BitPinas. A cryptocurrency with proof of importance algorithm and encrypted messaging. We will briefly discuss NEM (XEM) in this article and teach you how to get yours here in the Philippines.
This article had a slight modification on October 2, 2018.
What is NEM?
NEM (New Economy Movement) is a Smart Asset Blockchain. XEM, on the other hand, is the official cryptocurrency of NEM. You may or may not see crypto exchanges with NEM or XEM but both are the same.
XEM has zero inflation. The maximum number of XEMs that will ever exist is 8,999,999,999. As of this writing, XEM is used as payment to other projects built on the NEM blockchain and for transaction fees in using NEM.
If it is not yet obvious, NEM is both a cryptocurrency and a blockchain platform. This means that like ethereum and bitcoin, it is more than just a holder of value. Projects can be built on top of it. One example is Appsolutely’s Loyal Platform that uses the NEM platform to bring the rewards industry into the blockchain.
With that information, there should be a positive future on NEM as projects that can be built around can take the form of instant messaging, trading, and even smart contracts. This, of course, will depend on NEM’s adoption rate.
Since the NEM platform first started in 2015, you can get a lot by investing. This April 2017, the trade for XEM was $0.03/XEM and on September it went as high as $0.30/XEM.
How to buy XEM in the Philippines
Same as other cryptocurrencies, aside from Bitcoin, the only way you can get your hands on XEM is via cryptocurrency exchanges. Invest enough BTC in your Bitcoin wallet to use as a jump board in crypto exchanges.
Update October 2018: Buy NEM Through Abra:
Abra supports depositing fiat via local banks and through credit cards. You can exchange bitcoins for XEM within the Abra App. Should in case you want to cash out, you can do via partner merchants like Tambunting.
- Download Abra here! (It will ask for your mobile number, start with the PH area code 63.)
- Buy cryptocurrency on Abra through credit card!
Update August 31, 2018:
Buy NEM using your credit card
Buy NEM on Binance
- Binance has one of the largest trading volumes in the world. Register at Binance here to purchase XEM on the Binance platform.
Buy NEM from Cryptocurrency Exchanges
Many exchanges globally trade NEM. We will use Bittrex as an example.
- How to fund your Bittrex account with your Coins.ph / Abra Account
- How to buy altcoins from Bittrex for beginners
Steps in buying XEM in Bittrex
- Sign up and have your account ready.
- Have a BTC account via Coins.ph or Bitbit.cash
- Choose your crypto-exchange site. We will go with Bittrex as an example.
- Open a new wallet by using a Nem Nano Wallet. This desktop wallet is advertised by NEM itself.
- There is also a NEM wallet in the Playstore and App Store but the desktop wallet is the most resilient.
- Ready your Bitcoins in your Coins.ph or Bitbit.cash.
- Send BTC from Coins.ph to your Bittrex BTC wallet.
- Create your Bittrex BTC wallet address by clicking on the + sign.
- Buy XEM using your Bitcoin in Bittrex.
- After purchasing, transfer your XEM to your chosen wallet.
Other ways to buy XEM
- You can buy XEM by joining legit Facebook XEM groups.
- Poloniex Crypto Exchange
- HitBTC Crypto Exchange
- BTC38 Crypto Exchange
- Other Cryptocurrency Exchange sites that accept BTC to XEM can be viewed HERE.
NEM recommends the following software to store your XEM:
- NEM Nano Wallet
NEM Philippines Tips
- You can try buying XEM in the Philippines personally by meeting with another XEM user. Make sure both of you are in a secured public place.
- Bitbit.cash and Coins.ph don’t support XEM. You will need to use XEM’s desktop wallet to store them.
- After completing your exchange from your chosen crypto exchange site, make sure to keep them safe in your XEM wallet.
XEM is still a budding cryptocurrency, sitting at no. 10 in Coinmarketcap. You should also know that NEM has a physical presence in the Philippines. This means that support should be on your side whenever you have questions.