How to Buy NEM
NEM (New Economy Movement) is a decentralized, peer-to-peer crypocurrency that relies on blockchain technology. This cryptocurrency platform was first introduced in 2015. Currently, it is written in Java, but a C++ version is being developed.
NEM aims to offer wide distribution. It has also introduced new features to the blockchain technology, including proof-of-importance (POI), a unique algorithm, multisignature accounts, an Eigentrust ++ reputation system, and encrypted messaging.
What is NEM
NEM technology makes it possible for several ledgers to exist on a single blockchain. Its Smart Assets enable users to develop mosaics, which can be used to stand for any type of asset, such as currency. All of the transactions that are completed on the NEM platform are charged a transaction fee. The denomination that is used to pay for these transactions is called XEM.
A dual-layer blockchain, NEM is likened to Ethereum; however, it is written in Java. On the cryptocurrency layer, NEM mainnet supports several ledgers. On the Smart Assets layer, it supports mosaics, which represent any store of value.
The proprietary crypto coin used for NEM is XEM. XEM is mined using the platforms unique Proof-of-Importance algorithm instead of the Proof-of-Work or Proof-of-Stake platform that other cryptocurrencies use. This algorithm achieves consensus via a process that offers an incentive to each user that uses the network, and allows for decentralized, easy to use nodes.
Every node features an importance score. This score indicates how frequently it can harvest XEM, the NEM token.
A part of the NEM system vests coins. Initially, coins that are placed in a wallet are unvested, and over time, they start to vest toward the value of your account. To gain eligibility for an importance score, accounts on the NEM system must have a minimum of 10,000 vested XEM.
Additionally, the NEM network constantly tracks the transaction graph to acquire information that pertains to which nodes are contributing and which nodes are not. The more transactions a user sends to other users on the platform and the more users use the network, the more important their nodes become.
The transaction metrics and the vesting process combine are used to determine an importance score for every node. The importance scores are utilized to determine the likelihood that a node will harvest XEM. Because the Proof-of-Importance algorithm isn’t hardware demanding, complete nodes can run on virtually any device, no matter what power the device has. This prevents the centralization of harvesting to miners that have the largest devices.
The primary benefit of NEM is that it allows all users the ability to benefit instead of the “rich keep getting richer” effect; a problem on so many other systems.
Where to Buy NEM
There are several exchanges where you can purchase XEM, the NEM coin. Some reputable exchanges where it can be purchased include:
How to Buy NEM
In order to purchase XEM tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for XEM. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.
Use the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.Register on Coinbase
Step 1: Create a Coinbase account
Select the “sign up” tab and complete the form by entering the requested information, including:
- Your name (exactly as it appears on your photo identification)
- Email address
Step 2: Verify your account
- Issue your phone number
- Upload an image of your photo ID
- Verify your credit or debit card, or your bank account information
Step 3: Select the “Buy/Sell” option on the menu, once our account is verified
After verification, select the “Buy/Sell” option on the menu
- Choose “Ethereum”
- Input how much you would like to purchase
- Select the “Buy” button
Step 4: Confirm your purchase
- Select the “Confirm Buy” button
Step 5: Open an account on an exchange that accepts NEM
For the purposes of this example, we are going to use the Binance exchangeRegister on Binance
Step 6: Register your Binance account
- Enter your email address and a strong password
- Select “Register”
- You’ll receive an email to confirm your account
Step 7: Login to your Binance account
Step 8: Transfer ETH from Coinbase to Binance
- Under the “Wallet” tab, select “Deposits”
- Copy the ETH deposit address you are provided with
- Log back into Coinbase
- Select “Accounts”
- Click “Send”
- Enter your ETH deposit address
- Input the amount of ETH you want to transfer
- Select “Continue”
Step 9: Exchange ETH for NEM Coins
- When your ETH has arrived in your Binance account, you can exchange it for XEM tokens
- Select ETH currency
- Search for XEM in the search box and select it
Select whether you want to “Limit” order (you can choose the amount of XEM you want to purchase) or “Market” buy, which will autofill your order at the best price
Step 10: Select the “Buy” button
- Once you have chosen the amount of XEM you would like to purchase, select the “Buy button”
- Your XEM order will be immediately filled; your ETH will be transferred into XEM
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Why Buy NEM
Some of the primary benefits of NEM include:
- Numerous opportunities. Users have a variety of opportunities on this platform; creating their own applications, building investments, and conducting ICOs, for example.
- Fast transactions.Transactions in the NEM system are 10 times faster than they are on the Bitcoin network.
- Innovative mining.Users can connect to delegated mining even when their devices aren’t turned on. To do so, they simply have to activate their account and pay a commission fee of 6 XEM.
- Collaboration with banks.The NEM team intends to cooperate with standard financial institutions eventually, which has the potential to exponentially increase the price of XEM.
How to Sell NEM
NEM’s XEM coin can be sold for other form of cryptocurrecy, such as BTC and ETH, as well as fiat currencies. To sell NEM, use the following steps:
- Create an account on the altcoin exchange
- Fund your altcoin account with XEM
- Sell your XEM for another form of cryptocurrency, such as ETH or BTC
- Sell your cryptocurrency for a fiat currency
- Withdraw your fiat currency from your altcoin exchange account to your bank account
Which Wallets Can I Use for NEM?
There are several wallets that can be used for NEM, including:
- NEM Mobile Wallet
- NEM NanoWallet
- Trezor Wallet
- Free Wallet
The ability for all users to make money, fast speeds, and the projected growth in NEM value, an investment in this type of cryptocurrency is highly advisable.
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