Nimiq is a browser-based blockchain designed for simplicity, to help bring the benefits of blockchain technology to everyday people.
NET is a temporary token that will be exchanged for Nimiq (NIM) shortly before the launch of the Nimiq Mainnet. A total of 10,500,000 NET were issued.
This guide is not, and should not be regarded as 'investment advice' or as a 'recommendation' regarding a course of action.
Notes: Images can be clicked to see a larger version. If you're confused by any terms used, a glossary can be found here.
For this guide we'll be using the easiest & most convenient wallet option for storing your Nimiq coins- provided by MyEtherWallet (which can store any coin on the Ethereum blockchain, including Nimiq).
Go to myetherwallet.com and enter a password that would be hard to guess (but which you won't forget!).
Note: if you forget this password you might lose access to your coins.
Press 'Create New Wallet'.
Click 'Download Keystore File'. Be sure to read and understand the warnings.
It's very important that you back this file up somewhere safe (think multiple external hard drives and/or USB drives that you put somewhere safe).
Once you've done that, click 'I understand. Continue.'
Now you will be given a powerful unencrypted private key to your wallet.
Note: Never give your private key to anyone. If you do, they can open your wallet and take your coins.
Consider printing out your private key and storing it somewhere safe- then deleting all references to it from your computer. Why? Because sometime in the future you might get a virus, or malware, or visit a website with an advert that has malicious code.
These things will target a private key, as it's an easy way to open your wallet and steal your coins.
So why print out your private key at all, if it's so insecure? Because it's your last resort. If you lose your keystore file (e.g. your computer gets wiped or damaged), or if you forget your password, with your unencrypted private key you can still access your account as a last resort.
There is also an option to print a paper wallet (which displays everything you'd need to access your wallet).
If you choose to print this, treat it just like the Keystore file you just downloaded- keep it hidden and keep it safe.
Next, click 'Save your address'.
Now we're going to open your new wallet.
Select the 'Keystore File' option, then upload the keystore file you saved in step 2, then enter your password.
Once you're done, scroll down the page to see your opened wallet.
You will see a long string of letters and numbers labelled 'Your Address'.
This is your personal wallet address, and it's where we're going to be sending your Nimiq coins.
Copy this address and keep it somewhere safe as we're going to need it soon.
Now we'll purchase the popular cryptocurrency Ethereum, so that we can exchange it for Nimiq (if you already own Ethereum you can skip ahead).
Choose which Ethereum exchange you'd like to use (by clicking on the logo), and the guide will continue:
If you use this link to sign up to Coinbase we'll both receive ten dollars of free coins when you spend over $100 (or the equivalent in your currency).
Press the 'sign up' button and fill out your name (make sure this is exactly how it's written on your photo ID), email, password and location.
Just like a US bank, Coinbase is regulated by the US government, and has to follow strict financial rules. So they take verifying your identity very seriously. It's a pain, but it does give Coinbase a reputation for being the most trusted way to convert fiat currency to cryptocurrency.
To verify your account you must supply a phone number, upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.
Using a credit/debit card on Coinbase means higher fees but offers instant purchasing. Using a bank transfer is cheaper but slower (taking up to a week to get your coins).
Once your payment details are verified, click 'buy/sell' on the top menu.
Select 'Ethereum', and at the bottom of the page choose how much to spend in your local currency / how many coins you want to buy.
Once you're happy with the amount, click the big 'Buy' button.
You'll be asked to confirm your purchase.
Press the 'Confirm Buy' button.
Congratulations! You now own some Ethereum. But don't close Coinbase yet, we're going to need it again in a few minutes.
Click here to go to Cex.io
Click the 'Register' button along the top menu.
Enter your email address and a secure password. Click the checkbox to agree to the terms.
You will now be asked to set up 2-factor authentication for your new account. It is strongly advised not to skip this step, as 2-factor authentication makes your account far more secure.
We recommend using the 'Smartphone App' option.
Once your security has been set up, you'll be taken to your account dashboard.
Before we do anything else, head on over to your personal email account- there will be an email from Cex.io asking you to click a link to verify your account. Click it.
