Big establishments worldwide and even small ones reward their customers with loyalty points to thank them for patronizing their products. Usually, these “loyalty points” are only usable within the same merchant. But what if you can use points earned from one company to another? Enter Loyal Coin.
This article serves as a re-introduction of Loyal Coin to our readers as well as places where you can purchase these tokens. This page will be continually updated if new ways to purchase are announced.
Also in this article, XEM and NEM coins are used interchangeably.
Imagine buying medicine from Mercury Drug. The pharmacy assistant will ask if you have your “Suki Card” with you. With the “Suki Card”, Mercury Drug patrons can earn 1 “Suki Point” for every Php 200 spent. These “Suki Points” can then be used to get Php 1 discount for every 1 “Suki Point”. It does sound good but not using your “Suki Card” for 180 days will revert them back to zero, and these “Suki Points” are only usable in Mercury Drug stores.
This is what Loyal Coin wants to solve. The process of giving back to your customers. Loyal Coin or LYL is probably the first of its kind in the blockchain industry and has a heavy presence here in the Philippines.
Once establishments and companies integrate Loyal Coin, you don’t have to worry about having your wallet packed full of different loyalty cards from different establishments. You don’t need to worry about the expiration of your “points”. You don’t even need to worry about where you need to spend it. Loyal Coins can also be traded for other cryptocurrencies such as bitcoin or ethereum.
How to buy LYL in the Philippines
From what we understand, you can “earn” loyal coins. Once you buy something from a partner merchant, you can earn coins in return. Collect enough of these coins and you can use it on the same merchant or others.
But you can also purchase loyal coins. Now that the ICO is over, one of the only ways to purchase loyal coins is through the website Nemchange.com
Nemchange is an alternative cryptocurrency exchange site that deals with NEM (XEM) coins and NEM-based tokens (called Mosaics). In this platform, you can trade your XEM to other mosaics like Loyal Coin.
But of course, you almost do not start with NEM coins in your hand. Usually, the process starts with purchasing bitcoins using our peso, then moving it to an exchange, and then moving it to Nemchange.
Requirements before purchasing Loyal Coins
Make sure all of this are ready before you start any transaction.
- A Coins.ph account. Any bitcoin wallet will do such as an account on buybitcoin.ph. Just make sure you have a way of acquiring bitcoins. For ways to buy bitcoin from the Philippines, check out this article.
- An account on a foreign cryptocurrency exchange. Whether it is Bittrex or Poloniex, it is in the foreign exchange where we can acquire NEM coins. Check our articles for Bittrex, Poloniex, and Binance.
- A NEM Nano Wallet. The last time we checked, it is not possible to deposit straight from Bittrex to Nemchange. Nemchange only wants NEM coins coming from the Nano Wallet, so we need one.
- Note: Instructions for using NEM Wallet can be found in this article.
- A Nemchange account. This is where the trading of Loyal Coins will take place.
Step by Step Guide to buy Loyal Coin from Nemchange
The guide will begin by buying bitcoin using Pesos. If you have bitcoins already, you can proceed to the next steps. If you have XEM already, proceed to the final steps.
- Purchase bitcoin on Coins.ph.
- Alternatively, purchase bitcoins on buybitcoin.ph.
- Send bitcoin to Bittrex (or to a foreign exchange of choice).
- Buy NEM on Bittrex using your bitcoins.
- Send NEM from Bittrex to your NEM Nano Wallet.
- Send NEMs from the Nano Wallet to Nemchange.
- Buy Loyal Coins on Nemchange using your NEM coins.
- Send your Loyal Coins back to the Nano wallet.
How to buy bitcoins on Coins.ph?
Simply deposit some amount to your Coins.ph account via 7-eleven. Convert the pesos on Coins.ph to bitcoins.
How to Send bitcoins from Coins.ph to Bittrex?
Take note of your bitcoin wallet address on Coins.ph AND your bitcoin wallet address on Bittrex (The picture above shows the wallet on Bittrex). Click the send button on Coins.ph bitcoin wallet and make sure the recipient address is the Bittrex bitcoin wallet address
How to buy NEM on Bittrex using your bitcoins?
Go to the BTCXEM Market. The first thing you’ll see is a chart. Scroll below until you find the “Order Book”. This is how it will look like:
At the left side are bids. These are people who want to buy NEMS for X number of BTCs. You can see in the first row that someone (or a group of people) wants to buy NEM coins for 0.00004478 BTC per XEM.
On the right side is the Asks spread. These people have NEM coins, and they want to sell their NEM coins for X number of BTCs. On the first row, someone (or a group of people) are willing to sell their NEM coins for 0.00004499 BTC per XEM.
