Electroneum is a cryptocurrency developed to be used on mobile phones. It was the first cryptocurrency of its type and aimed at serving the unbanked population worldwide. Considering that more than 15 billion mobile phones operate globally, the potential market for this project is enormous.
Electroneum was launched in September 2017 through a successful initial coin offering (ICO) that raised more than $40 million. The ultimate goal of Electroneum is to provide the quickest and safest crypto transactions with minimal fees. Besides enabling payments using its ETN cryptocurrency, Electroneum allows users to mine the said digital coin on their mobile phones.
Electroneum launched its wallet manager in December 2017. If you plan on buying, using, or mining ETN, you will need an Electroneum wallet. If you do not know which wallet is most convenient for your needs, this article will help you figure out.
What Is an Electroneum Wallet?
An Electroneum wallet is an app or any other medium that allows you to store and retrieve your ETN holding securely. Note that only native Electroneum wallets can store ETN coins. There are several types of Electroneum wallets. Your needs determine the type of wallet that you should choose.
5 Best Electroneum Wallets in 2024
To help you choose the correct Electroneum wallet, we review the five most popular ones this year.
Electroneum Wallet App
This wallet is the most popular and consists of a mobile app, which you can easily download to your smartphone. Approximately 2.5 million users (out of more than 4 million registered users) have downloaded this wallet. Technically, the wallet is a built-in part of the Electroneum mobile app. Besides storing ETN coins, the Electroneum mobile app allows mining them. Although mining will slow down your smartphone and deplete the battery more quickly, you will earn enough ETN coins to cover your monthly phone bill.
The ETN mobile wallet is more prevalent in developing countries. It is available for Android and iOS devices. This wallet has a user-friendly interface that allows users to store and transfer funds quickly. It also allows you to receive ETN coins by producing a QR code that you can share with the sender.
On the downside, this wallet is quite vulnerable to viruses and malware. Hence, it would be best to keep your antivirus updated on your smartphone. However, you need to provide your mobile phone number and email address to use this wallet. This information, together with a password, enhances the app's security. Use this wallet to store small amounts of ETN coins and as an easy payment system.
Electroneum Web Wallet
For users that prefer to store their ETN holdings online, the Electroneum web wallet is a good option. This wallet is the official wallet of the Electroneum platform and offers a good security level. To gain access to your cryptocurrency, you need two-factor authentication, captcha verification, and a PIN code that changes every time you log in. However, this wallet is susceptible to hacking like most web-based wallets. Therefore, it is recommendable to use this wallet to store small amounts of ETN coins.
Electroneum Paper Wallet
If your primary concern is security, the Electroneum paper wallet is arguably one of the most secure ways to store your ETN coins. Basically, the private key to access your cryptocurrency is written on paper. The security level depends on how safely you keep the said piece of paper. This wallet is suitable for storing large amounts of ETN coins. However, it is not recommended for beginners since the wallet setup is not easy. Another disadvantage of this wallet is the lack of a mining option.
Electroneum Desktop Wallet
This wallet is the most secure and convenient way to store your ETN coins. It is a program that you can download to your personal computer from the Electroneum website. It is available for Windows, Linux, and Mac operating systems. Users of all experience levels can use this wallet, from beginners to expert crypto investors.
Electroneum CLI Wallet
The Electroneum Command Line Interface (CLI) wallet is the most comprehensive ETN wallet available. It is a program you can install on your computer. The CLI wallet allows you to manage your ETN holding, mine ETN cons, send and receive funds, view past transactions and account balances, etc. Technically, this software turns your computer into a synchronized Electroneum blockchain node. The Electroneum CLI wallet is available for Windows, Linux, and Mac operating systems.
There is a learning curve in the process of using this software. Beginners might find it intimidating and complicated at first, but they can master it with some practice. However, this wallet is most recommended for professional traders and investors.
Conclusion
As seen, there are several options to store ETN coins. Which one is better? It depends on your goal and experience with cryptocurrencies. For example, for small daily payments, the Electroneum wallet app is the best option. However, if you want to invest in Electroneum and plan on holding a large amount of ETN coins, you should choose the Electroneum desktop wallet. With the information given above, you will be able to weigh the pros and cons of each type of wallet to select the perfect one for your needs.
FAQ
Is an Electroneum Wallet Safe?
Yes, it is. Some ETN wallets are considered safer than others, but your security practices play a role too. For example, if you use updated antivirus on your device, you significantly reduce the risk of being the victim of a hacking attack.
How Do I Cash Out My ETN?
You can convert your ETN coins to fiat money on a centralized exchange. If the centralized exchange does not support ETN, you can use a crypto-to-crypto exchange to swap your ETN coins for Bitcoin or another more popular digital asset. LetsExchange.io supports more than 2000 digital coins and tokens, including Electroneum.
How to Select an Electroneum Wallet?
Refer to the information provided above and select the one that best adapts to your needs.
Disclaimer
Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.