NEM is one of the growing cryptocurrencies that is using the peer-to-peer based blockchain technology. The platform was launched in March of 2015 and has since grown to one of the most popular cryptocurrencies in the world with a market cap of more than 1.8 billion dollars.
Why NEM Vs. Bitcoin?
As of now, there are currently about 9 billion XEM coins in circulation. Each of them were created before launch. The platform is entirely built and written in Java from the ground up and has been used to address all of the issues faced by the other cryptocurrencies of today. It's been developed for ease of speed and scalability as well as usage.
What Makes NEM Unique Vs. Other Cryptocurrencies?
There are three major differences of NEM. The first difference is the proof of importance. It's a newly developed feature that they use, called POI. It's like Proof of Stake, except, it has variables included. Not only that, but the POI system changes depending on how many coins a user has, as well as how many transactions they've made. The more transactions they've completed, the more they are given. It's an impactful way to encourage the use of XEM coins instead of hoarding them.
Another significant difference to note is that of mining - there isn't any. Instead, NEM uses a system called harvesting where you don't need any specialized hardware, but you need to have invested at least 10,000 vested XEM coins in the past. Anyone who runs Supernodes and processes transactions gets paid by processing the payments on the network. There is a substantial advantage to harvesting as well. It only takes a fraction of the power that mining does and that in turn equates to lower transaction fees. Because of this, NEM is a more energy-efficient cryptocurrency than BTC.
Another significant difference is the Supernode Program. It rewards people who are running highly active nodes, and the higher performance nodes are what keeps the network secure. This is accomplished by meeting the bandwidth, chain height, and ping as well as program responsiveness requirements that are given out as rewards. To participate in the Supernode program though, you need to have at least 30 million XEM.
Nem XEM/USD Live Price Chart
Best NEM Trading Strategies
The first step is to download the NEM Nano Wallet. If you do decide that NEM is for you, you're going to need to keep your coins safe. There is the alternative of continuing your XEM on an exchange, but that's not highly recommended. Unless you're planning on being a day trader, it's better for you to store off of exchanges to keep your currency safe.
NEM doesn't offer a lot in the ways of wallet storage, however. There is only one option to store the currency, and that is the NEM Nano Wallet. It's a desktop wallet that works with Windows, Mac, and Linux. Another option is to download the app to your mobile device or iPhone app. However, the desktop wallet is by far the best option available at the present moment. One of the biggest complaints about NEM is that it is frequent to crashes and bugs that a lot of other cryptocurrencies aren't.
There are quite a few steps to set up a NEM wallet. But once you do, the next step is to purchase XEM coins. For this, there are several other options you can choose from. You can buy them on a traditional exchange for fiat, Extrates and LitebBit.eu are the two exchanges that currently offer XEM.
You can also make larger purchases on XEM by exchanging BTC for the coins. More massive exchanges like Bittrex, Poloniex, and HitBTC are all potential sources for the coins. Some of them even allow you to trade Ether for XEM, any of these are good options.
You can also buy BTC and transfer it to another exchange before trading it for XEM. You’ll have to use Coinbase, Kraken or Gemini to make this happen. Once you exchange it, you’ll be able to swap it back for XEM.
Lastly, you can pick it up on Changelly. To do this you need to purchase BTC at your desired exchange rate then swap it for XEM. It's a unique way to do it as there is almost no validation needed to complete the transaction.
Regardless of what you decide, NEM is a very transparent cryptocurrency that is completely traceable. It has little in the way of privacy though, and although it's not revolutionary, it's still a very functional cryptocurrency.