I was just pondering over my morning cuppa about the usefulness of ETN in the real world.
It’s ok buying ETN hoping that the price will go up in your favour to turn it around and sell it for profit.
But to have real world usages like buying your shopping, getting paid , buying a TV online could have some issues for the end user if there is no stability in that currency’s value.
Example: You get paid $1000 worth of ETN on Friday, by Saturday its gone down in value by 20%. easily done. Now all them utilities & bills are still the same price and still in FIAT , so by no fault of your own you have no money left or left short.
Ex2: You sell a TV via your online store for $500 worth of etn say etn70,000 . The price goes down 10% overnight & your profit is wiped.
I appreciate the value can go up, which is a bonus but not guaranteed.
& I also would love to live in a FIAT free world but at the moment it doesn’t exist.
A solution … maybe…
A simple fast low latency ETN/USDT (usd tether) - ETN/USDT exchange.
I sell my TV online
I am transferred 70,000etn
it arrives in my wallet & automatically transferred to the exchange & converted to USDT $500
when I need to spend it
I request that $500
converted back into ETN at the current rate
for me to then buy something with ETN
The process looks like a b*ll ache but is very do-able & There would also be some exchange costs.
and… of course in the future the whole world will be using ETN so this system would be obsolete then