How to Buy and Sell XEM Online in Australia
XEM is the token for the cryptocurrency NEM (New Economic Movement). NEM is a decentralised, peer-to-peer cryptocurrency and blockchain platform that launched in March 2015 in Singapore.
NEM is definitely not a fork of any other coin but was built from the ground up with the aim of creating a sturdy enterprise-grade blockchain solution that can seamlessly integrate with existing business systems.
NEM can process 3000 transactions per second. Since all XEM coins have already been distributed, there’s no way to earn new XEM aside from buying XEM or earning it by becoming a harvester or supernode. Instead of mining, NEM has a great feature called harvesting. It doesn’t require any special hardware, but you do need to buy XEM (10,000) or have at least 10,000 vested XEM coins to start harvesting. The advantage of harvesting is that it uses a lot less electricity than the Bitcoin mining algorithm. As such, NEM is a much more energy-efficient cryptocurrency than Bitcoin.
When you buy XEM in the NEM network you’ll tap into a system that allows users to customise their own blockchain to create a place to safely and securely store their digital assets.
To start the process to buy XEM you need to consider that XEM isn’t listed on every possible cryptocurrency exchange around the world, so the ﬁrst easy step is to ﬁnd a suitable exchange that lists XEM in one or more currency pairings.
You can then sign up or open an account with your chosen crypto exchange. This may require you to show a photo ID before you can start trading. Not every exchange is the same in this regard so make sure you read all about how to open an account with the exchange you’ve chosen to use to buy XEM coins.
In order to buy XEM, some exchanges will allow you to purchase them by depositing your real-world currency into your account. Other exchanges will require you to first purchase bitcoin or ethereum coin and then trade them to buy XEM. This may influence your list of attributes that a preferred crypto exchange may need.
When you buy XEM you’ll need to have a crypto wallet to store them in. Most reputable crypto exchanges will make a suitable wallet available for you and will store it in their exchange for you. You may want to increase the security when you buy XEM by removing your cryptocurrency from online storage to a hard wallet alternative. This will prevent hackers of exchanges from gaining access to your XEM.