Is NEM (XEM) a Good Investment?
NEM stands for “New Economy Movement.” It is a project that’s meant to develop a more advanced blockchain. Therefore, its creators don’t simply aim to create a smart asset blockchain that’s efficient enough to manage all data quickly and inexpensively.
In this article, we’re going to go through all the ins and outs of this blockchain technology and its native cryptocurrency, so you can better understand it and decide whether it is a good investment or not.
NEM (XEM) Cryptocurrency Overview for 2024
XEM is NEM’s native cryptocurrency, but it works a bit differently than other common cryptocurrencies, such as BTC and ETH. This is due to XEM’s innovative blockchain technology. However, before deciding to invest in it, we must know as much as possible about it. Keep reading to find out how XEM works.
What Is NEM (XEM)
NEM’s blockchain works similarly to Ethereum, as its creators wanted to improve ETH’s blockchain to make it more efficient. It is written in Java, and it was first launched in 2015.
Moreover, its native cryptocurrency is called XEM, which isn’t mined like other common cryptocurrencies. Instead, it is harvested through a Proof-of Importance algorithm.
The History of NEM (XEM)
The concept of NEM came up in the Bitcoin Talk forum, in which a user called UtopianFuture started talking about how he was inspired to create a new cryptocurrency project. Then, in March of 2015, NEM was launched, and several developers offered to build a new codebase for it.
After improving the project and making it more efficient, NEM grew and became more scalable. Then, in 2016, the NEM Foundation was created. This non-profit organization is meant to take care of all the organizational aspects of the project, such as marketing, partnerships, and technological improvements.
How Does NEM (XEM) Work?
NEM works in a rather interesting way, which aims to be much more efficient than the traditional way we use cryptocurrencies. The first innovative aspect of this technology is its consensus mechanism, Proof-of-Importance (PoI). This mechanism considers all the time and money a user has invested into the network.
Moreover, to generate new blocks to the chain, you need to vest at least 10,000 XEM, which awards you a portion of the chain’s transaction fees. In order to do this, you must hold them in NEM’s native wallet, and 10% of them may become vested every day.
Another thing you can do to increase your PoI score is to interact with other NEM users. Your PoI score may increase each time you participate and contribute to the network, improving your nodes and giving you better awards.
NEM (XEM) Price Prediction
Another important aspect you must be aware of when investing in a cryptocurrency is how much it is expected to grow in the near future. Therefore, we analyzed the opinions of several experts about XEM’S financial projection and found out that by the end of 2022, it is expected for XEM to reach $0.14.
Moreover, experts agree that by the end of 2023, XEM might reach $0.18. However, this depends on the advancements and partnerships the developers expect to achieve during this year.
Is NEM (XEM) Worth Buying?
XEM is a cryptocurrency, so you must be aware of its volatile nature and understand that there’s no guarantee of receiving profit. Therefore, if you decide to invest in it, please do it with care and only invest the money you’re willing to lose.
Moreover, XEM has excellent plans for the development of its technology. The NEM team wishes to build a cryptocurrency that can compete with ETH. Therefore, if they manage to do this, investing in XEM now can give you incredible benefits in the future.
Still, we encourage you to do your own research and get a better understanding of NEM before committing to it.
NEM (XEM) Forecast
NEM is a smart blockchain built to deliver the highest possible performance, and it has managed to tackle the main weaknesses and pain points of traditional cryptocurrencies. Therefore, it opened a world of possibilities for crypto enthusiasts who dream about a world where everyone can easily access blockchain technology.
Moreover, after reviewing NEM’s plans and price predictions, we can determine that this cryptocurrency is going to have a great future. However, it may grow at a much slower pace than other crypto assets.
Where to Buy NEM (XEM)
If NEM still sparks your interest, you’re probably wondering how to buy it. That’s why we created the following guide with the best exchanges to buy this interesting cryptocurrency.