You will be taken to a page telling you your email has been confirmed. Click 'Go back to the site'.
Look for your user ID in the top menu, hover your mouse over it and in the drop down menu click 'Verification'.
Every exchange that lets your buy cryptocurrencies for cash require you to verify your identification before doing so.
Complete the Cex.io verification process by supplying your personal information and uploading your ID.
Once you're verified, click the 'Deposit' button along the top menu.
You now get to choose how you'd like to deposit money:
Via credit/debit card
If you choose credit/debit card you can buy instantly, but you pay commission on the money you deposit.
Via bank transfer
This option takes a few days for the transfer to arrive but has no commission fees.
Choose the method you prefer and follow the instructions to deposit your money.
Once your money is in your account, click 'BUY/SELL' on the top menu.
Choose 'ETH' and the currency you'd like to buy it in (Dollars, Euros, Pounds or Rubles).
You will be offered some precalculated amounts of Ethereum, or you can scroll to the bottom of the page and input the amount of Ethereum you'd like to buy in the 'Custom amount' box.
Once you've decided, click 'Buy'.
You'll be asked to confirm your buy.
Check everything looks correct and click 'Confirm the order'.
Congratulations- you now own some Ethereum!
If the Ethereum / Nimiq exchange is not preselected (it will say NET next to the Etherdelta logo) click on whichever coin name is there instead to access a drop down menu- find NET in there and click it.
Note: If you ask for help in the Etherdelta chat channel, people claiming to work for Etherdelta may ask for your private key to help you. These are scammers- never give your private key to anyone.
Along the top menu, click 'Select Account' and then 'New Account'.
You will be presented with a new Ethereum wallet address and its private key.
Copy both of these down somewhere safe.
Note: if you lose this private key you may lose access to your coins.
Once you have the information saved, press 'OK'.
Now, return to Coinbase.
Click 'Accounts' from the top menu, then find your Ethereum wallet listed on the left.
In the 'Recipient' box, paste the Ethereum wallet address we just copied from Etherdelta.
In amount, type how much Ethereum you wish to send (there is a 'use max' option if you wish to send it all).
Coinbase may ask you to confirm with your password/phone. Follow the instructions until it confirms the Ethereum are sent.
Go back to Cex.io
Press 'Withdraw' on the top menu.
Under 'Select currency and amount' click 'USD' and select 'ETH' in the drop down menu.
Input the amount of Ethereum you're sending.
In the box labelled 'Enter the recipient's address below' paste the Ethereum wallet address we just copied from Etherdelta.
Once you've looked everything over, click the check box to confirm you've double checked everything is correct.
You will be asked for a 2-factor authentication number.
Use your selected method of authentication to generate the number and write it in the box. Press 'Confirm'.
You will be sent an email to confirm the withdrawal.
Go to your personal email and click the link Cex.io has sent you. This will send the coins on their way.
Go back to Etherdelta.
It's going to take a few minutes for your Ethereum to reach your account.
While you're waiting, consider sharing this guide with your friends and followers to spread the word about Nimiq, encouraging its popularity and value to grow.
Here's some share buttons to make it easy:
Before we do any trading, we're going to adjust the 'gas' amount that our Etherdelta transactions consume. This will help keep things moving swiftly, as Etherdelta's default settings can mean long waits for coins to move.
On the top menu click the furthest right button, then select 'gas price'.
In the popup that opens, you want to type a minimum of '30', and then click 'Set gas price'.
Note: If you don't set a high enough gas price your transactions can be very slow, or even fail, so we encourage you to visit this site and pay attention to what the 'Recommended gas price' is at this moment. We suggest setting your Etherdelta gas price to be the same as the 'Gas Price (gwei)' number suggested for 'Standard (<5m)'.
Here's more information on how gas works.
Once the Ethereum is in your account it will show under 'BALANCE'.
Now we have to move that Ethereum so that it's available to trade. Beneath 'ETH' In the box marked 'Amount' enter how much Ethereum you're ready to trade for Nimiq.
