In the world of crypto, the XEM or the NEM cryptocurrency has been trending among investors willing to diversify their crypto portfolios on various P2P exchange platforms. Among such, P2B occupies a leading place among large ones.
P2B is one of the leading global cryptocurrency exchanges that offers a user-friendly platform with lots of trading pairs such as XEM/USDT and XEM/BTC.
This article will talk about how to buy XEM P2B, its features, advantages, and disadvantages.
So, to know more, keep reading, keep learning!
What is XEM?
It is a cryptocurrency that powers the New Economy Movement blockchain. To verify transactions, NEM uses a unique consensus algorithm called Proof of Importance.
It was introduced in March 2015 and is one of the early pioneers in the cryptocurrency industry, striving to address and improve upon the imperfections found in other blockchain systems of the time. NEM introduced several innovative features that are listed below.
Features of XEM
Features of XEM
- POI consensus algorithm: Unlike the usual POW (proof-of-work) or POS (proof-of-stake), XEM uses a unique POI algorithm. It rewards the users on the basis of their level of activity and the importance within that network.
- Smart Asset System: It enables the users to configure the blockchain for their needs. Namespace allows defining a domain of the client within the chain. The users can name their mosaics, and they can send easy-to-remember names instead of custom addresses.
- Mijin private blockchain: This is a private version of the NEM blockchain. Mijin is used in many financial industries for bringing down the costs of banking and offering greater security. The Mijin network does support smart contracts.
- Eigentrust++ reputation system: It checks whether the information received from nodes is true or not, and the nodes that contain correct information increase their reputation scores.
Why Buy XEM on P2B?
Why Buy XEM on P2B?
P2B is a popular choice to purchase XEM for its ease of use, great variety of trading pairs, and high liquidity. Security and reliability are offered for peer-to-peer trading, together with advanced security features that include two-factor authentication of users and cold storage of users’ funds.
The main benefits of buying XEM on P2B include possibility such as choosing between different payment options: credit/debit cards, bank transfers, and other cryptocurrencies. Investors can easily choose the most convenient variant in respect of their needs and preferences.
Later in this article, we will continue with more advantages.
How to Buy XEM P2B
Buying XEM through P2B is pretty easy and can be performed in several easy steps:
- Create an account on P2B: On its website there is a Sign-up button to create a new account. Create the new account by filling your email mobile number and a password.
- Indentity Verification: You have to verify your identity by providing a valid photo ID and answer some short questions to follow the AML and KYC regulations.
- Add Payment Method: You may fund your trades by adding a payment method to your already-verified account through credit/debit cards or a bank account.
- Buy order: On the trading page of XEM select your desired trading pair and click on it – for example, XEM/USDT or XEM/BTC. After that, insert the amount of XEM you want to buy, and the price you will pay for it, then click on the “Buy XEM” button.
- Complete the transaction: Once the order is matched with any seller, the XEM tokens will be credited to your wallet in P2B, and the respective USDT or BTC amount will be deducted from the account balance.
When buying XEM on P2B, one needs to look at the current market price, trading volume, and liquidity before coming to a final conclusion.
Advantages of XEM
- Speedy transaction processing: The average time for an XEM transaction is about 20 seconds, which is quite fast compared to Bitcoin. The transactional speed of BlockDAG is also very high that can be compared to XEM’s speed.
- Low transaction fees: XEM charges only 0.001 percent of the total amount transferred.
- Language independence: The language used by NEM’s blockchain is independent of the programming languages.
- Secure Mobile and desktop wallets: The wallets of XEM are available on Android, iOS, and desktops; this makes the security part being quite reliable.
- No inflation: All 9 billion XEM coins have already been created.
- Ease of running a node: XEM nodes can be run on normal computers, consuming very small amounts of electricity.
Disadvantages of XEM
- Classic mining is impossible: New XEM tokens are not mined; instead, users who have at least 10,000 XEM in their wallets, harvest them.
- Smaller user base: It is difficult for XEM to attract many users compared to established platforms such as Ethereum.
- Marketing and Community: Although XEM has a good development fund, it has not yet achieved the same level of marketing exposure and community following as many of the other major cryptocurrencies.
- Ambiguity: The fact that there is no transparent clarity on how Mijin’s private blockchain fork works differently from the original NEM blockchain creates some confusion.
Conclusion
Buying XEM on P2P exchange platforms, like the marketplace P2B, provides investors with the ease and security necessary to strengthen their crypto portfolios with NEM. Having an easy-to-use interface, a variety of trading pairs, and different payment options, P2B is an attractive platform on which to buy XEM.
Its unusual model of harvesting, however, combined with a relatively small user base and marketing challenges, may make it lag behind some of the other top cryptos.
