Over the past few weeks, the price of XEM (the currency behind the NEM network) has gone up a lot. There's been a lot of interest from investors. As we're receiving questions, we want to explain what NEM (XEM) is and how to buy it with Bitcoin. Luno does not support NEM (XEM) at the moment and is not affiliated with the company.
On cross-border payments
Cross-border payments with traditional banks are slow and expensive. It takes multiple different organisations to make a simple transfer and takes as long as 3-5 days. Fees tend to be high too.
It is often faster, albeit not cheaper, to take physical cash on an aeroplane and give it to the recipient, than to make a bank transfer.
What is NEM?
Conceptualized in January 2014 and launched in March 2015, NEM is a decentralized blockchain-based peer-to-peer network on which third parties can build their own applications, including cryptocurrencies and crowdfunding tokens. NEM offers both public and private (Mijin) blockchains.
NEM isn't another Bitcoin clone; its code base was written from the ground up to improve on some of Bitcoin's flaws and greatly expand its functionality for enterprise compatibility. NEM's core value proposition is what it calls its smart assets system. It's a blockchain ledger system that can be configured to manage almost anything, including ownership records, financial instruments, supply chain tracking, and much more.
What is XEM?
XEM is the currency of the NEM network. About 9 billion $XEM coins were created and distributed to about 1,500 original trusted supporters of the project who later distributed the coins to the community. To protect XEM from inflation and ensure it retains its value over the long term, no additional XEM will be created.
Transferring and using $XEM is designed to be both easy and cheap. At just 0.1%, NEM's transaction fees are among in this space. For instance, it costs just $0.01 to send $100 worth of $XEM.
How to buy NEM (XEM) with Bitcoin
Below is a simple step-by-step guide to buying NEM (XEM) in Luno-supported countries.
1. STEP ONE: GET A LUNO ACCOUNT
Sign up for a Luno account and verify your identity.
2. STEP TWO: DEPOSIT MONEY INTO YOUR LUNO WALLET AND BUY BITCOIN
Log into your Luno account and navigate to Accounts. Click on your local currency account and on ‘fund account’. After you’ve added money to your Luno wallet, you’ll be able to buy Bitcoin.
3. STEP THREE: FIND A BITCOIN-TO-XEM EXCHANGE
CoinMarketCap has an extensive list of exchanges that allow you to buy and sell XEM. Look for the XEM/BTC currency pair ranked by 24h volume.
Another popular solution is an "instant exchange" like ShapeShift or Changelly. Both require you to send Bitcoin (from Luno), and it will convert it to XEM.
👉 Note that we can’t make any recommendations for third party platforms. You'll need to do your homework and decide on an exchange that works best for you.
4. STEP FOUR: SEND YOUR BTC AND BUY XEM
Depending on the platform you’re using, you’ll be provided with a Bitcoin address. You can send the Bitcoin from Luno to your preferred XEM exchange from any of the following either with fiat or cryptocurrencies. https://nem.io/xem/getting-started-on-nem/
Once the funds arrive, simply follow the platform’s instructions on how to purchase XEM.
In closing
The partnership with ProximaX, Paytomat and NEM’s release of Catapult. With nearly three years of development, testing, and enhancements, Catapult is now ready to provide a more functional platform that can be used to address the dynamic demands of enterprises in any industry sector. Also opens up the NEM blockchain for more developers to join as it makes it easier to raise funds from supporters and backers. There are actually countless possibilities with this in place.
While there is no question that it will eventually make XEM valuable, it’s the short-term effect that really matters. An increased traffic of blockchain developers is a good start for XEM and the ecosystem.
Downloads:
https://nem.io/wp-content/themes/nem/files/NEM_techRef.pdf
https://nem.io/wp-content/themes/nem/files/ApostilleWhitePaper.pdf
https://nem.io/wp-content/themes/nem/files/catapultwhitepaper.pdf