🚨 Time is Running Out: Reserve Your Spot in the Lucky Draw & Claim Rewards! START NOW
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!
How to Buy NEM Cryptocurrency: A Thorough Guide

Over recent years, it has become evident that cryptocurrencies have become known and used for many more different reasons than only making money. Even the average cryptocurrency enthusiast is usually interested in more than just the coin or token itself - these cryptos represent big and often humanitarian goals spanning much wider than merely financial gain.

Today, in this tutorial, we’re going to talk about one such cryptocurrency - we’ll learn what is NEM and how to buy NEM cryptocurrency.

First of all, I shall introduce NEM in general - what it is, what purpose does it serve and so on. I’ll also tell you about a very interesting decision that the company made while facing a huge problem and I’ll talk about NEM’s most unique features. After that, we’ll talk about what is and how to buy XEM - the token behind NEM.

Best Types of Blockchains Revealed (5 Animated Rules)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Best Types of Blockchains Revealed (5 Animated Rules)

Best Types of Blockchains Revealed (5 Animated Rules) Best Types of Blockchains Revealed (5 Animated Rules)

Recognizing NEM Cryptocurrency

In short, NEM (New Economy Movement) is a peer-to-peer platform that was created to empower and further the freedom of economy that blockchains provide.

Latest Deal Active Right Now:

A bit confusing, isn’t it?

The original purpose of the creator behind NEM was to create a completely independent, community-based cryptocurrency. The creator and developer (a “Bitcoin Talk” forum user called UtopianFuture) was inspired by NXT - a cryptocurrency payment network conceived all the way back in 2013.

How to Buy NEM Cryptocurrency: NEM homepage.

UtopianFuture originally intended to create a fork of NXT, but after noticing that an original, independent code was a better idea, he launched NEM at the beginning of 2014.

Ever since it's inception, the platform was focused on creating a blockchain that would be both faster and more scalable than the older versions - these are actually the two huge problems that are most commonly associated with blockchain, in general.

History

If you’re thinking how to buy NEM cryptocurrency, there are a few key points you should know about the platform’s history.

As I’ve already mentioned, the first version of NEM was introduced at the start of 2014, but a stable version of the platform wasn’t released up until mid-2015.

NEM started to gain traction and in 2016 was noticed by a huge crypto exchange platform operator in Japan called Tech Bureau. The company and the creator of NEM agreed upon a partnership deal which involved the creation of a new blockchain.

Thinking how to buy NEM cryptocurrency? You should be curious about a very interesting turn of events that transpired at the beginning of 2018. NEM was only recently implemented into one of the Japanese main cryptocurrency exchange platforms, Coincheck. Because of poor security implementation during the initial transfer, a hacking occurred - the hackers stole NEM coin worth $400 million USD.

How to Buy NEM Cryptocurrency: A Thorough Guide

This, however, isn’t the interesting part. What’s truly interesting is what the team behind NEM chose to do about it. The logical route here was to implement what is known as a hard fork into the NEM blockchain. Hard forks are extreme updates that change the very core of the blockchain that they’re implemented in.

This would have allowed the creators of the cryptocurrency to change anything they wanted within the system. Instead of doing that, however, they chose to install an automatic tagging system.

This new system tagged NEM coins that were stolen and tracked the transaction that they were used in. After only several months, the NEM team finished this project - they had enough information to provide the local law enforcement authorities with.

If you’re a person looking for how to buy NEM cryptocurrency, this information should be of a very big interest to you. The company behind NEM chose a very unusual route to solve a huge problem - and it worked wonders.

Why is NEM Unique?

Before we go any further, I should mention one thing - when searching online on how to buy NEM cryptocurrency, you might encounter other people looking for how to buy XEM.

Keep in mind that both of you are talking about the same thing - it’s just that NEM is the name of the entire project, while XEM is the name of the actual cryptocurrency. It shouldn’t be a bother, however - people are used to calling the coin NEM, too.

How to Buy NEM Cryptocurrency: xem benefits.

Now, what makes NEM unique and stand out of the huge crowd of other similar cryptocurrencies? Well, one of the biggest things would probably have to be Proof-of-Importance.

PoF

As you may or may not know, cryptocurrencies are usually based on two contracts - Proof-of-Work and Proof-of-Stake.

Proof-of-Work in currently the most popular one. Coins like Bitcoin, Ethereum and other mainstream cryptocurrencies use PoW contracts in their blockchains. The way that these contracts work is that they allow crypto coin mining - your system does the work (mines), and for that, it is rewarded a small amount of cryptocurrency.

This was the original way to acquire cryptocurrencies (Bitcoin is based on this contract), yet now it is becoming the worst method to do so - PoW contracts require huge mining equipment (farms) and an unimaginable amount of electricity to be efficient.

The Proof-of-Stake contract is deemed to be the better and more viable alternative - it eliminates mining and rewards crypto coin holders for staking their coins and thus providing mediums of transactions happening within the blockchain. A lot of new cryptocurrencies are implementing PoS - even Ethereum is slowly transitioning towards it, too.