Uphold
Uphold is one of the best exchanges in the world, especially for those in the US and the UK. It features hundreds of crypto assets for you to choose from. Moreover, it also features other assets, such as fiat currencies and precious metals, which you can exchange quickly and efficiently.
Pros
- You can use the cross-asset trading feature
- It features a wide variety of assets
- The educational section is great for new traders
Cons
- It doesn't feature many trading modalities
- The mobile app is pretty outdated
How to Buy NEM (XEM) with Uphold
Step 1 – Sign Up
The first step to buying XEM with Uphold is to go to its website and fill out the registration survey. Then, after you review its terms and conditions, you can submit your data and continue the registration process.
Step 2 – Verify the Account
After signing up, you may receive a call from a member of Uphold’s team who is going to help you verify your account. In order to do this, you must submit a legal ID document and a photograph of your face.
Step 3 – Buy XEM
Finally, after verifying your account, you can go to Uphold’s live trading section and select XEM. Then, you only need to choose how much you want to buy and pick your preferred payment method.
Binance
Binance is the most popular exchange platform in most of the world. It was founded in Hong Kong in 2017, and experienced traders tend to love it due to its high liquidity and low fees.
Pros
- Its fees are low
- Binance features several trading options
- Its user experience is fantastic
Cons
- The account verification is slow
- It isn't available in the US
How to Buy NEM (XEM)with Binance
Step 1 – Create an Account
In order to buy XEM with Binance, all you have to do is go to its website and provide your email and full name. This may allow you to create an account. However, you also need to submit a legal document to verify it.
Step 2 – Buy XEM
Then, you can go to its live trading section, where you may find all the available cryptocurrencies, and scroll until you find XEM. You can click on it, and it may allow you to choose how much you want to buy and your payment method.
Step 3 – Store It
Once you confirm your purchase, you must link a digital wallet to your Binance account; otherwise, your coins may be vulnerable to being stolen by hackers or scammers.
KuCoin
KuCoin is a fantastic crypto exchange, as it features over 300 cryptocurrencies, and it is popular for being one of the most advanced exchanges. It is known for integrating new currencies faster than other crypto platforms, and it is available to anyone in the world.
Pros
- It created a wide community of traders
- You may find very low fees
- It allows you to gain interest
Cons
- New traders may feel confused when using it
- Its payment options are pretty reduced
How to Buy NEM (XEM) with KuCoin
Step 1 – Create a Profile
Firstly, you must go to KuCoin’s website and create a profile. KuCoin takes your safety very seriously, which is why it allows you to use two-factor authentication. Moreover, all traders must verify their identity by submitting a legal document before being able to use the platform.
Step 2 – Fund the Account
Then, you must either link an external crypto wallet or choose another payment method to fund your account. This is the money you’re going to be using to buy XEM.
Step 3 – Start Trading
Finally, you must go to KuCoin’s live trading section, where you may see all available crypto assets and their current market behavior. You must search for XEM and select how much you want to buy. Then, you can execute the transaction.
WazirX
WazirX is a lesser-known exchange platform, but it provides entirely safe exchanges of various crypto assets. Moreover, it is the most popular exchange for Indian residents.
Pros
- Its interface is easy to use
- You may find a wide selection of assets
- Its operations are pretty fast
Cons
- This platform is only popular in India
- It doesn't feature discounts
How to Buy NEM (XEM) with WazirX
Step 1 – Register
In order to buy XEM with WazirX, you must go to its website and submit the personal data requested by the registration form. Moreover, you must create a strong password and verify your account to be able to use the platform. WazirX does this to avoid fake accounts and scammers.
Step 2 – Go to the Market
Once you finish setting up your account, you can go to WazirX’s market and check out all the crypto options. However, you must search for XEM and click on it.
Step 3 – Execute the Transaction
This may take you to a purchase area where you must select how much you want to buy and your payment method. Then, you can confirm the transaction to obtain your XEM.
