Buy Electroneum Directly form the app + local currencies


#1

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.


ETN Exchange Directly on App Fiat into ETN
Innovative Ideas to create demand for ETN
#2

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:


#3

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


#4

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.


#5

@Judicar Richard has discussed this a few times in recent videos. (perhaps someone with a better memory than mine can point one of them out for us)

The main issue with direct FIAT integration is the extra layers of complexity it adds in terms of rules & regulations.

Long term, who knows…it certainly would be nice to have this functionality. Perhaps one of the existing or future partnerships will enable it… but for the moment, it would simply be a HUGE undertaking, at a time when core mass adoption features are a priority.


#6

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.


#7

KYC process covers all regulatory obligations.


#8

Should really be a top priority IMO


#9

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.


#10

Know Your Customer is one part of a very long list of issues and requirements when it comes to dealing directly with FIAT. Certainly a large factor, but by no means covers everything under Financial regulations.


#11

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:


#12

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.


#13

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


#14

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


#15

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.


#16

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.


#17

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.


#18

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.


#19

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.


#20

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