Buy Electroneum Directly form the app + local currencies

Maybe it’s stupid and there is a reason why we can’t buy ETN directly from the app (it can reduce trading volume on exchanges I guess) but it’s still good to ask. Maybe there is another way out.
I want to buy ETN using the local currency (PLN) directly from the app without a minimum amount. For example - I got 5$ worth of PLN on my credit card and I can buy a few ETN directly from the app just by adding my credit card number. It’s also important to me to be able to buy ETN using my local currency (ETN) not dollars or euro, cause I’m losing money during currency conversion + it takes too long. Sorry for my bad english. I hope that u understand everything.

This would be ideal case for all of us from non-Eurozone countries, much less “overhead” in every transaction. Plus I can bet that many people would see it as an opportunity to save, not in a bank but in their crypto wallet. Whenever there is some money left from previous month, and new salary is on the way :slight_smile: one could simply convert those PLN, HUF, RON… to ETN and save it for the future, where hopefully value will go up :muscle:


I’m not 100% sure but I think this is on the table in a future update… If not that’s a dam good idea my friend


In one of his interviews, I believe Richard Ells said this was a possibility in the distant future. Its something he’s asked about quite a lot but there were other initiatives that had to take priority over it.


I could be wrong, but I think he mentioned it in the interviews with AllAboutTech on youtube. It may have been in a different Q&A but I’m pretty sure he talked about it there, I’d need to go back and re-watch them to find the right clip.


KYC process covers all regulatory obligations.


Should really be a top priority IMO


Please explain why. I would like it as an added feature too. But I disagree, I dont think it should be prioritized over some of the other proposed features.


Actually I live in Europe but we don’t have Euro in Poland, so it’s a bit annoying for me, cause I can’t use my local currency to buy ETN or do it without crypto exchanges - fast and ez. This could be a huge step for a mass adoption in my opinion :wink:


Because crypto currencies are not currently regulated (even though they are technically securities), its merely a direct commerce transaction I believe. At any rate they seem to be planning for a regulated environment.

they’re not technically securities. Ripple is the only crypto that is definitely a security going by the letter of the law.

All are, but they have not been classified as such in a regulated environment as of yet. The definition of a security is simply “a financial instrument that has monetary value and is traded in a market environment”.

The value of a crypto is based on market capitalization created by the activity of market participants so it doesn’t get any simpler than that. By all indications, if you keep track of news and world events, regulation is just a matter of time

SEC already said Bitcoin and Ethereum are no securities. The above is true if the financial instrument is owned and controlled by one entity.DAOs and decentralized digital money doesn’t qualify.

Lol, If you need to be told by a regulatory body what something is in order for you to know what it is, take comfort in knowing that the market will be regulated at some point.

Tell me why making it so you can buy ETN directly on the app is not top priority. Whats the point of the instant payments when my friends and family have no idea how to use exchanges and send crypto. They NEED to be able to buy it on the app directly. I need to teach someone to buy bitcoin in order to buy ETN. Very Frustrating.

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You are absolutely right. Number one rule of sales: Make your product easy to purchase. If you could purchase through the app, the Exchange process would become irrelevant instantaneously.


I agree. Especially considering the fact that the more exchanges you have to make, the more in fees is scalped from you. I’ve lost sometimes up to 20% of my money transferring between 2-3 exchanges.


This will defintely appeal to people that dont want to deal with exchanges all the time and just want to buy.


Hi, how I see it, there is a possibility to buy ETN in the app that also includes exchanges in the equation.

Buy Pool
Electroneum could set up a “buy pool” (with let’s say 10.000.000 ETN) that people could purchase from using the app which would require you to register your VISA/MC/AMEX card (or similiar).

So if you want to buy 10.000 ETN at current rate of roughly $0.005 you would be debited $50 (plus transaction fee) and Electroneum would transfer the ETN to your account using the Instant Payment system, taking it from the “buyers pool”.

What happens if the funds int that pool go low?
The engineers at Electroneum could write automated services that automatically buys the amount of ETN needed from exchanges, using their API’s, and automatically transfer the ETN from the exchange to the “buyers pool”.

The threshold could be set at 50% of “max_pool_size” and the pool size could vary in size for what the needs at the current time. Or maybe buy chunks of ETN that are X in size every Y minute, which would vary depending on the needs, so it doesn’t have to go down so low.

Which exchange would the pool buy from?
There would be need to use maybe 5-10 exchanges with volume enough. The automated service could buy in from the exchange that has to lowest exchange rate at the moment.

Actually, the whole procedure could be automated so you could eliminate having the “buy pool”, having the exchange sending you ETN directly to your account/wallet using standard blockchain transfer.

What would Electroneum do with they fiat cash the receive?
Naturally they have to pay the exchanges for the ETN, so they would transfer the fiat to them somehow, maybe by bank transfer or by purchasing BTC of the exchange, which is used to buy the ETN sent to you or the buy pool.

What do you think about this?


Good idea , that would save a lot of hassle especially if it’s all in one app…

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