How To Buy NYM (NYM)?

A common question you often see on social media from crypto beginners is “Where can I buy NYM?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports NYM (NYM)

First, you will need to open an account on a cryptocurrency exchange that supports NYM (NYM).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase NYM (NYM) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy NYM (NYM)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for NYM (NYM) or NYM (NYM) trading pairs. Look for the section that will allow you to buy NYM (NYM), and enter the amount of the cryptocurrency that you want to spend for NYM (NYM) or the amount of fiat currency that you want to spend towards buying NYM (NYM). The exchange will then calculate the equivalent amount of NYM (NYM) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of NYM (NYM) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

Alternative ways to buy NYM (NYM)

Because the project is very new, it is only offered directly on a select number of exchanges. If you’re not comfortable connecting your bank account to any of these smaller exchanges, or if you cannot connect your bank account to them for geographical reasons. Then you can instead create an account on any of the major exchanges and simply transfer the funds from there.
Out of the major exchanges we recommend the following based on functionality, reputation, security, support and fees:

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is NYM (NYM)?

The Nym network is a decentralized and tokenized infrastructure providing holistic privacy from the network layer to the application layer. With Nym, you can communicate freely without censorship or fear of deanonymization. Combining a decentralized mixnet and a credential system, Nym weaves token-based incentives into the ecosystem it enables, delivering privacy that is both sustainable and scalable. Nym fills in the missing pieces of the cryptographic revolution necessary to end mass surveillance.

How does NYM work?

Privacy is a property of an entire system taken as a whole, not any one aspect of the system. Even if you use the most advanced cryptographic tools to secure one layer of your communication, it won’t be private if the other layers leak information. Nym’s goal is to provide privacy to all internet traffic across multiple layers by deploying a generic system that can scale by design to include the entire world.

• Nym is comprised of two components:
• A decentralized mixnet that protects users’ network traffic (layer 0), improving on the models represented by VPNs and Tor.

A tokenized credential system that provides application-level privacy and that enables users to access the Nym mixnet. Economic incentives are necessary to encourage participation and to avoid network abuse. To that end, the network requires users to utilize NYM tokens. These tokens are used to pay for and are integral to the provision of network services. For example, mixes are rewarded for mixing—the intensive but useful computation needed to route packets on behalf of other users in a privacy-enhanced manner—rather than mining. Designed to be compatible with any blockchain, a Nym blockchain maintains the state of credentials and the operations of the mixnet so the Nym network can be decentralized, permissionless, and trustless. Use of the token also prevents network abuse and an economic disincentive to “spam” the system. Nym provides stronger privacy than any single-use-case mixnet or isolated application of privacy-enhancing technologies or cryptographic primitives. Because its infrastructure supports so many different applications, Nym can blend large, diverse user bases of different applications into a single massive crowd. This is a breakthrough, because in order to be anonymous when using a system, you must be indistinguishable among a group of users—and the larger the group, the better the privacy.

What is the NYM Token?

The aim of Nym is to ensure privacy by addressing two major problems of the internet today:

• the technical problem whereby the core internet protocols were simply not built with privacy in mind;
• and the economic problem, where today’s digital platforms and infrastructures have surveillance at the center of their business models.

The first problem is solved with the mixnet — a decentralized privacy network that delivers privacy to end-users by mixing their packets. The second problem is solved with the NYM token, which facilitates decentralization while incentivizing mix nodes to provide a high quality of service, ensuring that the mixnet can scale according to demand.

When users pay for using the network for privacy, or apps pay on behalf of their users, some fees go to reward the nodes that operate the network. These fees are taken in or converted to NYM in order to prevent the network from being subject to the volatility of any other underlying asset. Thus, the more usage, the more NYM tokens are available for rewarding nodes and scaling the mixnet to match demand!

Thus, the NYM tokenomics is intended to economically incentivize people to provide privacy, rather than surveillance. Not only that, the tokenomics has been designed and engineered to incentivize good privacy protections: the better the service in terms of mixing packets, the better the reputation of a mix node in NYM will be in the overall infrastructure. In essence, NYM serves a ‘reputation’ token for mix networks.

The NYM token is for anyone who wants to make use of or help provide network layer privacy.
More specifically, the NYM token is for:

• End users who want to protect their privacy at the network layer by sending their communications through the Nym mixnet. They will want NYM tokens in order to pay for the service, although the first few months of the mixnet will be free of charge while the network is being optimized for speed and efficiency. Payment of fees in fiat or cryptocurrencies like Bitcoin can be converted to NYM. Note that NYM is not a general-purpose payment mechanism or cryptocurrency.
• Node operators who want to run mix nodes and earn rewards. They will want NYM tokens in order to pledge a mix node and join the mixnet. They then have the chance to be considered for the reward set of mix nodes doing the work of mixing packets and earning rewards.
• Community members who want to ensure the mix network is operating with a high quality of service. Not every person may want to run a mix node themselves. Instead, community members can delegate NYM tokens to increase the reputation of mix nodes that they believe will provide a good quality of service. Of course, the opposite is also true and if a person delegates NYM to a poorly-performing mix node, then they will fail to increase their NYM as the mix node fails to perform. Anybody who holds NYM tokens can delegate and receive a share of a mix node’s rewards for contributing to ensuring the quality of the network.
• Applications that want to use the privacy-enhanced bandwidth provided by the mix network for their users. They will want NYM tokens in order to pay for usage of the network. The first few months will be free of charge however to help support developers as they begin to build on the infrastructure. The Nym network should support a wide variety of sustainability strategies and business models, including those that appear free to end-users and that are not-for-profit.

NYM development updates in 2023

NYM, a next-generation privacy platform engineered by top researchers and developers, has experienced several noteworthy updates in 2023. These developments focus on enhancing the network’s privacy capabilities and expanding its utility in the blockchain and cryptocurrency sectors.

• Decentralized VPN – NymVPN: A major development in 2023 is the plan to roll out NymVPN in early 2024. This decentralized VPN is designed to bring strong privacy features of the Nym mixnet to a broader audience, further strengthening the token’s utility and integration in the privacy sector​​.

• Roadmap Progression: Throughout 2023, Nym has focused on scaling its operations to end users. This includes the implementation of NymConnect for full system protection, ensuring that its services can be accessed without compromising user privacy. This development is in line with Nym’s broader strategy to enhance user privacy on the internet through its platform​​.

• Enhanced Privacy Features: Nym provides a full-stack privacy system, which includes a mixnet that offers privacy at the network level and private credentials for application-level privacy. These features collectively contribute to a comprehensive privacy solution in the blockchain industry. The mixnet uses multiple layers of encryption to protect user data and metadata, ensuring private and secure communication​​.

• Market Position and Trends: NYM has been actively monitored in the crypto markets, with various platforms providing analysis and tracking its performance. The token’s value and market trends are observed closely, reflecting its growing significance in the privacy-focused blockchain sector​​​​.

These updates indicate NYM’s commitment to advancing privacy technology in the blockchain space, enhancing the overall security and confidentiality of user data and communications. The developments in 2023 set the stage for more widespread adoption and utility of the NYM token and its associated technologies in the coming years.

Official website: https://nymtech.net/

Best cryptocurrency wallet for NYM (NYM)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for NYM (NYM)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).