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Is Electroneum a Scam?

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Is Electroneum a Scam?

Every time a new business opportunity is put into action, there is always an element of doubt about the authenticity of such a business opportunity. Such doubts are not unfounded as time and again, several seemingly good business opportunities and ideas have turned out to be clever manipulations by criminal elements to dupe people of their hard earned money.

As the most common and most rewarding business opportunities nowadays, cryptocurrencies are inevitably a lush target for scammers. Lots of scam enterprises have been built up under the guise of cryptocurrency. As such, it is a necessary evil to subject all new cryptocurrencies to an intense scrutiny and determine the real nature of the crypto. Electroneum, as the most recent and wave making crypto in the the community, has rightly raised a healthy amount of fear in the hearts of people who want to capitalise on the wealth it brings but are afraid of losing their money if it turns out to not be what they say it is. As such, the task has fallen to us to perform the necessary surgery and dissect the crypto to find out the hidden facts about it to determine if indeed it is what they say it is or if it is just another scam.

So what are the things that define a cryptocurrency? The first is the blockchain technology. Every cryptocurrency is based on a blockchain technology. It is this technology that administers the cryptocurrency and manages the activities of the users. A crypto might develop its own blockchain technology, as electroneum has done, or it might decide to use an already existing blockchain(most new cryptos use the ethereum blockchain). Also, a cryptocurrency must have a decentralized system. This means that once the currency is launched, no one person or group has any administrative power over it. Each person controls what he has and the total users control the system together. No one person can affect another person’s holding of the cryptocurrency. All valid cryptocurrency have a decentralized system as this is one of the major advantages of cryptocurrencies over FIAT currency. Also, a cryptocurrency must have a purpose, a use for which it is designed. It is this use that defines the value of the crypto as a currency. It is the purpose that makes it valuable for people to have. If it does not have a use, then there is no point to it.

Also, a cryptocurrency must be transferrable. Individual holders of the cryptocurrency must be able to give and take, buy and sell among themselves. The crypto should also be exchangeable with other cryptos and FIAT currency.

The above mentioned are the major attributes that define a cryptocurrency. Therefore, any proposed cryptocurrency missing one or more of the above attributes is or at least, has elements of a scam in it. Looking at Electroneum, it is quite clear that all of the above elements are present, or will be present according to the whitepaper and the statements of projection from the electroneum team. The crypto has its own blockchain technology, opting not to use the ethereum blockchain like most new cryptos. Electroneum has a decentralized system that allows for users to have complete control over their holdings of the cryptocurrency. There won’t any external influence on the cryptocurrency once it is launched. The price will be determined by the rates at which a seller is willing to sell and a buyer is willing to buy(I.e the price will be completely determined by the users). In fact, electroneum is creating an offline wallet where clients can store their tokens and manage it offline. This makes for a very secure wallet.

Also, electroneum has a valid purpose. It was designed specifically to target mobile gaming platforms and online gambling platforms. It will be used as a currency on these platforms to access the paid aspects of the platforms. These will make payments for online gaming and gambling a whole lot easier. Thus, a good value will be attached to electroneum due its valid purpose. Electroneum will also be transferrable between users. The currency will be bought and sold between users and can also be exchanged with other cryptocurrencies. It can also be converted to FIAT currency.

All of the above evidence shows that electroneum is not a scam and even if it does have some elements of scam or dishonesty in it, it is in obscure aspects which can’t have any reasonable impact on the validity of the cryptocurrency. So, y’all can put your hearts at rest and start planning how to invest and make good money on Electroneum.

 

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