Where to store Electroneum? There are four options to store ETN cryptocurrency: web, CLI, paper and hardware wallets.
Electroneum is a cryptocurrency created to help the planet’s underbanked population get access to financial instruments. People can use Electroneum products to hold and transfer assets worldwide in no time, including across the borders. The network charges unbelievably low transaction fees that, at times, equal an only fraction of a US cent. Users can spend ETN in over 140 countries.
Here at Changelly, we support initiatives that deliver cutting-edge technology and economic freedom to the masses. In this article, we’ll talk about the Electroneum platform and take a look at different kinds of Electroneum wallets.
The only way to store ETN is in a native Electroneum wallet. There are several types of ETN wallets aimed at different users. Some of them are considered to be more secure, others are more suitable for beginners due to some minor usage intricacies, and some are outright universal for all Electroneum crypto users.
Here are the four types of Electroneum wallets:
The smartphone app is the most popular option among Electroneum holders: more than 2,5 million people downloaded the app, considering that there are around 4 million registered ETN users in total. The wallet is a built-in part of the app. There are versions for iOS and Android.
The app enables you to securely store and easily transfer the coin. Your ETN is available at any time, and getting paid in ETN directly to the wallet is a piece of cake. You can receive funds via QR code: just show it to another app user.
The wallet is very user-friendly and has an intuitive design with no unnecessary features. One of the best things about the ETN mobile wallet is that users can mine the coin directly from their smartphones via the app. You won’t become a billionaire doing mobile mining, that’s for sure, but it could pay for your phone bill at the end of the month.
Electroneum App is a relatively safe wallet for storing your ETN. You have to enter a passcode in order to access your funds. It should not go unspoken that mobile app wallets are not the most secure storages in general. They can be hacked through software or through your personal device. If you are too worried about the safety of your ETN assets, it’s better to store them on an Electoneum paper wallet.
This Electroneum storage option is the most secure of all. The paper wallet stores the key to your account literally on paper, an utterly unhackable material. Electroneum paper wallet is not for novices as it is quite challenging to set up, and the cost of a mistake is the security of your funds.
Feel free to read more on paper wallets in our guide Paper Wallet Explained.
Electroneum web wallet is an excellent option for those who prefer to store their assets online. To get access to your funds, you have to pass a two-factor identification (PIN code and CAPTCHA). Like all hot wallets, this web wallet may have some security issues, so users who plan to store large amounts of Electroneum value should consider other options.
Electroneum CLI wallet is a technically advanced storage option. CLI stands for Command Line Interface. This kind of wallet basically turns your device into a fully synced Electroneum blockchain node. To store Electroneum in this wallet, a user would have to install some fairly complicated software on their laptop and learn how to use it. This option would be a better match for pro-crypto holders. Electroneum CLI wallet runs on macOS, Windows, and Linux-based personal computers.
As of September 2020, there are no hardware wallets that support the Electroneum coin. The worldwide crypto community and the Electroneum community, in particular, are looking forward to the day when developers solve this problem and give us the opportunity to store Electroneum on a hardware wallet safely.
If you want to know more about the future of Electroneum coin, check out our article Electroneum Price Prediction for 2020, 2023, and 2030.
By the way, Changelly has just listed Electroneum cryptocurrency. That means you can easily swap ETN coins if you want to diversify your portfolio with ETN cryptocurrency. Feel free to check our cross-rates and find the best offer.