The ultimate beginner's guide to trading NEM
What is NEM and Why Should You Invest in NEM?
NEM originally stood for “New Economy Movement”, and though the network seems to have sloughed off this moniker, it does suggest what these tokens are actually for. Like many projects in the crypto space, NEM is about moving money around at its heart. But though regular individuals and customers can use the network, NEM’s focus has been on providing fast and cheap payment channels for businesses.
NEM is fast, its fees are super low, it requires 1/100 the energy cost of Bitcoin, and it can process 3000 transactions in a freakin’ second. That alone should tell you that this is a currency with something to offer the world.
How many blockchain networks can boast transaction volume like that? Not many. NEM also features a marketplace function, messaging, and income opportunities that the average person has a chance of using.
We’ll get into the details of how all of this works below, but if you’re interested in buying NEM, head on over to Bittrex where more XEM is sold in the world than any other place.
How to Buy NEM
NEM (XEM) is very popular around the world. In fact, the system is most popular in Japan, which commands the third largest volume of XEM traded daily. However, it’s the United States where most XEM is bought and sold, and Bittrex is the site where most of this buying and selling goes down. We’ll provide a quick guide here about how to buy NEM on Bittrex.
Start by going to Bittrex.com and making an account if you do not already have one. Once you’ve had your account activated, go into the exchange and have a look around. Bittrex is pretty similar to a number of other exchanges. On their home page you’ll see that they allow people to trade Bitcoin, Ethereum, and Tether for other coins. Because Bitcoin is expensive to use and slow, we’re going to recommend that you buy some Ethereum at Coinbase
or GDax, then send it over to your Ethereum
wallet on Bittrex.
Once your Ethereum has arrived (this could take 30 minutes to a couple of hours in most cases), scroll to the middle of the homepage and type “XEM” into the Ethereum markets text box. This will show you the currency pair ETH-XEM. If you have and wish to use Bitcoin
to make this trade, type “XEM” into the Bitcoin Markets text box and select “BTC-XEM”. This will take you to the trading screen you’re looking for.
This screen has everything you need to make a trade. Under the “Trading” heading, you’ll see options to “Buy NEWECONOMYMOVEMENT” and “Sell NEWECONOMYMOVEMENT”. You want to buy, so don’t even worry about the other option. On the upper right side of the screen, you’ll you “Bid” and “Ask” NEM coin prices. The “Ask” NEM coin price is the amount of Ethereum that XEM sellers are asking for a single XEM coin. The “Bid” NEM coin price price is how much XEM buyers want to pay for a single token.
Buyers and sellers offer many Ask and Bid prices, but the ones listed in this area are the lowest Ask
price of all of them and the highest Bid
price of all of them. Because these are the closest buy and sell prices, this is where the current market price lives.
If you want to buy XEM immediately, at the current market price, simply copy and paste the current “Ask” price and put it into the “Bid” box on the “Buy NEWECONOMYMOVEMENT” section. This is how much you are willing to pay for 1 XEM. “But wait, I want to buy way more than 1 XEM,” you say. Don’t worry. All you have to do is type in the number of XEM you want to buy in the “Units” box right about the “Bid” box. If you simply want to spend all of your Ethereum on the maximum amount of XEM, just hit “Max”.
Now click on the “Orders” page. This will show you your open and completed orders. Sometimes orders are completed super fast, and by the time you get to this screen you’ll see that the XEM purchase is already completed. Other times, the price will have risen after you made your bid, meaning that the price you bid is now less than people are paying. This means that you will have to wait until the price falls to or below your bid, at which point your order will be filled. Don’t panic. It’s very unlikely that the price is never going to come down again. Just have yourself a nice little walk out in the sunshine and come back to see your order (probably) completed.
Can you Buy NEM on Coinbase?
Unfortunately you cannot buy NEM on Coinbase. Coinbase currently only allows four cryptocurrencies on its platform and it really only let bitcoin cash on begrudgingly. It took quite some time after the birth of bitcoin cash for Coinbase to recognise it on their platform.
Due to the bitcoin / bitcoin cash fork, those who owned bitcoin were due the same amount in bitcoin cash, however Coinbase were reluctant to honour this and did not offer bitcoin cash straight away. They have finally come round and those that owned bitcoin during the fork are due to receive a bitcoin cash payout into a Coinbase account.