However, there is a third option that a lot of people looking for how to buy NEM cryptocurrency forget about - Proof-of-Importance. With this contract, coin holder participation within the community and the transactions themselves are rewarded with that very same crypto coin (in this case - the NEM coin).

How to Buy NEM Cryptocurrency: NEM ecosystem.

It is somewhat of a complicated process, and I’m not going to go in-depth trying to explain it (that would take a very long time), but what I can say is that if you want to become an active member of the NEM community, you’ll have to acquire 10000 XEM coins and wait for them to invest (they do so passively while staying in your wallet).

By implementing this, the current team behind NEM hopes to revolutionize the blockchain and give birth to a new and stronger platform. If you’re looking for how to buy NEM cryptocurrency, you should definitely invest more time into researching this extensively.

Fast and Scalable

Another reason why NEM is considered to be unique is that it is relatively fast and scalable, especially when compared with the older cryptocurrencies in the market. This is due because of a few reasons, but the main ones are all centered around the way that this platform is created and developed.

Now that we’ve got all of the technical stuff out of the way, we can start talking how to buy NEM - or, rather, how to buy XEM. To begin with, let’s take a look at NEM’s actual situation within the cryptocurrency market - it’s price swings and probable scenarios for the future.

NEM Price

Below you can see the XEM price through ought the years of its existence.

How to Buy NEM Cryptocurrency: A Thorough Guide

It is evident that NEM had somewhat of a slow start - this could be due to the project’s lack of publicity or the creator's niche original idea. You can probably see that the XEM price experienced a few swings - the biggest crash occurred back in January of 2018. There are actually a couple of reasons for that.

Needless to say, Coincheck being hacked and such huge amounts of the coin being stolen definitely impacted the XEM price by quite a bit. But it just so happened that this break-in took place at a time when the cryptocurrency market as a whole was in a very bad place - during the transition period from 2017 to 2018, the market experienced a crash like never before. Most of the cryptocurrency prices plummeted - some never actually stopped crashing.

This can’t really be said about NEM, however. If you’re still thinking how to buy NEM cryptocurrency, this should be some very good news - the NEM coin has actually stopped dropping in price and has begun to stabilize. Check out this NEM price prediction guide to find out what you can expect in the future.

As of writing this tutorial, the current XEM price is $0.04USD. It easily falls into the category of penny coins - coins that are worth less than a dollar and are great for beginner investors looking for how to buy XEM.

How to Buy NEM Cryptocurrency?

With all of that information provided and out of the way, we can finally talk about how to buy NEM cryptocurrency. Naturally, you're likely going to want to do it with a credit or debit card, for the sake of convenience - after all, it's the best way to buy NEM! Before that, though, the very first thing that you’ll need to do is find a NEM cryptocurrency wallet.

NEM Wallet

Choosing a proper NEM wallet should be your number one priority. There is nothing more important than a safe and secure cryptocurrency wallet - if all of your XEM coins get stolen because of a weak wallet, you definitely won’t be interested in how to buy NEM cryptocurrency.

Luckily, there is a great wallet available - the NEM Nano Wallet. This wallet is specifically designed for the XEM coins - it’s supported by most operating systems (it’s a desktop wallet, so there shouldn’t be any problems for Windows, iOS or Linux users), has an instant exchange option via the Changelly trading platform and, most importantly, is secure.

How to Buy NEM Cryptocurrency: A Thorough Guide

Another awesome option that the Nano wallet provides is that it supports Trezor - one of the most secure and loved hardware cryptocurrency wallets in the market. If you’re serious in your search for how to buy XEM, you should definitely consider getting Trezor and storing your coins there.

What is Fantom? | Animated FTM Explainer

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Fantom? | Animated FTM Explainer

What is Fantom? | Animated FTM Explainer What is Fantom? | Animated FTM Explainer
Binance Review
Pros
  • A very well-known crypto exchange platform
  • More than 500 different cryptos available
  • Two-factor authentication
Main Features
  • Over 500 different cryptocurrencies available
  • Strong security
  • Small withdrawal fees
Bybit Review
Pros
  • Very low trading fees
  • Exceptional functionality
  • Mobile trading app
Main Features
  • Very competitive trading fees
  • An intuitive mobile app
  • Up to 100x leverage available
Kraken Review
Pros
  • Secure and reliable
  • Low fees
  • A good amount of fiat currencies accepted
Main Features
  • Reputable exchange
  • Multiple fiat currencies are accepted
  • Relatively low trading fees

Buying the Coin

Now that you have your wallet, you can start looking where to buy NEM. The thing with this cryptocurrency is that it isn’t as easy to buy as, let’s say, Bitcoin. You cannot purchase NEM using fiat currencies (dollars, euros, etc.). The best and most optimal way to buy the XEM coin is by purchasing Ethereum (if you still don’t have it) and then using it to buy NEM.

