From what I am seeing no one wants to spend ETN. Everyone just wants to hold. We need a strategy to get people to spend. How do we do that?
Do you spend your ETN? Lol
I’m not spending mine now lol
This will naturally be resolved when the mobile operators introduce ETN to their clients. It will start with paying the phone bills and evolve from there. The people ETN is targeted for will not see ETN as an investment. They will see it as a currency and use it as such. We are talking hundreds of millions of people with potential to go into the billions eventually. Trust me, when we get to that number of users, ETN spending will not be a problem.
I totally agree with you @Cryptoman976 100%. Your assessment there in my opinion is spot on how it’s going to go. The user count is going to go up much faster soon too we haven’t even begun to see that yet even though it’s even doing really well now. I for one look forward to seeing where we’re at come this years end.
As more vendors on-board and offer products/services then spending will increase organically.
Remember, people don’t need to spend their investment amounts…if you have an option to buy something with ETN, purchasing some with FIAT and buying with ETN helps the eco system during these early stages. That’s what I do.
I have bought YouTuber’s merch with ETN. I don’t know anyone else who accepts it. I haven’t used the instant payment app.
ETN at this point will mostly be spent out of necessity. Othwr than that peipke want to hold it to see gains. Like everyone is saying, when the group who needs the money is introduced to it. They will spend it accordingly.
Glad to see you do try to use it too. I understand your sentiment, but we have to be patient and think big picture. As everyone above has mentioned, when the user base and use case grows with agreements and announcements, so will spending.
We should ask, what is at the root of your concern with this topic? Not just you, but anyone feeling the same way. Even myself at times. It typically goes back to price and wanting to see a return in investment. Again, what’s needed here is patience. Even if a bunch of us started using it, there would only be a small bump in price, and it probably wouldn’t be sustainable.
In the meantime, check out:
Both of these show promise and I have a few items on the bazaar. (However, at this current price, it’s hard to expect anyone to pay 440k ETN for my motorcycle when I know how bright ETN’s future is. And I have a hard time spending 5000 ETN on a coffee mug at the moment.) I know there’s more options as well for direct usage of ETN.
Some other options: While you’re pitching ETN to friends and family, see if any will accept ETN for small things. (Same goes with content providers and small business owners) Or if you owe them a couple bucks, see if they’ll take ETN. These things tend to go back and forth until you have a small “community” exchanging small amounts of ETN. Don’t know your location, but craigslist has a “cryptocurrency ok” button you can select for your ads and is searchable by itself to connect others using crypto. I’ve done all of the above.
How long do you think it will take for the mobile operators to start using ETN as a payment option? Thanks.
Short answer, I do not know.
I have read it takes 6-12 months for full system implementation for payment processors to get additions complete…but I have no idea if that is true in the case of getting ETN implemented. It is very possible the existing partners have been implementing ETN in the background for the last 6-12 months and were simply waiting fore KYC and the official announcement of completion. But who knows.
What I do know is it is coming, soon.
I’m guessing that most people on this forum are in the Western world and looking at Electroneum as an investment vehicle… so will tend to be holders whilst we wait for the mobile operators in places like Africa to start taking ETN as a payment method for mobile bills - and we start to get the mass adoption and the “banking the unbanked” that we are all hoping for… THEN we’ll start to see the increases in value of the currency - though just how high it might go… well, that I have no idea.
The way I look at it in the future.This is My Plan…
If you’re saving to pay a bill or buy a car whatever…buy ETN each time youve got spare money.
Then when you’ve saved enough (and hopefully its goes up) do your direct purchase with ETN.
That way youre not touching your original investment and supporting the system overall.
If the price does go up well you’ve got a bit extra to throw in your holding wallet.
The more we use the system for purchases the stronger and more stable the ecosystem becomes as a result.
If you want to play a friendly game of pool on steam (pool nation) or 8 ball pool (Android app) for 100 ETN I’m down. If you want to use a 3rd party escrow they should get a fee for their time, winner gets 195 ETN after each person sends the escrow 100 ETN. If it’s “on your honor,” no escrow, loser sends winner 100 ETN.
We can do this right now, or in fact any competitive game you want to play. I can create a telegram channel for it. I see friends do this one on one stuff all the time and loser pays out.
Since I sell drinks & snacks at work guys at work will compete at volleyball, video games, roll dice or anything else and loser has to buy the snacks/drinks. Anyone interested PM me with what game you want to play for ETN.
Hodling has its for and against.
While in the grand scheme of things ETN is here to be used and not just held, but many are also waiting for the deals with their regional telco providers.
Those that hold ETN currently are those that are invested, therefore you may not see many actually spending at this stage of the play. I for one am invested in the project but will hold a portion for use. After all, that is what it is being created for.
So all up I don’t see that Hodl is a problem right now, but once it all roles out it could very well be if all just remain hodlers.