Cryptocurrencies have revolutionized the financial landscape, providing new opportunities for investment and transactions. Among the myriad of digital currencies, Electroneum (ETN) has carved out a niche due to its focus on mobile accessibility and microtransactions. However, acquiring Electroneum can be a bit more complex compared to mainstream cryptocurrencies like Bitcoin or Ethereum. This article will guide you through the process of buying Electroneum using Coinbase, a popular and user-friendly cryptocurrency exchange.
Understanding Electroneum
Electroneum is a mobile-first cryptocurrency aimed at making digital transactions accessible to everyone, especially in developing regions where banking services are limited. Launched in 2017, Electroneum offers a unique ecosystem that allows users to mine ETN coins directly from their smartphones. This approach democratizes access to cryptocurrency, making it possible for anyone with a mobile device to participate in the digital economy.
Features of Electroneum
Mobile Mining: Electroneum’s mobile mining feature allows users to earn ETN coins through a simulated mining process on their smartphones.
Instant Payments: ETN facilitates instant cryptocurrency payments, making it ideal for microtransactions.
Anytask Platform: This platform connects freelancers with clients, allowing payments in ETN, thus promoting the use of cryptocurrency in everyday transactions.
Why Use Coinbase?
Coinbase is one of the most reputable cryptocurrency exchanges globally, known for its ease of use, security, and regulatory compliance. While Coinbase does not directly support Electroneum, it can be used as an intermediary to acquire ETN by first purchasing a more widely accepted cryptocurrency like Bitcoin (BTC) or Ethereum (ETH), and then trading it for Electroneum on another exchange.
Step-by-Step Guide to Buying Electroneum with Coinbase
Step 1: Create a Coinbase Account
Visit the Coinbase Website: Navigate to Coinbase and click on the “Get Started” button.
Sign Up: Provide your full name, email address, and choose a strong password. Agree to the terms of service and create your account.
Verify Your Email: Coinbase will send a verification email. Click on the link in the email to verify your account.
Complete Your Profile: Provide additional information such as your phone number and verify it with the code sent to your phone.
Identity Verification: Upload a government-issued ID (e.g., passport, driver’s license) for identity verification. This step is necessary to comply with KYC (Know Your Customer) regulations.
Step 2: Add a Payment Method
Navigate to Payment Methods: Once your account is verified, go to the settings and select “Payment Methods.”
Add a Payment Method: Choose between linking your bank account, debit/credit card, or PayPal. Linking a bank account typically offers lower fees for larger transactions, while cards are useful for smaller, immediate purchases.
Verify Payment Method: Follow the prompts to verify your chosen payment method. For bank accounts, Coinbase may make small deposits to confirm the account.
Step 3: Purchase Bitcoin or Ethereum
Go to Buy/Sell Page: Click on the “Buy/Sell” tab on the Coinbase dashboard.
Select Cryptocurrency: Choose Bitcoin (BTC) or Ethereum (ETH) from the list of cryptocurrencies.
Enter Purchase Amount: Specify the amount you wish to invest. You can enter this amount in your local currency or in BTC/ETH.
Review and Confirm: Review the transaction details, including fees, and confirm your purchase.
Step 4: Transfer Cryptocurrency to an Exchange that Supports Electroneum
Choose an Exchange: Electroneum is not directly available on Coinbase, so you need to transfer your BTC or ETH to an exchange that supports ETN, such as KuCoin or Huobi.
Create an Account on the Selected Exchange: Follow a similar sign-up and verification process as you did with Coinbase.
Find Your Exchange Wallet Address: Once your account is set up, navigate to the wallet section and find your BTC or ETH deposit address.
Transfer from Coinbase: Go back to Coinbase, select “Send/Receive,” enter the wallet address from your chosen exchange, and specify the amount to transfer. Confirm the transaction.
Step 5: Trade BTC or ETH for Electroneum
Deposit Confirmation: Wait for the transferred BTC or ETH to appear in your exchange account. This process can take from a few minutes to an hour, depending on network congestion.
Navigate to Trading Section: Once the deposit is confirmed, go to the trading section of the exchange.
Select Trading Pair: Choose the appropriate trading pair (e.g., ETN/BTC or ETN/ETH) depending on the cryptocurrency you transferred.
See Also: Is Coinbase Commerce Free?
Place an Order: Enter the amount of ETN you wish to buy and place a market or limit order. A market order buys ETN at the current market price, while a limit order allows you to specify a price.
Confirm Purchase: Review your order and confirm the purchase. Your ETN will be credited to your exchange wallet once the transaction is completed.
Securing Your Electroneum
Transfer to a Secure Wallet
To ensure the security of your Electroneum, it’s advisable to transfer it from the exchange to a personal wallet. This minimizes the risk of losing your funds in case the exchange is hacked. Electroneum offers its own wallet app, which is user-friendly and provides a secure way to store your ETN.
Download the Electroneum App: Available on both Android and iOS platforms.
Create a Wallet: Follow the prompts to create a new wallet and backup your seed phrase. This seed phrase is crucial for recovering your wallet in case you lose access to your device.
Transfer ETN: Use the wallet’s receive function to get your Electroneum wallet address. Then, go back to the exchange, select “Withdraw,” enter your Electroneum wallet address, and specify the amount to transfer. Confirm the transaction.
Enable Two-Factor Authentication (2FA)
For added security, enable two-factor authentication on both your exchange and wallet accounts. This adds an extra layer of protection by requiring a second form of verification (typically a code sent to your mobile device) in addition to your password.
Conclusion
Buying Electroneum using Coinbase involves a few additional steps compared to purchasing more mainstream cryptocurrencies, but the process is straightforward once you understand the necessary steps. By using Coinbase as an intermediary to acquire Bitcoin or Ethereum, and then transferring these to an exchange that supports Electroneum, you can successfully add ETN to your cryptocurrency portfolio.
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