade this for ETN on a cryptocurrency exchange.
The Fast Way To Buy Bitcoin or Ethereum On Coinbase
- Head over to the ‘Buy/Sell’ page on your account.
- Add a payment method to your Coinbase account.
- Choose your deposit method: You can deposit a ‘Bank Account’ transfer – this method has lower deposit fees, but the transfer takes between 2 and 5 days to be credited to your Coinbase account. Or you can deposit instantly through a Credit/Debit card. With either method, enter your payment details and process the transaction to fund your account. Once submitted, sit back and wait for the credit to be applied to your account. You will get an email to telling you when your deposit has been successful.
- Once your account is funded, select Bitcoin or Ethereum in the ‘Buy/Sell’ section of Coinbase.
- Enter the amount of crypto you want to buy.
- Select the currency wallet you deposited funds into as your payment method (we have used EUR in this example).
- Complete your order by clicking buy.
Check out our Coinbase guide if you are interested in buying Ethereum and Bitcoin on Coinbase with the lowest fees possible. It does take a bit more time though and involves transferring your funds to Coinbase’s sister exchange GDAX and buying your crypto there instead. TotalCrypto recommend using GDAX and saving yourself some fees.
Once you have successfully bought Ethereum or Bitcoin on Coinbase, you are ready to move onto the next step.
- 📈 Avaliable Cryptos: BTC, ETH, XRP, LTC, BCH, BAT, XLM, ZEC, DAI, ZRX
- 💳 Deposit Methods: Credit/debit card, bank transfer & PayPal
- 💲 Accepted Currencies: AUD, GBP, EUR, USD, CAD, SGD
- 🎧 Support: Email & FAQ’s.
- 💰 Fees: 4%
Setting Up An ETN Wallet
Electroneum has its own blockchain, meaning that it won’t be compatible with a wallet such as MyEtherWallet. The Electroneum paper wallet is the most secure option. However, if you are non technical we really do think you will struggle to get this working. It’s hugely complicated and you cannot even see your balance. No joke, it took us around 10 minutes just to process a simple transaction.
If you are interested in trying to get the paper wallet working, this video tutorial does a good job in explaining it:
For those looking for an easy to use Electroneum wallet, we have prepared a separate article on how to set up a web wallet to store your ETN.
Create a Kucoin Account
By now, you should have some Bitcoin or Ethereum in your Coinbase account and have your Electroneum wallet ready to go. One of the largest exchanges to trade ETN is Kucoin. The TotalCrypto Team love Kucoin and it’s where we like to do our shopping for newer projects.
Kucoin Key Facts:
- Large Selection Of Cryptocurrencies: Kucoin gives you the opportunity to get your hands on around 150 different cryptocurrencies. The exchange has a reputation for listing more exotic cryptocurrencies and quickly listing projects that have just finished their ICOs.
- User-Friendly: We think Kucoin is one of the simplest exchanges we have ever used. This is likely one of the main driving forces behind Kucoin’s explosive growth.
- Multi-Language: Want to trade in your native language? Kucoin offers 12 translated versions of their site.
- Customer Support: TotalCrypto has had a great experience with Kucoin email support.
Buy Electroneum On One Of The Fastest Growing Exchanges In The World.
Need some help getting started on Kucoin? Just check out our Kucoin guide.
How To Transfer From Coinbase To Kucoin?
You should have your Kucoin account good to go by now. Whether you have your Ethereum or Bitcoin on Coinbase or in another wallet, you will need to send your funds to Kucoin to trade for ETN.
- Login to your Kucoin account.
- Hover over the dollar icon and click the ‘deposit’ button in the dropdown.
- You will see that Kucoin Shares has been preselected. Click on the dropdown to select Bitcoin or Ethereum as a deposit option.
- Once you have selected Ethereum or Bitcoin, you will be asked if you are sure you want to deposit the chosen asset. If you click confirm you will then be shown your Kucoin deposit address for the selected crypto.
- Login to Coinbase and go to the ‘Accounts’ tab.
- Click the send button for whatever cryptocurrency you hold.
- Paste your Kucoin deposit address into the ‘Recipient’ wallet address box and enter the amount you want to withdraw.
- Hit continue and finalise the transaction. Your Bitcoin and Ethereum should show up in your Kucoin account shortly.
Got Crypto In Another Wallet?
- Simply send your crypto to your Kucoin deposit address.
How To Trade Bitcoin or Ethereum For ETN on Kucoin?
Now it’s finally time to buy our Electroneum.
- Once logged into your account, navigate to the Kucoin homepage and select ‘Markets’. Make sure you have selected the cryptocurrency you want to trade for ETN (Bitcoin or Ethereum) and then just type in ‘ETN’ into the search field. Once you see the market pop up, just click it to be taken to the trading screen.
- When you are taken to the trading screen, you will need to enter your two factor authentication code to begin trading. There is a box on the bottom right hand corner of the screen to enter this.
- You will now see the full trading screen. It looks overly complicated at first glance, but don’t be put off. Simply enter the amount of ETN you want to buy in the ‘amount’ box and click ‘buy’. You can also click ‘max’ to spend your entire Kucoin balance on ETN.
- Once you have clicked ‘buy’ your trade will be processed and your Electroneum will appear in your Kucoin account.
- 📈 Avaliable Cryptos: BTC, ETH, XRP, LTC & Over 100 other cryptos
- 💳 Deposit Methods: Crypto only
- 💲 Accepted Currencies: Crypto only
- 🎧 Support: Email
- 💰 Fees: 0.10%
How To Withdraw Your ETN From Kucoin?
You should now have your ETN coins on Kucoin and have your Electroneum wallet ready to go. TotalCrypto recommends that you withdraw your coins off the exchange and store them in your own personal Electroneum wallet. Why might you consider doing this? The reason is that cryptocurrency exchange hold a lot of customer funds, which makes them big targets for hackers. Also, having control of your own crypto is probably better than trusting an exchange to keep your crypto safe for you.
- First, go into your Electroneum wallet and copy your public address.
- Login to Kucoin.
- Hit the ‘Assets’ button at the top of the Kucoin site. Then search for ETN and hit the ‘Withdrawal’ button.
- Then enter your Electroneum public address, the amount you want to withdraw, security question answer and 2FA code and hit confirm. Once done, your Electroneum will be transferred from Kucoin to your own private wallet.
?Top Tip: Kucoin will always show you the fee before allowing you to withdraw and revise their fees from time to time. Just make sure you are comfortable with the fee before hitting the ‘confirm’ button.
There you have it; our easiest ways to buy ETN explained. The TotalCrypto Team have high hopes for the Electroneum project. We are particularly excited about the prospect of ETN being used in a virtual in-game item exchange. This would be a big innovation in the computer game industry and would make blackmarket in-game item exchanges obsolete overnight.
Success for the ETN project really does depend on making the right commercial partnerships. But if the Electroneum team succeeds, then the project could really be the one that brings cryptocurrency to the masses. The Total Crypto Team will certainly be following this project closely over the coming months.