NEM (NEWECONOMYMOVEMENT) is a peer-to-peer currency and blockchain platform that has introduced new features to the blockchain technology such as its proof-of-importance (POI) algorithm, multisignature accounts, and encrypted messaging.
The NEM blockchain software is used in a commercial blockchain called Mijin, which is being tested by financial institutions and private companies in Japan and internationally
NEM is the Smart Asset System allows you to totally customize how you use the NEM blockchain. The use cases includes financial payments, create your own crypto currency etc.
The fuel of the NEM ecosystem, XEM coins are used to pay transaction fees or as a cryptocurrency.
A. How to buy NEM (XEM) coin
Step 1: Get Bitcoin / ETH:
The most common option to buy NEM (XEM) is to exchange Bitcoin or Ethereum to NEM. I suggest to buy Ethereum as it will have lower transfer cost and it is faster than BitCoin transfer.
You can buy Ethereum and BitCoin from Coinbase ( one of the the most popular exchange that allows purchase through debit card or credit card of bank account). If you use my referral link for opening account at CoinBase, we both will get $10 as referral bonus.
25-30% of XEM trading is done in JPY and can be bought against JPY if you are based in Japan (through Zaif exchange) . For others, the best option is to convert BTC or ETH to NEM.
Step 2: Open an Account with Bittrex, Poloniex or HitBTC and convert ETH to XEM.
a) Now create an account with Bittrex to convert Ethereum to NEM (XEM). You need to register on the exchange and complete the Basic verification with Name, Date of Birth and Address.
b) After you open the account at the exchange, you need to transfer the Ethereum from Coinbase (or other exchange) to Bittrex.
Go to the Wallet –> Search for ETH –> Click on “+” sign on the left –> you will get an address to which you need to send ETH.
Go back to Coinbase and send the ETH to Bittrex address. It will take few minutes (10-15 minutes) before your ETH is reflected in Bittrex wallet.
c) Buy XEM – Go the “Markets” tab and search for XEM (or XEM / ETH link) and you can see the option to buy XEM. You can go for the Bid type as “Ask” to get your order filled instantly.
Step 3: Transfer NEM (XEM) to your personal wallet (Optional)
a) This step is optional as you can keep your NEM (XEM) at Bittrex exchange so that you can sell it in future instantly or you can choose to transfer in to your personal wallet.
b) You can create free NEM (XEM) wallet at official NEM nano wallet (https://nem.io/downloads/). Download and install the wallet as per this link. Click on “Sign up” and enter wallet name and password. Save the wallet on your computer and also take backup of the wallet file. Also, click on “Show private key” and save this file as it can be used if you donot remember the password. Check your wallet address by clicking on “Send” –> then “Receive” and then “Pay to”.
b) Once you have created the wallet, login to Bittrex and click on “Wallets” -> Click on “-” sign and you can enter your NEM wallet details there. Once it is done, NEM (XEM) amount will be transferred from Bittrex to your personal NEM nano wallet.
Other Points to note: Exchanges that list NEM (XEM) coin:
B. How does NEM (XEM) compare with other Alt Coins
NEM (XEM) ICO: The ICO was in four stages between Sep 2015 to Jan 2017. During this ICO, they had raised about $63 million after selling about 26 billion ADA tokens. This put the value of ADA tokens at around $0.00242 each.
Listing: XEM started trading from April 2015 and it was listed at $0.0002 (value – $3.6 million)
Current price: Current price is $0.938 with valuation of $9 billion (2500 times return since April 2015). Sine Jan 2017, it has gone up by 270 times ( from $0.003 to $0.93)
C. Key things to note about NEM (XEM) and future price prediction
- NEM is already being widely adopted in Japan and Malaysia, and the team is working on expanding their operations across USA and Europe also.
- An entire financial ecosystem is being developed around NEM (look at DimCoin, Comsa,Bankera and more to come). Dimcoin, Bankera and Comsa, have implemented NEM in a way or another, which means more acceptance and volume for NEM:
- Comsa will allow not only ICO’s to be launched but to also trade XEM for fiat currency very cheap and back, therefore, no more need to lose money by exchanging fiat into Bitcoin and then lose further when changing Bitcoin into XEM.
- Bankera the first dedicated bank for cryptocurency which will be launched soon, developed by Spectrocoin, a well established Bitcoin exchange (and not only) and will allow buying BNK tokens with XEM during ICO sale. Bankera as a bank, will offer interest for deposits in currencies and cryptocurrencies.
- DimCoin serves as a platform to provide stockmarket trading at much cheaper costs. It allows investors to trade stocks, fiat, crypto at insignificant costs compared to traditional online brokers. DimCoin is a mosaic of NEM, leading to an indirect XEM price rise on the long-run.
- ACX, the biggest exchange in Australia partnered with NEM foundation, giving it the white-labelled software for NEM to have its own dedicated exchange. It will be the second digital coin to have that aside from Bitcoin.
- Uquid, a digital bank in Gibraltar offering financial solutions for alt-coins, announced the launch of a dedicated NEM debit card. Also, more NEM dedicated debit cards will be launched by both Bankera and Comsa, and probably more and more financial institutions as NEM continues to grow its portfolio of partners.
Feedback / Suggestions / Queries/ Comments
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