How to Buy Enjin Coin
Enjin Coin (ENJ) is a new form of cryptocurrency that was created to buy and sell virtual goods. According to its developers, Enjin, an information technology company based in Singapore, Enjin Coin is a “Smart Cryptocurrency for Gaming”.
Enjin Coin is completely centered on gaming and intends to be the most usable form of digital currency for the gaming industry.
What is Enjin Coin?
As stated, Enjin Coin is a form of digital currency that was created by Enjin, a Singapore-based information technology company. With more than 250,000 gaming community and more than 18 million registered gamers, Enjin is said to be the biggest online gaming community platform.
The developers of Enjin designed the Enjin Coin, which is solely centered on the gaming industry. This virtual coin aims to be the most usable form of cryptocurrency for this industry. In addition to the Enjin Coin, the team at Enjin has also created a collection of software development kits that can be integrated into games and communities.
By bringing blockchain technology into the gaming industry, Enjin Coin hopes to minimize high fees and fraud; two serious issues that are commonly associated with the transfer of virtual commodities.
An ERC20 token, Enjin Coin is built on the Ethereum network. The token serves as a form of digital currency, and it also offers smart contract capabilities. Furthermore, Enjin Coin is one of the first types of cryptocurrency that is testing out the Ethereum’s version of the Lightning Network; the Raiden Network.
Enjin Coin allows developers on their platforms to develop a one-of-a-kind form of digital currency that is completely unique to the community it is intended to be used by. These currencies are backed by Enjin Coin, which serves as their parent currency. As such, all coins developed on the platform receive the advantages of blockchain technology, such as speed, cost-effectiveness, and security, while remaining completely customized to the platform they are intended to be used on.
Since all assets developed on the Enjin Coin platform are recorded on one smart contract Register, every Enjin Smart Wallet can recognize them. Furthermore, users can exchange Enjin Coins for virtual goods, and vice versa, whenever they wish. This establishes a community and game ecosystem that is interconnected, allowing the transfer of assets across different platforms.
In addition, the functionality of Enjin Coin can be used for privilege tokens and gaming items, such as different attributes or tools.
The Enjoin Coin Software Development Kit offers a payment gateway that is decentralized. Users can establish things like refunds, carts, and invoices that are completely customized to their needs. Moreover, the Software Development Kit offers a widget that accepts Enjin Coin or the Customized Coins that are created on the platform as payments on users’ websites.
A Ethereum fee is charged for each transaction, but the fee is minimal.
The supply of Enjin Coins is 1 billion, and at the time of writing, there were approximately 760 million being circulated. When custom assets are developed by users, the value of Enjin Coin that is linked to the asset is removed. This decreases the supply in circulation, which increases the value of the tokens.
Where to Buy Enjin Coin
Enjin Coin can be purchased at several popular online exchanges, including:
- IDEX Cryptocurrency Exchange
How to Buy Enjin
In order to purchase ENJ tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for ENJ. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.
Use the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.Register on Coinbase
Step 1: Create a Coinbase account
Select the “sign up” tab and complete the form by entering the requested information, including:
- Your name (exactly as it appears on your photo identification)
- Email address
Step 2: Verify your account
- Issue your phone number
- Upload an image of your photo ID
- Verify your credit or debit card, or your bank account information
Step 3: Select the “Buy/Sell” option on the menu, once our account is verified
After verification, select the “Buy/Sell” option on the menu
- Choose “Ethereum”
- Input how much you would like to purchase
- Select the “Buy” button
Step 4: Confirm your purchase
- Select the “Confirm Buy” button
Step 5: Open an account on an exchange that accepts Enjin Coin
For the purposes of this example, we are going to use the Binance exchangeRegister on Binance
Step 6: Register your Binance account
- Enter your email address and a strong password
- Select “Register”
- You’ll receive an email to confirm your account
Step 7: Login to your Binance account
Step 8: Transfer ETH from Coinbase to Binance
- Under the “Wallet” tab, select “Deposits”
- Copy the ETH deposit address you are provided with
- Log back into Coinbase
- Select “Accounts”
- Click “Send”
- Enter your ETH deposit address
- Input the amount of ETH you want to transfer
- Select “Continue”
Step 9: Exchange ETH for Enjin Coins
- When your ETH has arrived in your Binance account, you can exchange it for ENJ tokens
- Select ETH currency
- Search for ENJ in the search box and select it
Select whether you want to “Limit” order (you can choose the amount of ENJ you want to purchase) or “Market” buy, which will autofill your order at the best price
Step 10: Select the “Buy” button
- Once you have chosen the amount of ENJ you would like to purchase, select the “Buy button”
- Your ENJ order will be immediately filled; your ETH will be transferred into ENJ
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Why Buy Enjin Coin?
Enjin Coin is based on the Ethereum network. As such, it provides extremely fast speeds and advanced security features. It also simplifies the purchasing and selling of virtual goods in the gaming industry.
Due to the advanced featured that Enjin Coin offers, the projected increase in value, and the ease of use, the value of this cryptocurrency is projected to increase.
How to Sell Enjin Coin
Enjin Coin can be sold for other cryptocurrencies. If you wish to sell it for a fiat currency, you must first purchase a widely accepted form of cryptocurrency, such as BTC or ETH. To do that, use these steps:
- Create an account on altcoin exchange
- Fund your altcoin exchange account with Enjin Coin
- Sell your ENJ tokens for ETH or BTC
- Sell ETH or BTC for a fiat currency
- Withdraw the fiat currency to your bank account
Which Wallets Can I Use for Enjin Coin?
- Enjin Crypto Wallet
- My Ether Wallet
- Ledger Nano S
Enjin Coin is poised to improve the purchase of virtual goods for the gaming industry. It is also projected to see substantial growth, making it a viable investment.
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