Buy NEM (XEM) with PayPal
Step 1 – Link Your PayPal Account with Your Bank Account
Buying XEM with PayPal can be tricky, especially because you may have to deal with several fees, and not all platforms are compatible with PayPal. However, the first step is to link your PayPal account with your bank account to prevent it from getting deleted.
Step 2 – Go to Your Chosen Trading Platform
Then, you can go to any of the previously mentioned trading platforms and create an account. Afterward, you must choose PayPal as your payment option and fund your account.
Step 3 – Buy NEM (XEM)
Finally, you can select XEM from the live trading section of your chosen platform and type in how much you want to buy. Then, all that’s left to do is to execute the transaction.
Buy NEM (XEM) with Credit Card
Step 1 – Link Your Credit Card to the Platform
Sometimes new traders are afraid of getting their credit card information stolen if they link it with their crypto trading account. However, all of the platforms on this guide are 100% reliable and aren’t going to steal your information.
Moreover, the first step to buying XEM with your credit card is to link it to your account, which is going to make the entire process much more straightforward.
Step 2 – Fund the Account
Then, you must choose a certain amount of money to transfer to your account and use to buy your cryptocurrencies.
Step 3 – Buy NEM (XEM)
Finally, search for XEM in the platform and select the amount you wish to purchase.
Buy NEM (XEM) with Debit Card
Step 1 – Link Your Debit Card to the Platform
Buying XEM with a debit card is pretty easy, as you only need to follow the same steps you did for buying it with a credit card. Still, remember you must be the owner of the account. Otherwise, you may not be able to link the card to the platform.
Step 2 – Fund the Account
Once you link your debit card to your crypto account, you must choose how much money you want to invest and transfer it to your profile.
Step 3 -Buy NEM (XEM)
Finally, you only need to choose XEM from all the other crypto options and select how much you want to buy before executing the transaction.
Buy NEM (XEM) with Bank Transfer
Step 1 – Create the Account
The first step to buying XEM with a bank transfer is to create an account on your preferred crypto trading platform. However, please make sure it is compatible with your bank.
Step 2 – Select NEM (XEM)
Then, you can go to the live trading section of the app and search for XEM. Once you click on it, you may be taken to a purchase area where you are going to select “Bank transfer” as your choice.
Step 3 – Confirm the Purchase
Finally, you may have a limited amount of time to execute the purchase and confirm it on the platform.
FAQs
Is NEM the Same as XEM?
NEM stands for New Economy Movement, and it refers to the blockchain technology of this project. However, XEM is the native cryptocurrency of the blockchain, and anyone in the crypto world can purchase it.
How Do You Sell XEM?
If you want to resell your XEM, you only have to follow these simple steps.
- Sign in to your preferred crypto exchange platform, preferably the one that offers the best deals.
- Place an order with the amount you wish to sell.
- Confirm the price and fees before executing the transaction and closing the deal.
How Do You Harvest XEM Coins?
In order to be eligible to get your XEM coins vested, you need to meet two criteria.
- Have at least 10,000 XEM
- Keep them in your NEM wallet
Once you do that, 10% of your coins may automatically get vested each day.
How Do I Withdraw Money from NEM Wallet?
If you want to withdraw your money from your NEM wallet, you only need to follow these simple steps.
- Log in to the wallet and copy its address
- Create an account in an exchange platform and paste your wallet address into the withdrawal address field
- Type in the amount of XEM you wish to withdraw
- Execute the transaction and wait for it to be confirmed
Conclusion
In summary, we reviewed everything you must know before investing in XEM and the best ways to purchase it. Still, the best way to determine whether this is the right cryptocurrency for you is by going to its website and getting to know more about it.
BWCEvent aspires to share balanced and credible details on cryptocurrency, finance, trading, and stocks. Yet, we refrain from giving financial suggestions, urging users to engage in personal research and meticulous verification.
