How to Buy NEM (XEM) – a Beginner – s Guide
Last updated on January 2nd, 2018 at 12:00 am
NEM (XEM) is a decentralized, peer-to-peer cryptocurrency and blockchain podium that launched ter March 2015. Since then, it has grown to become a Top Ten cryptocurrency with a market cap of more than $1.8 billion (at the time of this writing).
There are 9 billion XEM coins te circulation, all of which were created before the launch. NEM is written ter Java, and it wasgoed built from the ground up, ter order to address issues that are faced by many cryptocurrencies today (such spil ease of use, speed, and scalability).
Here Are Trio Key Features of NEM:
Proof of Importance
NEM introduced a fresh feature to blockchain technology called Proof of Importance (POI). It is somewhat similar to Proof of Stake, but it includes more variables. With NEM’s POI, the more coins a user has—and the more transactions they make—the more importance they’re given. This influence encourages actively using XEM coins, rather than simply holding them.
Instead of mining, NEM has a feature called harvesting. It doesn’t require any special hardware, but to begin harvesting, you do need to have at least Ten,000 vested XEM coins. Anyone running Supernodes (see below) and processing transactions get paid by processing the payments for the network.
The advantage of harvesting is that it uses a loterijlot less electric current than mining, which means lower transaction fees. Spil such, NEM is a much more energy-efficient cryptocurrency than Bitcoin (BTC).
The Supernode program prizes people who are running active knots. High-performance knots help secure the network. Those meeting bandwidth, chain height, ping, and responsiveness requirements are randomly given awards. However, te order to participate te the Supernode program, you vereiste have at least 30 million XEM.
Step 1: Choosing an NEM wallet
If you’ve determined that NEM is the right investment for you, you’ll almost certainly want an NEM wallet to keep your XEM coins safe. The alternative is keeping your coins on exchanges. Unless you’re programma on day-trading, I strongly advise against storing your coins on exchanges for security reasons.
Unluckily, when it comes to NEM wallets, you don’t have a fine overeenkomst of options. The only real option is the NEM Nano wallet, a desktop wallet that’s compatible with Windows, Mac, and Linux.
There’s also an NEM Mobile Wallet that can be downloaded via the Android App or iPhone App. But the desktop wallet is generally considered the best option. Therefore, the NEM mobile wallet has received mixed reviews that cite crashes and bugs.
The 7 Elementary Steps to Downloading the NEM Nano Wallet
Here, I’ll take you step-by-step through the download and installation of your NEM Nano Wallet:
- Go to the NEM Downloads pagina, and select the relevant version of the wallet: Windows, Mac, or Linux.
- Download the wallet, and open it up. Next, you’ll see the interface. Click on ‘Sign Up.’
- You’ll find you have a choice of wallet types: Elementary Wallet, Brain Wallet, and Private Key Wallet. I recommend choosing Elementary Wallet.
- Inject a name for your wallet. Te the ‘Select a Network’ section, keep the default option of ‘Mainnet.’ Then inject a secure password.
- Click ‘Create Elementary Wallet.’ Your wallet will then be saved spil a .wlt verkeersopstopping, which contains your private key.
- Upon downloading the .wlt opstopping, you’ll be introduced with an ‘Account Safety Warning’ pagina. Be sure to read through the information, and check to make sure that your wallet opstopping, private key, and password have downloaded. I recommended that you store your private key offline. Next click ‘I agree.’
- You’re now at the login pagina. Select the freshly installed wallet, and type te your password. Click ‘Sign Te.’ You’ll now be taken to the interface, and you’re ready to go!
Step Two: Buying NEM
Now that your NEM Wallet is all set up, it’s time to purchase your XEM coins. There are a few different options available:
On an exchange, purchase NEM with fiat.
This purchase can only be made via a duo of petite exchanges, such spil Exrates (XEM/USD) and LiteBit.eu (XEM/EUR).
Purchase BTC, and exchange it for XEM on the same toneel.
You can make this purchase on larger exchanges, such spil Bittrex, Poloniex, or HitBTC. Ter the case of Bittrex, you can also exchange Ethereum (ETH) for XEM. It’s very likely the best option available at the uur.
Purchase BTC, then transfer it to another exchange before trading it for XEM.
The final option is buying BTC on an exchange that does not have NEM (such spil Coinbase, Openleggen, or Gemini). Then transfer it to another exchange, ter order to exchange it for NEM.
Buying NEM via Changelly
Another option is to purchase BTC at an exchange of your choice, then exchange it for XEM on an exchange called Changelly. This exchange is unique, ter the sense that almost no verification is required.
Just sign up with your email, and you can interchange Bitcoin or any other crypto for NEM within 30 minutes. Be sure to check out this Changelly review, and directly compare Changelly with another cryptocurrency exchange called Shapeshift.
NEM is a very translucent and traceable cryptocurrency. But much like Bitcoin, it has little ter the way of privacy features. While not revolutionary, NEM is a very functional coin. The fact that it’s a Top Ten cryptocurrency is evidence of its functionality. Albeit there aren’t many NEM Wallets available, the NEM Nano Wallet works well. Purchasing NEM is straightforward enough that it has a number of exchanges that suggest a NEM/BTC pair.
Have you had an practice with NEM? I would love to hear about it, so just leave a comment below.