Simplifying ETN purchases without BTC


#1

Hi Electroneum Team

Now while i think you guys might have a similar idea i thought i would just share mine with you.

Buying crypto can be a real pain to the majority of people and exchange sign up etc especially when it comes to first buying BTC and then sending to exchanges, which can be very complicated for a lot of people, so i thought why not make that part very simple as well, FIAT-ETN, now im sure their has been many people saying the same thing but i think mine is abit different in that it can generate additional streams of income for the Electroneum Team. Here goes…

Why not develop a System that is integrated into your domain whereby people could buy ETN directly from you. In the background you would have a guest account with all the exchanges that will pull data - taking the lowest price and offering to client for exchange in their FIAT of choice. Charge a small fee yourselves including the fee of the exchange and then once FIAT has been received by yourselves then ETN would then be deposited into their electroneum online wallet.

Obviously the system would be fairly complex but i think the idea is simple and could bring in a lot more people into ETN with ease of buying and storing their ETN.


#2

That would be indeed very complex. I believe the best way to solve this, as a temporary solution, until your idea could actually be implemented, is this:
We can have a ‘‘BUY’’ button in the ETN app, as well as on my.electroneum.com, and you would have to input the amount of ETN you want to acquire. After that, you will be told exactly what is the conversion in $ and the bank account where you have to transfer the fiat. There will have to be a payment ID, so that the ETN team recognizes you as the person who sent the fiat for the specific amount of ETN requested. Additional payment with other cryptos can be added, through wallets owned by the ETN team, specified on the same purchase page.

I mean, why give anyone else money and not give to ETN directly?
And we wouldn’t need exchanges anymore.
This would be a perfect day when(if) this happens.

Maybe it is not the best way, but it will be a start nevertheless.


#3

Richard has been asked about this before and has said setting this up would take alot of doing and would not be straight forward in terms of handling payments from all the different countries, rules and regulations vary when it comes to buying crypto in different places. But he didn’t say it couldn’t been done…

I think the main problem is getting it set up so it works for everyone no matter where you are from that is the hard part, take KYC for example that has taken abit of time because it needs to work for everyone. But thats not to say they may have a way in the future, there our some exchanges coming that will allow you to buy ETN with fiat its still one extra step but should makes things alitle easier.

As ETN becomes bigger I have no doubt more and more services will open up for changing ETN into fiat or buying ETN with fiat, there are also crypto teams working on opening banks that will allow conversation of crypto into fiat. Its only a matter of team and I think the process will get easier.