NEM
$0.056466 1.31%
0.00001565 BTC
Name NEM
Symbol XEM
Market Cap $508,194,652
Volume (24h) $12,248,773
Circulating Supply 8,999,999,999 XEM
Max Supply 0 XEM

About NEM

There are numerous cryptocurrencies available to purchase these days and for anyone that is new to the industry, it can be difficult knowing which of them to trade, which to hold and which to believe in.

This is why we have come up with these reviews in the hope that you will get a little bit more of an understanding of the currencies and what they plan to do.

One such currency is NEM (XEM) or the New Economy Movement, a cryptocurrency that much like Bitcoin, works as a blockchain network. It was first launched in May of 2015 and the currency symbol for NEM is XLM which is how you will find it on the many cryptocurrency exchanges.

NEM currently has a market cap of $3,839355,000 and a trading volume that averages around $25 million within a 24-hour period as of right now.

What is The NEM Coin (XEM)

As mentioned, NEM is a decentralized cryptocurrency that uses blockchain technology. It has some real similarities with the likes of Bitcoin and Ethereum but claims to have far better security.

The blockchain that was written with a 100% source code from the ground up and it functions using Proof of Importance (POI). Sometimes called the Ethereum killer, it is that crypto that NEM is the most like. This is due to it using a similar system to ETHs Smart Contracts which is called Smart Assets.

Their version of the system is said to be faster, have better security and even better scalability. With all that in mind, it is not difficult to see why NEM has had such a strong year in 2017. Furthermore, with big updates expected in 2018 such as ‘Catapult’, 2018 might just be as successful.

Whats Special About NEM (XEM)

There are a number of areas of NEM that could be considered and we have already mentioned a few of them. On top of those the following are also areas where NEM can be considered to be special:

  • Transactions are Very Secure – Through the use of the EigenTrust++protocol for its node protection, the network on NEM has increased security.
  • Brand New Code – NEM created their own code and did not use any derivatives from Bitcoin at all. They used Proof of Importance instead of the more commonly used Proof of Work. This makes it a lot harder for hackers as they would have to learn completely different coding.
  • Increased Protection from Spam – Spam attacks cannot harm the NEM network as it will continue running regardless. Furthermore, spam protection on the network is far more effective than any other.

Where to Buy NEM (XEM)

NEM has been one of the top 10 largest coins by market cap for a good number of years now and while it obviously not as well known as some of the more popular coins such as BTC, ETH, XRP and LTC, it is still one that you will find is supported at many of the major cryptocurrency exchanges.

We have found five of these cryptocurrency exchanges that accept cryptocurrency below:

  • Cryptopia

Cryptopia is a cryptocurrency exchange that has been around since 2014. The New Zealand based exchange allows cry[to-to-crpto trades, requires no verification and has a massive selection of coins, ICOs and tokens supported.

  • Bter

Bter is another long-standing online cryptocurrency exchange having been launched back in 2013. This one allows the use of the CNY fiat currency, has competitive fees and 30+ different coins that can be traded.

  • Bitcoin Indonesia

Operated and run out of Indonesia, this cryptocurrency exchange first launched in 2013 and it allows the trade of numerous coins against the Bitcoin and the IDR fiat currency.

  • Changelly

Another popular option you should consider is that of Changelly, a cryptocurrency exchange that accepts credit card and has dozens of different coins available for trade.

  • Zaif

Zaif is a cryptocurrency exchanged based in Japan that has very low fees, accepts credit cards and allows the trade of a dozen different cryptocurrencies.

Investing in NEM (XEM)

NEM already experienced an excellent 2017 as many of the cryptocurrencies did and while it is difficult to say if the same will happen in 2018, you can never really be sure.

They already have a number of updates and projects planned for this year so there is a good chance that its value will once again increase. We think it will be difficult to attain the same level of success as last year but do expect the coin to make some moderate gains at least this year once the updates roll out.

Do I Need a NEM Wallet

It is well-known that the cryptocurrency industry is far from a safe one and one that is consistently under threat from hackers who are looking to get their hands on as many cryptocurrencies as possible.

There has been more than a dozen separate successful hacking attacks on the cryptocurrency exchanges over the years with close to a billion dollars worth of currencies having been stolen.

Being very careful with your currencies is paramount and for that reason, we suggest that you use a third-party wallet. None of these is 100% but they are a lot more secure than the wallets at the cryptocurrency exchanges. Use those places to buy and trade your coins but do not leave large amounts in there for too long.

There is a variety of different wallets available that you can use such as hardware, software, online and paper wallets.

Hardware Wallets

If you are a serious trader that has a decent sized portfolio of cryptocurrencies, you should possibly consider getting yourself a hardware-based wallet. These are known throughout the industry to offer the best protection as they keep your currencies and coins well away from the internet and even your computer.

There is just one hardware wallet that will allow you to store NEM and that is:

  • Trezor

The Trezor is easily one of the most popular hardware-based wallets and it will set you back around $100. This was the first wallet of its kind and is made to be solid, sturdy and well-designed. With much more protection available than you will find with online wallets or at the exchanges, the Trezor is something you should seriously look into purchasing.

Software Wallets

If you are something of a more casual investor, you will probably be more interested in using online or software wallets instead. They are cheaper although will charge fees – so check these out first. They will not offer as much protection as hardware wallets but if you are only trading small amounts, these will likely be fine.

  • nanoWallet

There is only one software-based wallet that we can find that will allow the storage of NEM and that is the nanoWallet, the official NEM wallet. This can be used on Windows, Mac and Linux operating systems and can also be integrated with the Trezor wallet above.

Pros & Cons

NEM has always been a strong favourite for many since it first hit the exchanges with plenty of investors willing to wait it out on a long-term basis. They believe that NEM will one day be a major competitor to Bitcoin and Ethereum and there is not a lot of evidence to shoot down those claims if we were being honest.

Pros

  • Smart Assets offers much more security compared to Smart Contracts
  • Strong and secure interface
  • More energy efficient than Bitcoin

Cons

  • Not quite up there in terms of the branding of its main rivals right now
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