Would Electroneum win against Bitcoin?

Bitcoin (BTC), the new digital currency which would replace FIAT…or would it? While this amazing currency has set the tone for many cryptocurrencies, it has several challenges, one of the major ones being its usability as a transactional currency. When I say transactional, I mean for everyday use, like buying a coffee.

Not to get technical so you can get a better understanding of this challenge, let’s examine a few things:

1. The smallest one fiat dollar $1.00 can be broken down into is 100 pennies. On the other hand, one bitcoin (1BTC) can be broken down into 100,000,000 pieces or 0.00000001 BTC, referred to as a satoshi. So as the value of bitcoin rises, there is a significant challenge representing the value of $1.00 for transactional purposes.
2. Most BTC transactions on the blockchain require 3 – 6 confirmations before it is received by the recipient. This process can take between 30 minutes to several hours, depending on how low or high the network fee. While there are solutions such as the lightning network which is aimed at resolving this issue, and make transactions much quicker, it is not fully implemented.
3. Price. The price of bitcoin has risen significantly over the years, reaching a record high of USD 20,000.00 in January 2018. Though the price has dropped considerably after the considerable spike, there are several predictions that BTC can reach between fifty thousand ($50,000.00) to a whopping one million ($1,000,000.00) dollars due to its limited supply.

Because of this, many holders are not spending their BTC, but instead, are HODLing (Holding On for Dear Life) with the hope of huge returns. This is one of the reasons BTC has earned the title, “Digital Gold.”

Do we believe that BTC would be adopted as a globally accepted digital currency, which has the potential to replace the FIAT system? No, however, we think it to be a store of value based on its many characteristics.

Currently, there are so many cryptocurrencies available on the market, all competing for their space on the global financial stage. Some are privacy tokens, others are used for utility, and then, of course, you have those that act as securities.

However, none of these have the capability to be accepted as a replacement for the FIAT system, especially with Central Banks and Governments pushing the regulation button.

Then, out of the abundance of many tokens, a gem in the rough was created. This gem is a cryptocurrency that caught my attention that has the capability of achieving global financial adoption. It is called Electroneum (ETN). ETN has achieved what many cryptocurrencies have been unable to deliver. So why, ETN? What’s the case for ETN?

Let’s examine Electroneum

We won’t give you a history lesson on ETN, but instead, highlight some key features which we believe to be critical for obtaining global adoption:

1. The decimal place is the same as FIAT, i.e., two decimal places which is ideal for day to day transactions. (Simplicity)
2. Availability via mobile mining (simulation), CPU, GPU, and now ASIC mining. Availability of several options and incentives for obtaining ETN.
3. Fast blockchain confirmation times, which is a must-have for quicker adoption.
4. Know Your Customer (KYC) compliant, making it adaptable to regulation, which is necessary for global acceptance by governments and central banks.
5. The crème de la crème – Its patented instant payment system for merchants, which acts as a trusted third-party between buyers and sellers. Imagine vendors would be able to accept cryptocurrency payments with real-time confirmations. Stick a pin there – THERE ARE NO OTHER CRYPTOCURRENCIES THAT ACHIEVED THIS!

Let’s look at the social aspect of ETN. ETN would empower those in developing nations affected by inflation, and the unbanked with a cryptocurrency that is easily accessible, quick to transact with, secure (as it is a fork of Monero (XMR) which is a dominant privacy coin) creating new opportunities for individuals and businesses.

All you need is a mobile phone and an internet connection, and you can start earning ETN and transact. It’s simplicity, ease of access and ease of use are some of the reasons why we invested in ETN. ETN can grow significantly and become one of the worlds most utilized cryptocurrencies.

Never forget the story of David and Goliath!

READ THIS BLOG POST IF YOU ARE NEW TO CRYPTOCURRENCY BEFORE DOING ANYTHING ELSE!