Electroneum is a mobile based app and cryptocurrency available to both Apple and Android users. What sets it apart from other cryptocurrency’s is it is only available to be mined through a mobile only app, no computers allowed and with 3.5 Million users already, this obviously opens up a lot of doors for those of us that can’t fork out $1000’s for crypto mining servers that turn next to no profit.
The soul aim of Electroneum is to completely change the way cryptocurrency is earnt and traded. With this app, any of the 2.2 Billion smartphones around the world are able to earn cryptocurrency that is actually worth something. I absolutely love the idea and execution of Electroneum, it is an essential for any smartphone, find out why below.
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What is Cloud Mining Exactly?
After installing the Electroneum app and creating your account, you will find yourself on the home screen which has a big blue button that says start cloud mining. This is how you’ll be making money, but how does it actually work?
So this is where it gets a little strange, instead of using your phones processor and its all important battery life, Electroneum has a whole bunch of servers set up so that you can effectively use their computing power, to earn you money through the cloud. Sounds a bit weird right? Well yes, but remember their goal is to revolutionize the way we think about cryptocurrency, and they will still eventually make money out of this.
How to Use Electroneum?
The app is incredibly easy to use, after setting up your account, all you have to do is hit the start cloud mining button and your job is done. The app will continue mining for you for a week from when you first hit the button, or you can extend the time back to a week after the first 24 hours, so your mining never stops.
You may notice in the signup and initial stages that they make some weird requests such as asking you for a selfie with a shape drawn on a piece of paper. That certainly threw me off a bit, it felt a little invasive, but after reading through their FAQ’s, I found it is only a measure taken so that hackers can’t create multiple accounts. So don’t be turned off the app by that.
Is Electroneum a Scam?
I can safely say it is not a scam due to a few reasons:
- The amount of registered and active users is very high, far higher than that of most its competitors.
- The company as a whole is extremely transparent in everything they do.
- Both the app store and play store have ratings over 4.2 stars.
- The cash out/ selling process has been confirmed to work by many users.
Honestly, a lot of apps available right now that claim to be able to mine crypto for you (usually Bitcoin) are complete scams and should be approached very cautiously. But this app really wants to change that. Nothing about this app is at all dodgy, I’m actually shocked to be saying this about a cloud mining app, but I have nothing but confidence in using it and letting it access my phone.
How Much Will I Make Mining Electroneum?
The app regulates how much you can mine not based off your phones stats or anything like that, but by an ever changing algorithm that you will never see. The difficulty of this algorithm fluctuates constantly so that you are guaranteed to make around $3 USD a month. Yes I know it is a bit low but hear me out, there is the potential to increase your mining rate as I detail below, and just because you’re earning $3 worth of ETN (the currencies official name) now, doesn’t mean that will still be worth $3 in a years’ time. If you’d have bought or mined $3 worth of Bitcoin back in 2011, It’d be worth $75,000 today. Maybe it’s a bit presumptuous to think the same degree of success will happen here, but in all honesty, we could be at the beginning of a new mobile branch of crypto.
Currently the ETN price as listed at coingecko.com/sell/etn is 1 ETN = 0.00329 USD, however the all time high of ETN peaked a little over 0.20 USD, so you can see the potential to fluctuate, and maybe hanging onto your balance could be the best idea.
Can I Increase my Electroneum Mining Rate?
Yes, but only currently through using a referral code on signup (Use mine: 4A5547), to mine 1% faster, or by referring people yourself to get 5% of everything they earn, which is not deducted from their earnings. Once you’ve referred someone, you’re able to see how many people you’ve referred in total and how many ETN you’ve made through them mining.
I suspect in the future that there may be other ways to boost your earnings however, if you’re willing to do things for the app or the apps partners. At the end of 2019, Electroneum teamed up with 4 of Brazil’s top mobile networks to allow customers to top up their credit using ETN as their currency. Sure, that won’t apply to many of you, but they have already outlined their plans in 2020 to launch a service for companies from around the world to jump on board too. It would simply make sense to increase your mining rate if you were a customer of one or multiple of these companies.
This doesn’t work in the traditional sense like many other apps do, instead after you have reached 100 ETN, they are automatically transferred to your wallet. The in-app wallet was created so there was no need for a third party wallet, which can open up the potential for hacking and also would drive users away who aren’t familiar with the crypto world. As it is part of the app, the process is almost instant.
From here, you’re able to sell your ETN on any one of 11 exchanges. All these exchanges make it incredibly quick and easy, and allow you to select if you would like to exchange it for your local currency or another cryptocurrency. On top of all this, there are no transaction fees for any ETN trades.
As with any apps, particularly apps of this nature, there will always be people claiming they had a bad experience or the app sucks. Well I’ve dug through all the negative reviews on both the App Store and the Play Store to single out a few common errors within the app:
- ETN not transferring to wallet. As mentioned earlier, when you mine 100 ETN after 10 days or so, it should transfer automatically over to your wallet in the app. However some people claim their 100 ETN disappears. This is likely just a glitch in the app though as these reports seem to all be clumped into a short time frame, meaning it would have likely already been fixed.
- Upon launch of ETN as a cryptocurrency, the network was attacked almost immediately, which left it inaccessible for nearly a month. While nothing was stolen, the attack proved the vulnerability of the network. The incident had a silver lining though, as the security is now much higher.
- Many people are also claiming they can’t access their accounts. This is again a common one amongst the complaints, however from what I can see, they seem to have been resolved upon inquiry with the support team.
Will Electroneum Rise in the Future?
That’s a very tough question to answer, however I personally think it will. The most important thing for a currency like this to keep rising is a force behind that continues to grow. In this case that force is the Electroneum company and the growth is their continued expansion.
While many people are criticizing the company’s ways of not turning a profit and supposedly making poor funding choices, what we can see by their actions is that they truly do want to build a great cryptocurrency. The idea of getting phone networks involved in Brazil (first of many countries) is an incredibly smart first step, as it relies on a densely populated area to access something they all need, but for free. This type of exposure drives public interest for the currency, and public interest means people will start buying the coins, which leads us to that all important higher price.
Sure, I may be presumptuous, but I personally believe ETN will rise in the future, if the company continues on the course they are currently on.
Why I Like Electroneum
I believe Electroneum is the complete package when it comes to mining crypto on your phone. All we as the user want is something that pays a bit of real money that is safe and not time consuming. That’s why I love Electroneum. A few things I didn’t mention earlier were a few of the apps features that can be found in the more tab that I love, such as:
- The calculator. It annoys me beyond belief when you have to go look up how much your crypto is worth on some weird website you’ve never heard of and don’t really understand. They’ve though of us easily annoyed folk and added a calculator where you can determine how much your balance is worth in any currency, or enter an amount just to see for fun.
- Stats. While the stats of the currency (rank, volume, circulation, etc.) won’t mean much to most people, I actually find it a very nice feature, as it shows the transparency of the app.
On top of these, their website has everything you need to be completely across everything you need to know. Their site is designed so that people with no prior knowledge of the crypto world will have no troubles reading through it, and their whole site is very transparent in what they’re doing.
Overall I think Electroneum is a great app that has been very well executed. While I wish the payout rate was a little higher, I do very much enjoy the app as a whole.
I believe it should be a staple in anybody’s phone who wishes to make a bit of extra cash off their phone, it’s very low effort and can be used at the same time as a whole bunch of other apps (like Phoneum) without ever interfering with any of them.
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