2017 was the year for cryptocurrencies, Many of the cryptocurrencies prices increased dramatically let it be Bitcoin, Litecoin, Ethereum, Monero, etc. One of them was NEM (New Economy Movement).
In Jan 2017 the price of NEM is at 0.0003USD and at the time of writing the post, the price of NEM is 0.7USD which means almost 2500% rise in the price. So investing in the NEM might be a good decision for a long term.
But before investing in any coin we require a secured wallet to store them. So in this post, I am going to teach you how to create a NEM wallet securely and use it.
So without further ado let directly jump on the topic.
How to create NEM Wallet.
Step 1:To create NEM wallet, first of all, go to https://nem.io/downloads/ and download Nano wallet. It is available for Windows, Mac, and Linux.
Step 2:After downloading extract the zip file. Now disconnect your computer from the internet for the safety of your wallet and open nanowallet.exe file.
Step3: Now click on sign up and choose desired Username and Password then click on create a wallet.
Step 4: After that, a window will open where wallet raw file and private key will be shown. Write it on paper and keep it safe. Also, copy the wallet raw file text, paste it to a new text file and it as a “MyNEMwallet.wlt”. It is the backup of your wallet file.
Warning: If you ever lose your private key there is no way to recover your wallet.
Step 5: If You had saved your private key and wallet file safely, then check the boxes i.e “I have my wallet file” “I have my private key and password” and “I agree on terms and condition” and on I agree.
You have created you NEM wallet successfully.
Step 6:To login into your wallet click on log in select your wallet and fill your password or private key. then click on log in.
step 7: Now connect your computer to the internet.
Step 8: After that check the node shown in the image if there is red circle then you have to select node.
Step 9: You can select a node by click on a node and select any node and click on close.
Step 10: If there is green circle beside the node then your wallet is ready to use.
Step 11:To send NEM, click on send, fill the NEM address of the receiver, write the amount you want to send, paste your password or private key as shown the in the image below and click on send.
Step 12: To receive NEM click on receive, you will get your public address there, simply share this address with the sender or you can also fill the amount and generate the barcode and share with the receiver.
Frequently asked questions.
Is Nem wallet available for Android and IOS?
Yes NEM wallet is available for Android and IOS. I had personally tested monero android wallet but it crashes a lot. I hope might be fixed in coming update.
I am Jitendra Dhage founder of innovativetricks.com. I am a mechanical engineer by education but my interest in technology brings me in the field of cryptocurrencies. I started this blog to share my knowledge and experience about cryptocurrency.