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.
Table of Contents
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.
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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.
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.
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.
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.
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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.
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.
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).
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.
Below you can see the XEM price through ought the years of its existence.
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. And the very first thing that you’ll need to do that is a NEM cryptocurrency 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.
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.
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.
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 (Coinbase and Binance are great options) and exchange your ETH into XEM. Best of luck!