NEM is a blockchain with a unique consensus, the Proof of Importance, which rewards the users for their contribution to the NEM community. The success of this consensus became very clear in 2016 when NEM shot up in its market capital. Since then, NEM has taken a firm position in the top 10 major cryptocurrencies.
NEM’s success has not gone unnoticed! In early 2016, NEM started collaboration with the Tech Bureau Mijin. Since 2016 several Japanese banks have successfully experimented with Mijin, who works on the NEM blockchain. Mijin was able to perform 1500 transactions per second, with 2.5 million virtual bank accounts.
Since then, NEM doesn’t look like stopping, and that is reflected in its value. As a result, more and more traders have become interested in investing in NEM.
It is possible to buy NEM coin (= XEM) directly via Litebit. You can also choose to buy bitcoins first and then exchange them for XEM. However, this is outside the scope of this step-by-step plan.
STEP 1: INSTALL THE NEM WALLET
The first step is to go to the NEM website and install the wallet. We need a wallet deposit address to deposit the purchased NEM.
Once you have downloaded the correct wallet for your operating system, you must unpack the zip document. Once you have done that, go to the folder where you unpacked it and press “Nano Wallet”.
STEP 2: REGISTER YOUR NANO WALLET
Once you have opened the Nano Wallet, you can create a new wallet.
Press “sign up” at the top right and select Simple wallet. After registration, you will receive a wallet file and a private key.
As you are explained, it is important to keep your wallet file and private key (preferably offline).
After you have done this you can log into your wallet with your chosen password (not private key). Then click on the Send tab at the top left and on receive.
Copy the address in the “Pay to:” field. This is a series of numbers and numbers.
STEP 3: BUY XEM
Go to Litebit.eu and look at the list in the options at the top left of XEM. Then you can enter how much XEM (= NEM coin) you want to buy.
Important : You then have to enter a receiving address (wallet). This address is the receive code that we copied from the wallet from the “Pay to:” field.
It is important that you stick it here, to make sure that the NEM coin arrives at the right place. Perform the payment steps.
Your XEM will appear in your wallet after 1 or 2 hours! It may take longer if your account needs to be confirmed via Litebit, this process usually takes half an hour / hour.