The crypto markets exploded in 2021, bringing with them a slew of alternative cryptocurrencies (or altcoins) that thrived and outperformed the market leader, bitcoin. While bitcoin returned only 59.8 percent last year, the crypto sector’s overall market valuation increased by 187.5 percent, with several altcoins returning in the four and even five digits.
Experts argue that tokens may be used by altcoin investors to limit risk because certain low-cost coins and projects do not require large investments. The most common reason for trading altcoins is the possibility of a faster return on investment in the short term.
With over 9,000 altcoins in circulation and more being created on a daily basis, it is clear that the majority of popular exchanges are unable to keep track of their data. As a result, investors who want to buy tokens like EtherGem (EGEM) will have to go the extra mile to do so.
We’ll walk you through the process of buying Ethergem step by step below (EGEM).
What is EGEM?
EtherGem is a fully operational primary blockchain based on the proof-of-work consensus algorithm. Although the blockchain is self-contained, it was initially built on the Ethereum network. The core group began building EtherGem using established Ethereum (ETH) core technologies before incorporating novel masternode technologies to complete the blockchain’s functionality.
Technically, EGEM is an Ethereum chain with EIP150, EIP155, and EIP158 enabled from block 0 per the yellow paper’s definition.
EtherGem (EGEM) is a decentralised coin with no pre-mine. It makes use of a node reward system to ensure that node holders receive incentives. True to its origins as a cryptocurrency, the Proof of Work mining community will always be a part of the EGEM future and is the cornerstone of the EGEM launch.
EGEM, like a number of other primary blockchains that are less well-known in the cryptocurrency space, has yet to be listed on a leading cryptocurrency exchange. Although it is available on some exchanges, very few of these exchanges allow for direct fiat purchase of EGEM.
You will learn how to make your first investment in/purchase EtherGem by following the steps outlined below.
Step 1: Register on Fiat-to-Crypto Exchange
As previously stated, most exchanges that list EGEM do not support Fiat-to-Crypto transactions, so you can only obtain EGEM coins by exchanging them for Bitcoin or Ethereum.
You can, however, find a popular fiat-to-crypto exchange to purchase Bitcoin or Ethereum. To use their trading services, complete their sign-up process and open an account with them.
Several popular fiat-to-crypto exchanges require a Know-Your-Customer (KYC) verification procedure before you can begin making transactions. KYC procedures should ideally require you to provide a valid form of identification (typically a passport or a driver’s licence from another country).
Step 2: Buy BTC with Fiat Money
After successfully signing up for a platform that supports Fiat-to-Crypto transactions, the next step is to obtain the cryptocurrency you want to buy. Given the foregoing, you may need to determine which cryptocurrency (Bitcoin or Ethereum) will be the most efficient to convert to EGEM on the exchange from which you intend to purchase EGEM.
The ease of making such transactions is something to consider when looking for an exchange that supports fiat-to-crypto transactions.
For example, the CryptoWallet exchange allows you to buy Bitcoin instantly on its platform using a debit card or a bank transfer. It provides a very similar experience to placing an order online and paying with a credit card or a bank transfer.
Purchasing Bitcoin or Ethereum on the CryptoWallet exchange is as simple as three steps: deposit a fiat currency (such as USD) via a debit card or bank transfer, confirm the live BTC trading price on the CryptoWallet exchange, enter the amount you wish to purchase and confirm the transaction.
Step 3: Transfer BTC to an Altcoin Exchange
After successfully purchasing your Bitcoin (or Ethereum), the next step is to find an altcoin exchange that accepts EGEM and has it listed for trading on their platform.
There are numerous altcoin exchanges to choose from, just as there are numerous major crypto exchanges. Gate.io, HotBit, and Huobi Global are three major exchanges for trading altcoins, each with unique characteristics that set it apart from the others. We advise you to conduct your own research and select an altcoin exchange with which you are familiar.
These altcoin exchanges also necessitate a registration process. Although some of them are not as difficult as fiat-to-crypto exchanges, they still require you to provide some detailed information.
After you’ve completed the signup process, you’ll need to initiate a transfer from your fiat-to-crypto exchange to your preferred altcoin exchange. The process of making a deposit on an exchange is similar across most platforms. On most exchanges’ platforms, there will be a visible “deposit” button next to “Bitcoin” (or ETH).
When you click the “deposit” button on the new exchange, you will be assigned a unique wallet ID. Go back to the crypto exchange where you bought your BTC (or ETH), enter your wallet address, and click “Send.”
If you purchased BTC through CryptoWallet, all you need to do now is select the cryptocurrency you want to send, enter the amount of BTC (or ETH) you want to send, paste the wallet ID you received from the altcoin exchange, approve the transaction, and wait for your coin to appear on the new exchange. Here’s a step-by-step guide on how to do it on CryptoWallet.
Once you’ve received your coins from the cryptocurrency exchange, the rest is quite simple. Finally, on the exchange, search for the “EGEM/BTC” or “EGEM/ETH” trading pairs, enter the amount of EGEM you want to buy, and click “Swap/Trade.”
Last Step: Store EGEM Securely
Now that you have successfully purchased your first EGEM, the next thing to consider is how you wish to store your EGEM token. It is no news that the cryptocurrency sector is vulnerable to hacks and theft. It is therefore very important to examine different means to store your EGEM tokens before deciding on which is best for you.
Cold storage (also known as offline wallets) is one of the safest ways to store cryptocurrencies since it is not accessible over the internet. The Ledger Nano S and Nano X are two of the most famous hardware wallets in the crypto market today, supporting a wide range of crypto assets.
Hot wallets, on the other hand, are still used more frequently due to the convenience they give in terms of transactions and availability. Most crypto exchanges use this kind of storage, with the security of funds being assured by an independent and reputable third-party security firm. CryptoWallet, for example, uses Bitgo, an industry-leading digital asset custodian, to protect its five high-cap cryptocurrencies housed on its platform.
Other Useful Tools for Trading EGEM
One of the major things that affect the prices of cryptocurrencies generally is News. Because, unlike traditional currencies, cryptocurrencies are not controlled by any authority (as at the time of writing), they are extremely sensitive to good or negative news.
As a result, every popular feeling or point of view produced as a result of good or bad news has a direct impact on their worth.
BitcoinNew and Coindesk are some of the top cryptocurrency news platforms that provide you with the latest news surrounding the cryptocurrency markets. The information gained from here can help you make the best decision on when to buy EGEM or when to sell it to re-enter at a lower price.
Can I buy EGEM with cash?
No. However, it is advised that you purchase Bitcoin or Ethereum on a reputable exchange that enables fiat-to-crypto transfers, then convert them for EGEM on any altcoin exchange of your choosing.
Are there any quick ways to buy EGEM in Europe?
Yes! Some banks in Europe, like Bunq and Revolut, enables anybody residing in Europe to create an account online and buy cryptocurrencies on exchanges like Coinbase.
Are there any alternative platforms to buy EGEM or Bitcoin with credit cards?
Yes! Changelly, for example, is a platform that allows you to buy Bitcoin using a credit card. After successfully purchasing BTC, you may proceed to your favourite altcoin exchange to purchase EGEM tokens.