- ETN is based on the Cryptonight algorithm and can be mined
- Had one of the largest token sales of all time
STEP 1 – Get a wallet
The first step I would advise you to follow is to get a wallet that supports Electroneum. The only wallet available at the moment of this writing is the Electroneum wallet on the Electroneum website. I personally think the browser version is the easiest to use so I will use that version in this tutorial. To get started you simply go to https://my.electroneum.com and register an account, the registration process should be very straightforward so I will not cover that in this guide. When you are done and have a new wallet (like to image below), you are ready for the next step. If you already have a wallet that is supporting Electroneum, it is perfectly fine to use that instead.
STEP 2 – BUY LITECOIN (LTC)
To buy Electroneum you have to exchange it with another cryptocurrency, in most cases a more stable one. These cryptos are most often Bitcoin, Ethereum and Litecoin. To make the exchange as easy as possible, Litecoin is the best choice.
You may ask, why Litecoin? I prefer Litecoin because it has:
- Much lower network fees than Bitcoin, though Bitcoin the most common crypto to use in exchanges
- Much faster transactions
- It is fully compatible with the Exchange platform Cryptopia (More info in Step 3)
If you are a veteran in the crypto space you probably have some Litecoin laying around. If not, let’s buy some!
Coinbase is the largest and safest place to buy Litecoin, therefore I recommend you to buy from them. This is how you do it:
Part 2: Follow the registration instructions and verify your identity on Coinbase to be able to buy Litecoin. This will generally take a few minutes up to an hour, If you get bored by waiting I would suggest you to jump to Step 3 and then come back here later.
Part 3: Now you have verified your identity on Coinbase. You now add some Litecoin to you account by clicking the tab “Buy/Sell”.
Part 4: Add a Payment Method, I prefer credit card because the Litecoin will transfer instantly to your Coinbase wallet. To be able to buy a larger amount of Electroneum later (Step 3) I would advise you to buy at least 0.03 Litecoin. The image below shows an example.
STEP 3 – EXCHANGE FOR ELECTRONEUM
To get your Electroneum we need to exchange your Litecoin. As of right now Cryptopia is the only legitimized Electroneum exchange around right now, but Electroneum will be accepted to more exchanges soon. Cryptopia is based in New Zealand and their service is safe and easy to use.
Part 1: To start trading with Cryptopia you have to register on their platform, you can register through this link. The registration should be pretty straightforward and you should not need to verify your identity (like with Coinbase), which saves some time. If you already have an account, skip to Part 4.
Part 2: Login to your Cryptopia account and hover on the ‘B’ icon on the top right corner and click on Deposit (see image below).
Part 3: You now come to a page where you select a currency, choose Litecoin. A Deposit Address will now appear, copy this address.
Part 4: Go back to Coinbase and send over some Litecoin to your Cryptopia account, the minimum amount for exchanging Litecoin on Cryptopia is 0.01 LTC, so send more than 0.02 to have a safety margin for network fees. You do this by pasting the Deposit Address copied from Cryptopia in Part 3 into the Recipient box (always double check for misspelling). Then type in the amount you want to send in the LTC box and then click continue to confirm your transfer.
Part 5: You should within a few minutes receive you Litecoin to you Cryptopia balance. To check if you received your Litecoin on Cryptopia you simply go to the ‘B’ on the top right corner and click on Balances and then search for “Litecoin” in the search box. When the Litecoin is received the Litecoin amount should show up under ‘Available’ on the list.
Part 6: The next thing to do is to exchange your Litecoin (LTC) to Bitcoin (BTC) in Cryptopia, this is done because Cryptopia only supporting Bitcoin exchanges to Electroneum right now (but hopefully this will change soon). There are very minor fees when converting between Litecoin and Bitcoin so don’t worry about that. To start exchanging, click on the Exchange button in the top-left corner.
Part 7: Now when you are inside the Exchange, click on the BTC tab type in “LTC” in the search bar and click on the first result (LTC). The current price of LTC/BTC is in my example: 0.01708665 this can be seen on the “Price” and “Last Price”, see images below.
Part 8: The strategy I use to trade cryptocurrencies on exchanges is to buy/bid on the last price to get an idea on the current price of the currency I want to exchange. In my case this price was 0.01708665 BTC per LTC, I then copy and paste this value into the Price box and type in the Amount of LTC I would like to SELL, See images below. Now click on the Sell LTC button to make the trade. The BTC will be recieved instantly to your Cryptopia Balances.
Part 9: When you have received the Bitcoin to your Cryptopia balance we will finally start the exchange for some Electroneum. To do this you simply click on Exchange in the top-left corner (or on the front page) like you did in the previous part.
Part 10: You should now select the tab ‘BTC‘ and type in “ETN” in the search box and select the result. Now do like in the previous part: copy and paste the ETN Price (or Last price) into the price bar in the Buy ETN box, type in the Amount you would like to buy and finally click on Buy ETN when you are ready to trade! See images below.
STEP 4 – TRANSFER
When you see your Electroneum order in your Balances you are able to withdraw to your wallet (which we created in Step 1). This is done to secure your Electroneum. You should never store your funds on an exchange if you are investing for the long term for security reasons.
Part 1: Start by clicking on the Withdraw button on the Balances page in Cryptopia.
Part 2: In the next page you will be asked how much Electroneum you want to Withdraw, your personal Electroneum Adress (for your wallet) and your Cryptopia pin code. Leave the PaymentId box blank. On the right of the Amount box you will see the Fee you need to pay to make the transaction, in my case the fee is pretty high and that is because I am withdrawing such small amount of ETN, Cryptopia currently have a fixed 10 ETN fee.
Now copy the Public Wallet Address in your Electroneum wallet (which you created in Step 1), paste this Address in the Electroneum Address box in Cryptopia (and always do a quick double check for misspelling). Finally enter your pin code and click Next. Don’t forget to confirm the withdrawal through your email address. This process can be seen on the images below.
Final Part: Your Electroneum should be visible in your Electroneum wallet within minutes, it will look something like the image below.