eKrona Cryptocurrency: Is It Worth Investing In

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Cryptocurrency has been in fashion ever since the creation of Bitcoin in 2009. Many cryptos followed suit, such as Ethereum andLitecoin, with one of the most recent being eKrona.

This is a Swedish cryptocurrency that has been a few years in the making. It’s based on the Swedish krona that is used throughout the country alongside the euro. It was created to become the official digital currency of the European Union. 

Why Purchase eKrona?

In the last couple of years, Sweden has already minimised its use of cash, leading the country to try to implement a system in which regular currency is not needed. 

eKrona operates with the blockchain technology other cryptocurrencies use. However, it is unlike other cryptocurrencies as it hopes to be regulated by a centralised database; the traditional bank. 

eKrona will become a central bank digital currency (CBDC), which is a form of money that is traded electronically while being backed by a bank. In this case, Riksbank. An eKrona would appear on a balance sheet just as any other banknote or coin would. 

Difference Between Cryptocurrency and CBDC

Cryptocurrency is known for its decentralised platform, where every consumer is equal and holds the same power. Consumer cryptocoins are stored on a public blockchain and include users every step of the way. 

On the other hand, a central bank’s digital currency is operated on a private blockchain with a bank as its primary database. The coins handled through this system will not mimic fiat currencies; it will become a fiat currency.

The anonymity of cryptocurrency is taken away with coins such as eKrona since it’s tied up with an existing bank; this may make crypto users wary of using it. Although anonymity has been removed from such a system, it does present convenience for users with the bank as their primary source of payments. 

It will attract new users to the world of digital currency as, for first-time crypto users, the current crypto system may look more complicated than it’s worth. Implementing banks into this process will simplify it. 

When it comes to standard coins in crypto, many are seen as an investment such as stocks or shares in a company. hTis does not apply to central bank digital currencies as these would be used solely for payment reasons, and although the price may rise at first, it will reach a stable price once it has been implemented. The fluctuation of regular coins that we see every day will not be reflected in currencies like eKrona. 

Where Can I Buy eKrona?

Although the plan is for this crypto to become a CBDC, it still has not been implemented. In the meantime, it can be bought on its regulated crypto exchange, where it has a low price. EKrona aims to create the first government-approved cryptocurrency, stating that Europeans have been waiting a long time for a regulated cryptocurrency. 

On the eKrona official site, you will find many features available such as automated trading, demo trading, affiliated brokers, testimonials, etc. Once you’ve registered, deposited and tried the demo trading to get the hang of the system, you can start live trading. It’s as easy as going to the dashboard, hitting auto trade, and the system takes care of everything else.

When using the software, there is no fee associated with it. You can sign up for a new account for free and begin trading the same day. If you find yourself in any trouble, there’s 24/7 customer service. 

The site itself is very secure, leaving little margin for error when it comes to security. Once you start receiving money, the withdrawal process is simple and is done within 24 hours, accepting various payment methods. 

Benefits and Drawbacks of eKrona Trading

Just like any crypto exchange, the eKrona exchange has its advantages and disadvantages. Let us have a look at some of these.

Benefits

  • It has recently been introduced, making it a profitable investment for crypto beginners.
  • Various accessible payment methods are offered, including banks, which is unusual for these exchanges.
  • It’s a regulated exchange that offers lower risk than other exchanges. 
  • Once the European Union takes it on, it’s rumoured to increase value and be the first-ever crypto to be accepted and regulated. 

Drawbacks

  • It doesn’t offer a variety of currencies like many other cryptos, only eKrona.
  • Not all countries are allowed to make an account on the official eKrona site.
  • It can only be bought through its official site, meaning that countries that cannot access it will not be able to make this investment.

Conclusion 

eKrona offers many possibilities when it comes to investing and promises a bright future ahead of itself. Having a cryptocurrency backed by banks, although convenient, will be difficult to introduce to the crypto world. Consumers love crypto due to the anonymity and digitised trust, which is removed from this cryptocoin. 

However, it’s an optimistic investment with a likelihood to rise in price if the European Union adopts it, and it becomes a new fiat currency operated by banks. Hopefully, it will become available to more countries so everyone can get a chance to invest in this coin.