Coming back to NEM, it is not on Coinbase and the likelihood of it getting onto the platform any time soon is not great I would imagine.
Where to Store Your NEM
It’s a good idea never to leave your coins in the exchange where you bought them. This is because exchanges are a target for hackers and internet trolls. The hackers want to steal coins and the trolls just want to ruin everyone’s day. For this reason, exchanges like Bittrex sometimes stop working or have problems. You don’t want issues like these gumming up your process, so get ye to NEM.io and download the Nano Wallet. Accept no substitutes. Send your NEM here and you can start using the network for fun and profit.
How Does NEM Work?
NEM takes a little bit of explanation, but it’s a really great idea that’s worth the time. NEM has an internal marketplace where users sell assets called “mosaics”. These could be digital goods, or they could be real world items represented digitally that you’ll ship to the recipient when sold. However, NEM is much more suited to connected customers with businesses, where NEM will be the network used to complete the transaction, just like Paypal.
Gaining users is important for NEM’s success. So while it’s waiting for big companies to start using it as a payment solution, they offer financial incentives for people to you the network in its current form. The most obvious purpose of NEM is to send money, and you can send NEM anywhere in the world in about 6 seconds for just 0.1% of the value of the transaction. This price covers network costs like electricity.
NEM’s transactions are processed by real people who run nodes. Running a node allows you to “harvest” new coins. These coins aren’t mined because they already exist on the blockchain where the NEM network can access them. They are unlocked and given to node runners, who verify transactions as a way of keeping the network speedy and secure, just like with miners and Bitcoin (just without the mega energy waste).
You need 10,000 NEM coins staked within the system to become a harvesting node. 3,000,000 NEM lets you be a Super Node with additional responsibilities and financial incentives. By verifying transactions, you are adding blocks to the blockchain. Each block contains transactions and transaction fees. Some blocks will have a lot, some will have none at all. The more blocks you verify, the more likely you will be to have a strong income of XEM. At the time of this writing, XEM is worth more than $1 per coin, meaning that node runners have a strong incentive to work hard on the blockchain.
Why is the XEM Coin Valuable?
One of the most important parts of deciding whether a new cryptocurrency is right for you is to determine what its usefulness is in the real world. This, among other things, determines its value. We’ve already discussed how NEM coin price can be used to send payments, and that real people actually use it to do so. Additionally, holding XEM gives you the right to vote on new improvements to the network.
As a currency, there are a number of things that give NEM coin value. There are 8,999,999,999 XEM right now. There will never be any more or less. This means that the supply will not be diluted, thus causing the NEM coin price value to go down. 3000 NEM coin price transactions can be sent every single second. This is almost as many transactions as are possible to fit on the VISA network!
NEM transactions are also meant to be 100% traceable. This might sound like heresy to a Bitcoin enthusiast, but it’s essential to the value of NEM. NEM wants to be used by businesses, who want to be able to keep track of customer data. Being able to trace transactions makes this possible, which makes NEM a lot more likely to be widely adopted by businesses all around the world. NEM’s steady rise in value proves this is a good idea.
Odds and Ends About NEM Coin
There is so much to say about NEM that not all of it fits comfortably in the above categories. Here are a couple of more important points.
NEM enables multi-signature accounts, which means that it requires the permission of several people or entities for a payment to be made. There are tons of applications for this. For example, a family could save money in NEM as a college fund, where parents and the college-bound child are all signatories. However, to withdraw funds, all parties would need to sign so that the money can’t be used for other purposes. There are tons of other possibilities here, especially when we start bringing businesses into the mix. This is a great reason to learn how to buy NEM coin.
You Don’t Need ASICs!
Anyone who knows Bitcoin knows that it has been years since anyone could mine Bitcoin with a regular PC. However, with NEM anyone with a regular PC can be a harvester by running a node or a Super node. This means that the economic incentives of using NEM are not limited to a small coterie of technology mavens. This is another great reason to learn how to buy NEM coin.
Final Thoughts on NEM Coin Value
We think NEM coin value is an excellent investment with lots of growth potential in 2018. Watchers of NEM coin value understand that this coin has been incredibly durable, and that it still has a lot of room to grow. With real adoption happening all over the world, those who learn how to buy NEM coin now will likely not regret it. No investment is a sure thing, but the NEM coin price is likely going to rise in the coming year, and you don’t want to miss those profits.