NEM is a peer-to-peer cryptocurrency and blockchain platform originated on 31st March 2015. After that, it becomes the top 10 cryptocurrencies with a market cap of more than $1.8 billion. NEM has opened new features to blockchain technology including its proof-of-importance (POI) algorithm, multisignature accounts, encrypted messaging, and an Eigentrust++ reputation system.
How to Buy NEM (XEM) – Buying Guide
The NEM blockchain software is used in a commercial blockchain called Mijin, which will be tested by financial institutions and private companies in Japan and internationally. There are 9 billion XEM coins in circulation, and these coins were created before the launch. NEM is written in Java, and it was made from the ground up for addressing issues being faced by many cryptocurrencies today.
Key Features of NEM
Proof of Importance: NEM added a new feature to blockchain technology named Proof of Importance(POI). This feature is similar to Proof of Stake, but it contains new variables. By using NEM’s POL, the more coins a user has—and the more transactions they make—the more importance they’re given. This is what encourages actively using XEM coins, rather than simply holding them.
Harvesting: NEM has another feature named harvesting. The main feature is that it doesn’t need any special hardware, to start harvesting, only you need to have at least 10,000 vested XEM coins. The main benefit of harvesting is that it requires only less electricity than mining, which means lower transaction fees. We could say that it is a much more energy-efficient cryptocurrency than bitcoin.
Supernode Program: The Supernode Program rewards people who are running active nodes. High-performance nodes will secure the network. Those meeting bandwidths, chain height, ping, and responsiveness requirements are randomly given prizes. You must be having at least 30 million XEM to participate in the supernode program.
Step 1: Choosing a NEM wallet
If you think that NEM is the right investment for you, then you need a NEM wallet which will help you in keeping your XEM coins safe. You don’t have more options when it comes to NEM wallets. The only option is the NEM Nano wallet, and it is a desktop wallet that is fit with Windows, Mac, and Linux.
You have another option, NEM Mobile Wallet, you can download it via Android App or iPhone App. The desktop wallet is the perfect option for you. The NEM mobile wallet has gained mixed reviews that site crashes and bugs.
How to download the NEM Nano Wallet (7 Steps to follow)
There are seven steps to download the NEM Nano Wallet
- First of all, go to the NEM Downloads page, and choose the relevant version of the wallet (Windows, Mac, or Linux).
- Then download the wallet, after than open it up, now you can see the interface, Click on ‘Sign Up.’
- Now you have to choose wallet types which include Simple Wallet, Brain Wallet, and Private Key Wallet.
- After that mention, a name for your wallet, then the wallet will be saved as a .wlt file which includes your private key
- After downloading the file, you will be getting an ‘Account Safety Warning’ page, make sure you have gone through the information and be sure that your wallet file, private key, and password have downloaded
- Finally, you will reach the login page, then select the newly installed wallet, type your password. Click ‘Sign In’.
Step 2: Buying NEM
Now your NEM Wallet is all set up, and you can purchase your XEM coins now. To purchase your XEM coins, you can select a perfect option from the few options.
- On an exchange, purchase NEM with fiat
This purchase will be made via a couple of small exchanges, such as Ex rates (XEM/USD) and LiteBit.eu (XEM/EUR).
- Purchase BTC and exchange it for XEM on the same platform
You can use this purchase on larger exchanges, like Bittrex, Poloniex, or HitBTC. If you choose Bittrex, you can also exchange Ethereum (ETH) for XEM.
- Purchase BTC, then transfer it to another exchange before trading it for XEM
Another option is buying BTC on an exchange that does not have NEM. Then you have to transfer it to another exchange to swap it for NEM.
- Buying NEM via Changelly
This is another option to purchase BTC at an exchange of your choice, after that, swap it for XEM on an exchange called Changelly. It is different in the sense that no verification is required.
NEM is a very transparent and traceable cryptocurrency just like Bitcoin. It has many features, and it is a functional coin. But the main thing is that the NEM wallets are limited. You can purchase NEM by using many exchanges that offer a NEM/BTC pair.