What is Elongate?
(Last Updated On: 11. July 2022)
It all began with a funny tweet of Elon Musk, asking the world that once there would be a scandal about him, people should call it Elongate. Obviously, some guys thought: Hey, why shouldn’t we create a new cryptocurrency and call it like this? But given the fact that there is already a pile of different cryptocurrencies out there since the triumphal march of Bitcoin, Ethereum & Co, does the world really need another one? I started to dig deeper and after 2 hours spending on the website of the Elongate project, I must admit, this concept sounds actually pretty cool. That’s why I decided to support it and to provide to you a first overview about it, folks.
General idea behind Elongate
Actually, you can summarize the idea of this cryptocurrency in a few words: make money and do some charity. To be more detailed: the fundamentals of Elongate are “earn, burn and charity”.
Earn means that you can trade Elongate or earn it (more about earning you will find below) but also you would get some coins even if you just buy and hold them. How does it work? Well, if you are a holder of Elongate coins and someone else purchases, these persons will pay a 10% fee. A part of this fee will be spread among the holders of Elongate automatically. Thus, you would earn Elongates with just one purchase by holding it.
Burn means that some of the Elongate tokens will be regularly extracted manually from the system which would increase the floor price. The extracted Elongates will then be appropriated to transparent wallets and initiatives of the community.
Charity means that one part of the Elongates from the burn-process would be converted to BNBs (Binance Coins). Then, a certain part of these BNBs (67%) will be donated to charity.
More details about the whole concept of Elongate you will find in the official whitepaper (page 7 ff) you can read here.
How much is one Elongate token worth?
At the moment this article is written (April 2021), one Elongate is worth of almost nothing: around $0,00000017
Since Elongate’s price action is visible on coinmarketcap.com, you can check the latest quotes it by clicking here.
What’s in for you when you buy Elongate?
Where some see no worth, the other ones see chances. Just because one Elongate is almost nothing worth, you can put in really low amounts of money and get a pile of coins which could turn to much more worth in case this cryptocurrency would survive and evolve.
Just a simple calculation: with $100 you would put in today, and one Elongate would increase from almost nothing to just 5 Cents, you would get a worth of around $100 Million.
Of course, and that’s very important: this is a pure speculation with a strong gambling character which can fail like many other projects and cryptocurrencies.
Mind the risks: the Elongate project could not be adopted by the people, or the project could be stopped due to other factors. Therefore, if you decide to participate in this cryptocurrency and support the Elongate project, put a small amount of money into it. Consider it as a gamble. At least it’s my personal recommendation.
How to buy Elongate
As Elongate is just at the beginning of its journey, this cryptocurrency is not listed on any official cryptocurrency exchange like Libertex or Coinbase where you would buy cryptocurrency with FIAT-money. Besides that, you cannot buy Elongates directly. Instead, you need to buy another cryptocurrency and then to Change it to Elongate.
In other words, you need to make a detour. Here’s a guide, how to buy Elongate coins. By the way, on the Website of the Elongate Project, there is also a guide how to do this which is a bit different. But I chose another way because it was easier, at least for me. So you can choose between my way and the way shown at Elongate’s Website.
1. Get a digital wallet. I’m using Trust Wallet because it was really easy to install and to do the further steps with it. Download it here, Folks.
2. Buy some Binance Smart Chain coins, as much as you would like to change to Elongates. Please note: Don’t buy normal Binance coins because the whole swap process works only with BNB based on the smart blockchain. If you would like to know the difference between the “normal” Binance coin and the Binance Smart Chain coin, you can read it here, Folks.
If you never bought cryptocurrency before, you just can use the Trust Wallet where you can buy digital currencies right from there. The good thing is that Trust Wallet also checks the providers and offers you the “best” one.
3. When you got some Binance Smart Chain coins into your Trust Wallet, you need now to swap them to Elongates. To do this, use a decentralized exchange called PancakeSwap which is based on the BNB Smart Chain. That’s why it’s important you get Smart Chain BNBs and not the “normal” BNBs.
To get to the PancakeSwap, you can use your Trust Wallet. Just go to the area “DApps” and scroll down in the list:
4. In PancakeSwap, move to the exchange area:
5. Once there, you can swap your smart Chain BNBs to Elgonates. In the list where you can select a currency you want to get, you won’t find Elongates by entering its Name.
Instead, you need to enter Elongate’s token address which is:
Once entered, you will see the Elongate and can select it.
6. Then you’re ready to swap! One important thing: it might happen you would get an error after you started the swap process in PancakeSwap. In this case, change the slippage rate to 11% or reduce the amount of Elongates to be swapped.
How to earn Elongate coins
If you would like to earn Elongates instead of buying them, you can participate in the NFT program. If you are a photographer, musician or another artist, this could be your chance to earn money with your work and to contribute to charity. If you are interested, you can submit your work here. For the first overview, please check the NFT page of the Elongate project.
What else can you do to support the Elongate project?
If you don’t want to buy Elongate or to earn them, you can also contribute to the Project in several ways: get involved into the Elongate community (help, hype, organize, develop). More information about it you will find on the website of the Elongate project.
Disclaimer: This information is neither an investment advice nor an investment strategy or investment recommendation. The information I am giving you in this article is for informative purposes only. The information presented would not be suitable for investors who are not familiar with securities. Any readers interested in trading or investment activities related to the information in this article should do their own research and seek advice from a licensed financial adviser. The securities are products that are not simple and can be difficult to understand. This information contains information that relates to the past. Past performance is not a reliable indicator of future results.