Note: Do not enter the whole amount of Ethereum. You need to leave a little in this wallet to cover gas fees. For example, if you have 10 Ethereum to trade, enter 9.95 in this box.
Once you're happy with the amount, press 'Deposit'.
A pop-up will appear to let you know you're moving the coins. If you wish, you can click the link it gives you and watch the transaction take place on the Ethereum blockchain.
Once the Ethereum has moved to the 'Etherdelta' column in your balance you're ready to trade.
Look at the 'Order Book'. This is telling you the current buy and sell orders for NET. The red orders are users wanting to sell NET, the green orders are users wanting to buy NET.
Let's look at each column by itself:
NET/ETH - this is the ratio of one coin to the other, for example, 0.01 in this column would mean 0.01 Ethereum will buy you 1 NET.
NET - this is the number of NET that the user wants to buy or sell.
ETH - this is the amount of Ethereum that the transaction will cost.
Buying option one
The first (and easiest) way to buy NET is to simply click a (red) sell order, and in the pop-up that appears press 'Buy'.
Note: There are sellers who purposefully list coins at a bad exchange rate in an attempt to trick users into paying too much. Be very careful to check that the sell order is offering a fair price. Use this calculator to be sure you're getting a reasonable exchange rate of Nimiq to your Ether.
You can edit the amount of NET you're buying in the 'Amount to buy (NET)' box if you don't want to buy the full amount of the order.
If the exchange is successful a pop-up will appear with a link to the transaction on the blockchain.
Buying option two
The second option (and one we do not recommend for first time users of Etherdelta) is to buy NET by using the 'New Order' option.
In the 'NET' box type how many NET you'd like.
In the 'NET/ETH' box type the ratio you'd like to buy at. Be very careful- Etherdelta has become notorious for users being confused by what ratio to use and exchanging their Ethereum at a terrible rate.
For a good idea of what ratio to use, look at the top buy order for what the going rate is- in the example image it is 0.011. This translates as 0.011 Ethereum coin buying 1 NET coin.
The next box, ETH, will automatically fill with the amount of Ethereum this transaction is going to cost. If this looks correct, go ahead and press Buy. The order will go onto the exchange. It will either be filled by a seller, or will eventually expire, which means your Ethereum will be returned to your trading balance unspent.
If you used buying option one your NET will soon appear in your Etherdelta wallet.
If you used buying option two, the NET won't appear until your order is filled.
Either way, once the NET is in your wallet, you're going to want to move it to your Myetherwallet address.
In the 'Balance' box press 'Withdraw', and in the box under NET, type the amount of NET in the Etherdelta column.
A pop-up will give you the transaction address if you wish to view it on the Ethereum blockchain.
Your NET will take a few minutes to move from the 'Etherdelta' column to the 'Wallet' column. When it has, this means the NET are currently residing in the wallet we created in step .
But we don't want it there, we want it in the secure and backed up wallet we created in step 5. So, in the Balance box, click 'Transfer'.
In the box under NET write the amount of NET in your wallet.
Replace the current wallet address with your Myetherwallet wallet address- the one we copied down in step 5.
Note: You CANNOT store Ethereum tokens, such as Nimiq, on Coinbase. If you send your Nimiq to Coinbase you will lose them.
Note: We suggest you do a test transaction first using a small amount of NET.
A pop up will appear with the transaction reference on the blockchain.
Go back to MyEtherWallet.
You should now see the Nimiq (abbreviated to NET) in your wallet under 'Token Balances'.
One note of importance is that the example wallet in this guide has no Eth in it. Why is that important?
Nimiq coins exist as a token on the Ethereum network. To move Nimiq coins across that network costs 'gas', which are in the form of Ether coins. If in the future you want to move your Nimiq coins to another address, you're going to need some of those Ether coins to power the transaction.
You already know how to buy Ether, but you can use this guide if you're still unsure how to move them to your personal wallet.
What about when you're ready to sell your Nimiq?
You simply reverse the order of tasks you performed in this guide.For example, you send your Nimiq to Etherdelta, exchange it for Ethereum, send that Ethereum to Coinbase Cex.io Local Bitcoins and sell it for your preferred currency.