You can join the bid side and wait for your order to be filled. This process might take minutes or even hours (or days). There’s nothing wrong with that and expert traders utilize the bid and ask spread to determine the right price point for every altcoin. However, for the purpose of this discussion, since we want to buy loyal coins fast, we need to get NEM coins fast as well. So the best way for us is to buy NEM coins from the people who are already selling it. In this case, we go to the first row on the right side.
- Click the very first row in “ask order”. In the picture above, that’s the 0.00004499 BTC (click that number). The order in the middle will be filled. The bid price in the middle will show 0.00004499.
- In the image above however, it shows 0.00004481 because I clicked the order before the .00004499. So please disregard that number and pretend that it’s 0.00004499.
- Put in the number of NEM you want to buy and the amount of bitcoin. Since we want to buy loyal coins fast, we will click “Max Buy”. The “Max Buy” should be under the “Buy New Economy Movement” button.
- Click “Buy New Economy Movement” button.
- Confirm the details.
- Once successful, the NEM coins should finally be in your NEM wallet within Bittrex.
How to transfer XEM from Bittrex to NEM Nano Wallet?
- On your NEM Nano Wallet, find your NEM address. You can do this by clicking “Account”, on the upper right. Copy your “Address”.
- On Bittrex, click “Wallet”. It should be on the upper right side. Under the symbol “XEM” is your NEM Wallet.
- Click the “make a withdrawal” symbol on the left side of the words “New Economy Movement”.
- On the withdrawal page, put the amount of XEM to withdraw.
- Put a tag (anything will do).
- Put the NEM Address which you got from the NEM Nano Wallet.
- Make sure everything is correct (specifically the NEM Address of your Nano Wallet).
- Click “Withdraw XEM”.
Depending on the strain in the blockchain, it will take some minutes before the XEMs make it to the NANO wallet.
Finally, we’re on our way to purchase Loyal Coins on Nemchange.
How to Deposit XEM from NEM Nano Wallet to Nemchange
We’re almost there. The next step is to transfer your XEMs from the Nano Wallet to Nemchange. Here are the steps:
- From Nemchange, find the Nemchange address. This should be visible on the main page at nemchange.com
- Also from NEMChange, note that it wants you to send the NEM along with an “unencrypted” message. Refer to the image here. <– This is very important so please check it out and read carefully!
- From the NANO wallet, click “SEND”, which is at the upper left of the dashboard.
- Put in the details such as the amount of XEMs, the Nemchange address, and the unencrypted message. Refer to the image below.
- Press Send.
Once the transfer is successful, you should see your NEM coins on the Task page of Nemchange.
How to Buy Loyal Coin on NEMChange
We’re now only a few steps away in purchasing Loyal Coins.
- Click the “Exchange” Tab.
- On “Choose the mosaic you want to buy”, click “appsolutely:lyl”
- Click “Go to Exchange”
Now the interface is a bit different from the foreign crypto exchange we have seen earlier. However, the functions are the same. Refer to the image below.
Steps in Buying Loyal Coin from Nemchange
- Refer to the image above. Go to the “Asks” box (lower left), and click “Trade” in the first row. The first row represents the lowest price for purchasing Loyal Coin.
- The details on the first row will reflect on the “Buy Appsolutely:Lyl” box (upper right).
- You can choose the amount of NEMs you are willing to give for this trading transaction, or you can “Max Buy” by clicking the blue button on the left side of “nem:xem”.
- (Once you click “Max Buy”, decrease the amount so that you have atleast 4 NEM coins left once the transaction is complete. 3-4 NEM coins are needed to withdraw on Nemchange.)
- Finally, click “Trade”.
- You now have Loyal Coins!
How to transfer Loyal Coin from Nemchange to Nano Wallet
- Click “My Mosaics” on Nemchange (upper left)
- On the Loyal Coin “row”, click “Withdraw”.
- On the “withdraw” page, put the Nano Wallet address and a message
- Click “withdaw”
Wait for the Loyal Coins to appear on your Nano Wallet. Note that there’s a withdrawal fee on Nemchange that’s around 3 or 4 NEM coins.
Can I send my LYL back to Coins.ph or Bitbit
No, at the time we write this article, Bitbit.cash only supports BTC and Coins.ph supports BTC and ETH.
In the future, there will be more ways to buy Loyal Coins but for now, the above will have to do. We will constantly update this article for other methods to buy NEM and Loyal Coins.
Last Note: Beach Blockchain Event
Appsolutely and NEM Philippines are hosting the Beach Blockchain Conference, happening this May 10 – 11, 2018 in Cebu. You can check out their website here. Use the code “B2Con50” to get a discount on your tickets!