Other features include P2P secure and encrypted messaging system, multi-signature accounts and an Eigentrust++ reputation system.
NEM cryptocurrency recently went through an impressive increase in price that catapulted it to the apex in market capitalization for crypto. But it’s still difficult to buy the XEM token simply because it’s not yet available on popular fiat-enabled exchanges.
If you intend to buy or recently bought your first XEM, the next step is to send them to your account for storage.
If you choose to buy XEM tokens with the intention of disposing them within days or weeks, the best place to store them is in Exchanges or a Mobile Wallet
The one underlying factor that is common with XEM and all other cryptocurrencies is that you should not hold them on an exchange unless you are a trader. If you recently bought your first XEM (NEM token), it’s most likely they are stored on an exchange.
Leaving or storing your XEM on an exchange exposes you to a third party attack that can take control of your account and funds. You should only leave your XEM on an exchange for as long as necessary.
You can use your mobile wallet like a prepaid card. You should only store the XEM tokens you intend to use. You can back up the mobile wallet by going to your account, click on “more”, “export account” then click “View private key”. Write the private key on a paper or take a screenshot and secure it in a safe place. You can also import the private key to Nano Wallet or NCC.
You can hold on to your XEM for longer periods for speculation purposes or simply as a future investment alternative. To store your XEM safely for months or years, you need a Nano Wallet.
You can use the Nano Wallet to create a simple wallet on the main site. It’s best to use Google Chrome to download the Nano Wallet. Before you commence the installation, make sure your PC has no viruses and remember to use a strong password.
Storing your XEM in Nano Wallet allows you to access delegated harvesting. Harvesting in NEM is the process of creating blocks and earning transactions fees on that block as a reward for your work contribution. You need a minimum of 10,000 XEM in your account to start harvesting.
Now that your Nano Wallet is running on your computer, you need to back up the Nano Wallet in case your hard disk crashes. It’s best to do backups to a file and paper. Store your wallet file on different drives such as USB sticks, USB HDS, and network storage. Encrypt the file before you store it on a different drive.
Your wallet file will become useless without your password. To know your private key, log in with your password and it will display. You can write this information on a piece of paper or print it out and keep it safe. With the private key, you can control your account without the need for a password.