Earn more money by doing nothing at all, or at least as little as possible. That's my goal for all my readers, and today I'm going to introduce you to Electroneum. It's a cryptocurrency that has been around since 2017 and is focused on a mobile app that slowly "drips" free coins to its users simply for having the app installed on their device. You don't even need to have the application open!
I was planning on going into the history of the coin and its development process. But then I remembered, that's not the purpose of this blog. My readers are interested in earning money for nothing, and that's what I'm going to focus on!
So how does Electroneum play into your passive income plan? You download their app, available on Android or IOS and make an account. They will want your email address and phone number. And (as of 2019) they require you to sign up with a 3rd party "Digital Identity Verification Provider" Yoti. Which will involve you offering up a personally identifying document such as a drivers license or passport. Luckily this is a one time process and you should never have to deal with Yoti again, unless you're transacting large amounts of ETN. Upon account creation you will immediately begin earning ETN, regardless if you have the app open or closed. The only thing you need to do to keep earning is to "check in" once every 7 days by opening the app and clicking a button.
The Electroneum app will also function as your wallet, holding onto your coins until you build up a balance suitable to send to an exchange and sell for your preferred Cryptocurrency or Cash. Alternatively you could hold onto your coins in the hopes they will appreciate in value. But as someone who has followed ETN since 2017 when it emerged, I wouldn't recommend it. The coin had an initial sale at $.01 USD per coin and is currently worth in the area of $.0025 per. It doesn't have a tremendous amount of exchange on a daily basis (under $100k in value) and new coins are given away regularly for free, not a good recipe for a long term investment if you ask me. However, the coin had an all time high of $.20 at one point so if you're willing to hold out for that, then do so.
This isn't to say Electroneum doesn't have anything going for it. The application has a slick look and functions well. It accomplishes it's goal of spreading ETN as far and wide as possible by giving it away for free. The idea being the more people you give it to, the more will try to find a way to spend it. And a market will develop naturally. You have to give them credit, they've had 3.7 million different registrants which is impressive, credit to the marketing team. Although I'm certain not many of them are still using the product. And there is a real UK based company marketing and backing the cryptocurrency. They offer mobile device top ups to major carriers inside the application (originally pushed as a way to attract users in less developed countries). And they've recently launched AnyTask. An online, open marketplace for freelance workers to sell their services for Electroneum, no bank account required. But we have no interest in that, we want money with as little work as possible!
You can decide what you want to do with your ETN and it seems you have a fair few options available. But how much will you be making right here and now? I've been earning approximately 100-200 ETN monthly for 2 years now from their application. The value of which has fluctuated wildly. At current values that's between $.25-$.50/month. Not much at all when you put it like that. So every 6 months I swap it for another cryptocurrency I prefer, on one one of the many exchanges ETN is listed on.
Honestly this app was much better when it was earning in the range of $5/month. So to decide if it's worth it we need to think about how much time is involved with earning this income. Yes, you have to complete the initial download,signup process. But after that, there's virtually no effort at all. Simply remembering to open the app once any given week and click a button is all that's required to keep your earnings rolling.
What about referrals? As these types of companies and applications usually do there is a referral system to entice more users to join up. And if you're interested in building passive income, referrals can be a powerful tool helping you along the way. Electroneum offers you a bonus based on 5% of the earnings of the users you bring in, while giving those users a 1% bonus to their "mining." It's an alright incentive to active users, but it is a little weak if you're the user being referred. A 1% bonus doesn't draw people in very well. However if you're considering signing up anyways, a boost is a boost! If you do signup for Electroneum consider using my referral code "37ADFE." You either enter it during the signup process, or if you've already signed up, navigate to the "more" menu and select "generate more ETN." You're then given the opportunity to enter a code to give you the 1% boost and put you on equal footing with everyone else.
Do I think Electroneum is a great earner? Absolutely not. At least not at the current ETN value. But it IS about as passive as it gets once you get it going. And it's because of this I decided to recommend it. And who knows, there is always the chance of another cryptocurrency bullrun happening! At least you know that, with a real company marketing this coin and still actively developing use-cases, the coin isn't going anywhere anytime soon.
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