So, where to buy NEM? Well, that’s pretty easy - as I’ve already mentioned, if you’ve got the Nano wallet, it has an integrated Changelly trading access. Changelly is one of the more popular cryptocurrency exchange platforms out there - it’s reputable, safe and has a flat fee of 0,5% per transaction (cryptocurrency-based transaction, that is).

If, however, you still need to buy Ethereum, it can get a bit pricey to do it with fiat currencies - Changelly doesn’t really emphasize this, and it’s one of the main issues that people have with this platform.

Once you’ve purchased Ethereum, Changelly offers great ETH to XEM exchange rates. The process should be relatively fast and smooth - simply place an order of the amount of XEM coins that you’d like and wait - your new coins should arrive in just a couple of hours! In case you want to check out other cryptocurrency exchanges, I strongly recommend Coinbase and Binance. 

Conclusions

Most probably, if you’re looking for how to buy NEM cryptocurrency, you’re thinking about how to support the entire project and not only profit from the coin not really knowing anything or caring about the platform itself.

There are a lot of innovative and even ground-breaking cryptocurrency-based projects that are currently in the market and are worth paying attention to - even though it might be difficult to choose, NEM is surely one of them. The company’s approach towards issues and their problem-solving methods are a good indication of this - after the Coincheck hack, they could have easily implemented a hard fork.

Sure, this would have been a detrimental change and no one really knew where it would lead, but it would have solved the problem at hand. However, the team behind NEM chose the harder, yet more clever way out - and it worked.

In this tutorial, we’ve talked about what is NEM, where to buy NEM and why you should consider it in the first place. If you’re still interested in how to buy NEM cryptocurrency, you should definitely do a lot of extensive research and chat with people online before making up your own mind whether the coin is worth buying in the first place.

Also, search for cryptocurrency expert opinions online - there are people who have followed the coin’s (and the company’s) progress ever since day one.

Well, we have reached the end of the “How to Buy NEM Cryptocurrency” tutorial. Just to recap - get a safe and trustworthy wallet, find a reputable crypto trading platform (Binance, Coinbase, and KuCoin are great options) and exchange your ETH into XEM. Best of luck!

About Article's Experts & Analysts

By Aaron S.

Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era. W...
Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Latest Crypto Videos & News


TOP3 Most Popular Coupon Codes

Verified

CLAIM $600 REWARD

Exclusive Binance Referral Code
Rating 5.0
Verified

UP TO $30,000 BONUS

Get Bybit Referral Code Reward
Rating 5.0
Verified

CLAIM 10% DISCOUNT

On Ledger Nano S Plus 3-Pack
Rating 5.0

Leave your honest feedback

Leave your genuine opinion & help thousands of people to choose the best crypto exchange. All feedback, either positive or negative, are accepted as long as they’re honest. We do not publish biased feedback or spam. So if you want to share your experience, opinion or give advice - the scene is yours!


Recent User Reviews

fanofthehow

Mar 02, 2024

WOWW

VERY HELPFUL AND ATTRACTIVE

loginlogan

Mar 27, 2024

Rather

quite easy to understand compared to other articles

diggermotherz

Apr 01, 2024

Need a step by step guide

Instruction should be a bit more detailed

Derek Knight

Mar 18, 2024

Logic

each parts are all very logically

Soundproofhead

Mar 16, 2024

The terminology is still a bit confusing

If possible, please explain a bit more

skycandy

Mar 25, 2024

The process should be clearer

for example what step 1 do step 2 do?

Yellow Rain

Mar 28, 2024

looks outdated

NEM seems to be an outdated cryptocurrency

JustanotherSmartass

Jan 29, 2024

easy to understand

The easiest to understand of this topic I've ever read

Poooooding

Feb 09, 2024

lots of competition

NEM isn't technically outstanding, but it's pretty stable over time

seveneleven

Mar 29, 2024

Thorough

The article is very completed

FAQ

What is XEM?

While NEM is the name of the entire platform, XEM is the name of the actual cryptocurrency. It's currently worth $0.04USD and can be exchanged for different cryptocurrencies using Binance exchange.

What is NEM?

NEM stands for New Economy Movement. It's a peer-to-peer platform that was created to empower the freedom of economy that blockchains provide.

How to pick the best crypto exchange for yourself?

Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally. For example, all of the best exchanges should possess top-tier security features, but if you're looking to trade only the main cryptocurrencies, you probably don't really care too much about the variety of coins available on the exchange. It's all a case-by-case scenario!

Which cryptocurrency exchange is best for beginners?

Reading through various best crypto exchange reviews online, you're bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn't encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market.

What is the difference between a crypto exchange and a brokerage?

In layman's terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman - it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no “other person” - you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term - exchange. This is done for the sake of simplicity.

Are all the top cryptocurrency exchanges based in the United States?

No, definitely not! While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform.

binance
×
Verified

$600 WELCOME BONUS

Earn Huge Exclusive Binance Learners Rewards
Rating