Bitcoin is Booming - What is your favorite cryptocurrency? - #1 Electroneum

Electroneum (ETN)
Ranking number 157 on the crypto market cap list at the time of this post, Electroneum is a cryptocurrency, developed to be used to carry out daily regular transactions. Electroneum until mid this year was available on cloud mining, which could be done with mobile phones on the electroneum app, which is how I got interested. You can still earn etn through anytask.com by getting paid by clients for completing contracts. Electroneum is UK based and it was launched in 2017. It aims to provide a payment method for the unbanked population in the world. Its best feature is the mobile-friendly interface.

A screenshot of the stats from the electroneum android app

Things about electroneum that makes it stand out are many, but my favorites are;

1. It partnered with service providers in a lot of countries, you can pay for your electricity bills, buy airtime or mobile data, or acquire or sell digital services through anytask.

2. The process of sending and receiving etn, is very fast, safe, and secure, and you can use the mobile app or the website.

3. Before a few months ago, you could mine on your phone, I acquired some etn in that manner.

Some of my previous transactions on electroneum

Some exchanges that have electroneum listed.

I acquired my first 2000etn through cloud mining, the mining entailed coming to refresh the mining button after seven days. I proceeded to buy more, April 2020, so in total, I have about 6000etn which as at the time of this write up is worth $26. Most of which are stored in my offline paper wallet, an innovative, anti-hack, offline method of storing etn

"Best Practices
Below are a list of the best practices to help protect you and your Electroneum accounts.

Security
Websites and apps
The official websites that Electroneum provide are electroneum.com & my.electroneum.com.

Only ever download the app via the link on our official website electroneum.com, don’t download apps by searching for Electroneum or visit websites claiming to be Electroneum and NEVER enter your account details into these apps or websites. These sites are phishing sites and are used to gather your information to access your account. We will NEVER email you a log in link or app link, we will only ever direct you to electroneum.com or my.electroneum.com.

Secure your email account
Make sure that you use a strong password for your email account and if available set up 2 factor authentication (2FA) which could be adding a secondary email address, adding a PIN number, linking to an authenticator app such as Google Authenticator etc. This adds another level of security to your account and will help prevent other people being able to access your account maliciously. Ensure that the password you use to protect your email account is unique and has never been used by you anywhere else (see note below about using the same password on multiple sites).

Secure your Electroneum account
When creating/editing your Electroneum account we require multiple levels of security information to help protect your account. You will be taken through step by step. It is very important that when creating/editing your account you use a strong unique password that you don’t use anywhere else. Many websites and service providers have been hacked in the past and users details, which may contain your information, have been shared online. If you use the same password as you did with one of those accounts then people may be able to access your account with this leaked information.

Offline Wallet
What is an offline wallet?
An offline wallet is a more secure alternative to storing your coins in your app/website wallet. All Electroneum wallets consists of three mathematically linked keys, called the public key, the private view key, and the private spend key. As a rough comparison, you can think of the public key as your bank account number (this is your ETN wallet address that people can use to send you money), the private view key gives the ability to view your bank balance but not spend anything, and the private spend key as your bank PIN code, as it allows the owner of the key to spend the money (ETN!) in the account.

Each key has a specific purpose:

Public key (or wallet address) is used when depositing ETN into your wallet, this key can be given out publicly to anyone that wants to pay you ETN and poses no security risk to your wallet.
Private view key is used to view the balance of your wallet but not spend your ETN. This key should be kept private.
Private spend key is used to spend the ETN in your wallet. If anyone gets access to this they can take all of your ETN so this must be kept private, only YOU need to know what this key is. If any app, website, company, person etc ask for this assume it is a scam and do not give it to them. Only ever import an offline wallet with the official Electroneum app and please see the note “Using your offline wallet” below.
These keys make up your wallet and anyone who has access to them has control over your wallet and your ETN.

Your Electroneum online wallet or (web wallet or app wallet) is accessed by the official Electroneum app or via my.electroneum.com. On this account we look after your Private Keys for you to make accessing your Electroneum coins (ETN) easier.

An offline wallet is a wallet that has been generated without the keys being stored anywhere on the internet (hence “offline”). You can even run the offline wallet software from a usb stick on a PC or Laptop that is not connected to the internet.
Quoted from https://electroneum.com/best-practices/

HOW IS ELECTRONEUM FARING?
The current dip today is affecting electroneum as it has lost about 4% in the last 24 hours, after booming alongside bitcoin. But generally, the signs from electroneum have been poor, in the past few months, it lost over 50%, and has a return of -55.28% from its earliest known price. Its all-time high is $0.236 and its all-time low is $0.0014.

Stats on electroneum from coinmarketcap.com

FUTURE PROSPECTS AND MY PLANS FOR ETN
In as much as etn is finding it hard to gain momentum, I believe that due to its varied uses and the innovative method of acquisition, it will soon be widely accepted. The more people realize it provides a way for quicker transactions or paying for basic utilities, It is well on its way to becoming a household name. Government agencies might even endorse the use in paying for government-provided services. That being said, I plan to acquire and hold more before it hits the $1 mark.
I also hope to do the same for Tron, numeraire, DATA, and steem.

Cc
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@steemcurator01
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