Electroneum Review; Scam or Legit
You are already familiar with what electroneum is (if you are not, the article is here), so we won’t go back to the basics of what it is. Here is a quick breakdown of some things you need to know before investing in this new cryptocurrency. This electroneum review article answers the important question of if it’s a scam or it’s legit. Let’s dive right in.
Electroneum Review; The Aim of The Developers
The major reason the electroneum was developed (according to the developers), is to create a cryptocurrency for the average users who think the concept requires technical skills and it’s too complicated to understand. The Electroneum developers are doing this by creating a user-friendly mobile app that any smartphone user can use for mining. By doing this, they are taking advantage of the global smartphone using the population of 2.2 billion. Basically, you’ll be able to mine and control the new currency using your smartphone.
The cryptocurrency is built on CryptoNote algorithm, similar platform as other popular cryptocurrencies like Monero, ByteCoin, etc.
Review of The Mining Process
If you’ve been paying half an attention to this review, you’ll still remember the point that Electroneum mining can be done using a simple app. There is no need to buy an expensive mining rig, you don’t even need to send your ID to a random exchange to buy coins. Visit the google play store and download the free Electroneum app to start mining.
The app requires no technical skill, very little bandwidth, and will be running in the background to mine coins for you.
Electroneum Review; The Coin Supply
In other to have a similar feel to FIAT transaction, Electroneum transaction is supposed to be based on 2 decimals. In other to achieve this aim, the coin supply is a total of 21 billion. It makes it easy to understand the new currency because we can relate it to real money. It also makes using the mining app easier.
Target Market for Electroneum
The Electroneum team have named mobile gaming and online gambling as their target market.
- Mobile Gaming: They picked this market with the aim of allowing users monetize their in-game earnings. Gamers will also have the opportunity of transferring some of their earnings to new games using this new cryptocurrency. Game owners are expected to benefit from the transaction through commission
- Online Gambling: Paying for your online gambling is expected to get easier with Electroneum. Yes, people already use bitcoin for that same purpose. The only problem is, it’s quite difficult to purchase. Mining your coins with your mobile phone effectively solves this problem. You use the mined coin for your gambling, and your winnings are returned to your wallet. It’s that easy.
Should You Invest?
I am not a financial adviser; therefore, I can’t make that decision for you. However, this electroneum review should make your decision straightforward. The summary of everything learned so far is that Electroneum is the first British Cryptocurrency which has its own blockchain. It requires no technical skill to mine it form your smartphone. Did I mention the 80,000 + community members? Yes, that too.
So, invest if you think it’s for you. But do so at your own risk.