What is NEM?
A Beginner´s Guide to Buying, Selling, Using, and Mining NEM:
An In-Depth NEM Guide by Americas Cardroom
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Imagine paying for your outfit with digital currency! Yes, that is entirely possible. It is a form of payment that is created using an encryption algorithmic program. Wait…. what? Too much information to grasp, isn’t it? Well, allow me to simplify it.
Cryptocurrencies, which are often stated as coins, are digital money that is protected by cryptography. Most of these coins depend on the blockchain. As blockchain is decentralized, it maintains the archives for all the digital currencies which cannot be altered, and it is very transparent that any user can see the history of transactions being performed by other users. A smarter blockchain that is also based on modern technology is created by the NEM coin.
Unfamiliar with what NEM is? Read along to figure it out!
What is NEM?
NEM is an abbreviation of the New economy movement. It was launched in 2015 and its blockchain is powered by the XEM cryptocurrency.
Talking about an example of a blockchain, suppose, you make a Google doc file and share it with your teacher for review. This document is being distributed to your teacher and it wouldn’t be called a copied document. Apart from sharing it with your teacher, even if you share it with some other people, all of them would be able to view it and edit it in real-time but all other users would know about the modification being done. That is how a decentralized channel works in the technology of the blockchain. NEM is trying to create a smarter blockchain that is also based on modern technology.
The NEM platform’s native cryptocurrency is XEM, and they have a public blockchain named NIS1. NEM is a platform that aims to be very efficient so that it can handle the assets and details easily at a very reasonable cost.
NEM Value, Circulation, Examples, & Symbol
The price of NEM is USD 0.189742. The trading volume within the 24- hour is USD 164,620,822. It has gone up by 19.21% in 24 hours. NEM ranking is the 58th biggest cryptocurrency in the world.
The live market cap of NEM is $1,707,678,376 USD. The circulating supply is 8,999,999,999 XEM coins, and its maximum supply is 8,999,999,999 XEM coins.
How secure is NEM?
NEM is very secure as it has a tier two architecture that offers an unbelievably secure and steady platform with the help of the Elgentrust++ and which operates a public node network. NEM also uses the hash algorithm which is SHA3 to make it more secure.
Is NEM a private cryptocurrency?
NEM offers a super-fast transaction type and is designed to seamlessly transition any digital asset across private and public blockchain systems.
Third-party bridges are avoided in this and the interoperability within the private and public makes it very efficient to transfer the data between these two. There is no need for a middleman to be able to transfer the data and swapping of tokens between the blockchain and Symbol.
What is Backing NEM?
Initially, the NEM coin was initiated in 2014 but a more stable platform didn’t come into being until 2015.
Tech Bureau, a renowned crypto exchange operator in Japan observed NEM in 2016. Tech Bureau made a partnership with NEM and decided to create a new Blockchain.
How will NEM gain value?
The market of XEM crashed in January 2018 but it was due to few reasons and one of the reasons is that Coincheck was hijacked which resulted in the stealing of coins which caused the dropped in the price of XEM coins.
However, it has become a very stable coin in the past months and there is an increased demand for NEM as it is a great time for the ones who are searching for opportunities to invest.
According to the long forecast, the price of this coin would be between 0.11-0.14 USD. However, Trading beast and Wallet Investor has predicted it to be in the range of 0.32-0.47 USD by the end of 2024.
How to Mine NEM?
Mining in Bitcoin or Dogecoin can increase the number of coins, but NEM uses a process known as “harvesting.” In this phase, blocks are formed, and transaction fees are used to reward individuals for their efforts. Each block comprises a certain number of transactions, each of which is subject to an undisclosed charge.
POI algorithm comes in handy when there is a need to timestamp the transaction. POI is distinct from other programs that operate on a service charge system that ignores a person’s total network support.
Where to Buy NEM cryptocurrency?
Many crypto exchanges would help you to do your trading of digital currencies i.e., NEM. Binance, Zaif, OKex are some of the cryptocurrency exchanges where you can easily buy and sell.
Cryptocurrency exchanges serve as a middleman between sellers and buyers, generating income via profits and service charges.
How to buy NEM cryptocurrency?
Step 1 – Creating the Digital wallet of NEM (XEM)
It is always suggested, as with most other cryptocurrencies, to choose a wallet from the cryptocurrency’s website. Nano wallet, which is downloadable straight from the NEM webpage, is the planned NEM wallet. The Nano wallet is well-suited with a wide range of operating systems, including Windows, Mac OS X, Linux, and others.
Step 2 – Buying NEM (XEM) coin
After the wallet is constructed, XEM coins could be acquired in one of two ways. The first option for purchasing NEM (XEM) is by using fiat currencies, while the second one is using either Bitcoin or Ethereum.
How to Setup NEM wallet?
Firstly, Visit the website of the NEM coin. You have to see which OS you have and then choose the option accordingly. Now, the zip file needs to be downloaded and saved at a place where you can discover it easily later on. Dual-click on the NEM wallet file inside the folder to use the wallet. From the top right corner, select ‘Sign Up.’ To begin, select ‘Simple wallet’ and afterward hit ‘Ready.’
Afterwards, From the drop-down menu, select “Mainnet.” To continue, click ‘Next.’ Assign your wallet a title and choose a secure password for it. Lastly, To begin creating your Private Key, click the ‘Start button.
How to send NEM to your wallet?
- Step 1: The NEM wallet needs to be downloaded.
- Step 2: After that, creating a new NEM wallet.
- Step 3: Log in with your NEM wallet.
- Step 4: Sending NEM.
NEM is digital money that enables you to complete your transaction quickly. We’ve done our best to cover the essential intricacies of the NEM money and platform above. So, if you’re thinking about getting your hands on it, this guide can help!