What is NEM?
NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 31st, 2015. NEM has a stated goal of wide distribution and has started new features to blockchain technology such as its proof-of-importance (POI) algorithm, multisignature accounts, encrypted messaging, and an Eigentrust++ reputation system.
How to Buy NEM
- First of all, we have to install a wallet on your computer to store your NEM coins. We can download the official Nano wallet from the NEM website. After downloading the file, unzip it and run the wallet.
- Once the wallet is running, click ‘Sign up’ from the top right corner, then press ‘Simple wallet.’
- After reading and understanding the warning press ‘Ready.’
- In the next step, you need to name your wallet. Then press ‘Next.’ Then enter a secure password and don’t forget the password as we will need it soon. If you forget the password, then you no longer be able to access your coins.
- Then you will be asked to create a private key to your wallet. Then press ‘start.’ Then press ‘Next.’ Then press ‘download wallet.’ Save the file to your desktop and now find that file and back it up somewhere safe. Once that is done, press ‘I have my wallet file.’
- Then press ‘show private key,’ the private includes a string of number and letters, and you can open your wallet from any computer so keep it somewhere very safe.
- After that, press ‘I have my private key and password.’
- Now you will enter a login screen, In the Select wallet drop down box, select Mainnet > the name of your wallet. Enter your password. Press ‘sign in’.
- This is the dashboard of your wallet and press ‘Account.’Now you could see your address and copy it into your computer memory. Then paste it somewhere safe as we will need it soon.
- Now we will purchase the popular cryptocurrency Ethereum, and after that, we can exchange it for NEM.
How to Buy NEM by Using Coinbase
- First of all, click ‘sign up’ button and fill out your name and email, password and location. Coinbase is regulated by US government, and it has strict rules. They verify your identity very seriously. You must provide a phone number, upload an image of your photo ID and verify a credit/debit card or bank account to verify your account.
- After your payment details are verified, click ‘buy/Sell’ on the top menu. Then select the ‘Ethereum’ and then choose how many coins you want to buy. Then click ‘Buy’ button.
- Then press ‘Confirm Buy’ button. Now you own some Ethereum.
- Now we can use the site Livecoin to exchange your Ethereum for NEM
- Go to the official website of Livecoin and click ‘Open a trade account’ on the top right menu.
- Then mention your username and a strong password and also email address. Then press ‘Next.’
- Then you will be sent a confirmation code through email. Go to your email account and find that email. If you don’t see it check your junk folder. Then press confirm. Now your account has been successfully activated. Log into your account by using the email address and password.
- Then you need to enter a 4 number PIN code, and it can be used for security purposes when you withdraw coins.
- Press ‘Balance’ at the top menu.
- Then scroll down the page until you get ‘CRYPTOCURRENCY BALANCE.’ Then type ‘Ethereum’ in the search box. After that click ‘Deposit’.
- Then you will be given a wallet address to deposit your Ethereum. Then press ‘copy’ button to copy the address to your computer memory.
- Then back to Coinbase and click ‘Accounts’ at the top menu, then find your Ethereum wallet showed on the left. Click ‘send.’
- In the ‘Recipient’ box, paste the Ethereum wallet address that we copied from Livecoin. Then type how much Ethereum you wish to send. Then click ‘Continue.’
- Now you have to wait for a while for the coins to move across the network. The coins will take between 40 -60 minutes to appear in your Livecoin wallet. Then you will be given an email once the coins have been credited to your account.
- If the Ethereum shows in your Available’ balance, then we are ready to trade it for NEM. Then jump straight to the XEM/ETH exchange market on Livecoin.
- Find the button labeled ‘Switch to market order’ from the title ‘BUY XEM FOR ETH.’ Then you can see that how much ETH you have available for trade. Then click it.
- Now you will be able to see the maximum amount of XEM that you can buy by using all of your ETH. If you are happy with the amount, press ‘Buy XEM.’ Congrats! Now you own some NEM.
- Now you can leave your coins on Binance, and they would be safe. For the safety, you can keep them in a personal wallet.
- Click ‘Balance’ along the top menu, then find ‘XEM from CRYPTOCURRENCY BALANCE,’ Besides it, press ‘WITHDRAWAL.’
- In the ‘TRANSFER TO WALLET’column, type the amount of NEM you want to withdraw to your wallet. In the box marked ‘Nem address’ put the wallet address that you copied from NEM wallet.
- Then you will be asked to confirm the withdrawal. Put the correct wallet address and then press ‘confirm.’
- Now you will be sent an email to confirm the withdrawal. Find the email and copy the confirmation code in it, and paste it into the box marked ‘verification code.’ Then press ‘confirm.’ The withdrawal is now in progress.
- Now go back to your wallet, Click dashboard in the top menu. Within few minutes you can see the XEM in your wallet. NEM price , NEM mining, how to mine NEM,NEM price chart, mining NEM, NEM mining, NEM mining software, current NEM price, NEM price today, NEM price usd, NEM price drop