New Economy Movement or digital coin otherwise known as NEM is one of the top 10 most popular cryptocurrencies that you can find today. This is a truly extraordinary success given that this currency is rather new, originated and launched in 2015. During the course of two years this cryptocurrency has not only managed to climb the list of top ten digital currencies, but now commands a market cap of 8.1 billion dollars in total.
What makes this cryptocurrency so great to invest in and how come it experienced such success in only two years?
With dozens of different digital currencies with similar or unique features, it can be hard to reach the top and sit with the big guys like Bitcoin and LiteCoin, but XEM is rocking it. Here are the reasons why.
Main Reasons why XEM Rocks
Like any other digital currency circulating the market of digital currencies, XEM is designed and based on blockchain technology which enables creating decentralized platforms that provide users with possibilities of trading and exchanging transactions without the third party involved and with maximum security included while guaranteeing transparency when it comes to transactions. All your transactions are perfectly clear and visible to you and the second party as the transaction is in progress and only you and the second party are able to follow up with those transactions. Fees are minimal as well, which makes this way of trading a lot more cost-effective, thus making digital currencies attractive.
Now, what makes XEM different than other digital currencies that didn’t make it to the magnificent top ten?
One of the novelties that XEM introduced to digital currency market is the Proof of Importance function. POI is very similar to Proof of Stake, otherwise known as POS, but unlike proof of stake, POI enables the user to gain on using XEM. Proof of Importance is made in a way to guarantee the rise of importance for extensive use of XEM. That means that the more you are using XEM for transactions the more importance you will gain. That way, the system enables progress with performing transactions while at the same time encouraging users to work with XEM rather than just passively keeping their coins in digital wallets. That also affect the money flow positively, also affecting its value in a positive way.
Mining is well known as a way of acquiring digital currencies without investing any money in it. While mining is available for most cryptocurrencies, XEM is offering harvesting. While mining requires extensive usage of electricity and expensive hardware, harvesting is made to be quite the opposite than this function. XEM can be harvested simply by processing transactions and actively using your coins. The only condition needed to be fulfilled is to work with a minimum of 10.000 XEM. In case you have 10.000 XEM and running Supernode while processing transactions, you would be able to harvest more coins, that way earning profit easily without paying overpriced bills for electricity or purchasing expensive hardware.
Now, as much as Supernode and harvesting sounds great, given the fact that these are made to additionally secure the platform where transactions are being made as well as to allow you to earn while processing transactions, you can’t actually use Supernode unless you have 3 million XEM to start with.
All these features help XEM stand out from the crowd, but there is little about security that is actually well thought through and there isn’t anything revolutionary about this currency that we haven’t seen before in Bitcoin or similar digital currencies. When compared to Ethereum and Ethereum coin, XEM might not seem like something special, but the fact that this young digital currency has managed to reach the top 10 list in only two years from being launched says much about its stability.
How Stability Affects XEM and other Cryptocurrencies?
Having a stable currency means that you are dealing with a currency that is strong and is less likely to have a drop of value. Automatically, you are dealing with a desirable cryptocurrency that has a potential of becoming as valuable as Bitcoin or even more in the time to come. That is why people who are investing in digital currencies are more likely to choose to invest in new but stable currencies that have low value per one coin but high total value – like XEM has total value of “bit” over 8 billion dollars – than invest in cryptocurrencies that have high value per one unit but are more likely to have their value drop.
Stability of cryptocurrencies is reached via having people actively using it and not selling and exchanging coins for “real money” in order to try and earn some profit. Having XEM value stable over a long period of time means that there are lots of people who are actually using this currency for their personal transactions, that way keeping these coins alive.
Although XEM is not a revolutionary cryptocurrency it is pretty straightforward and easy to use, being transparent and stable. Those are practically the main reasons why this currency have managed to acquire a stable status.
The Last Week of 2017
The last week of December and simultaneously the last week of the current year was a bit rocky for some cryptocurrencies as although many digital coins have experienced a sudden jump of value, majority of those same coins have later on in the last week lost some of that newly acquired value, dropping from 30% to 100% for some cryptocurrencies. XEM have also suffered a drop, but a very insignificant drop in oppose to its total rising value. Now the market cap for XEM is 8.5 billion dollars while the drop equals only 0.30%, making this currency as stable as it was before.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of liebeslakritze via Flickr
SEC Postpones Bitcoin ETF Decision Once Again
The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.
The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.
The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.
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Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.
Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…
What to Expect in 2019: BTC, BAT, and Steem
There are only a few weeks of 2018 left, and considering how bearish and crypto-unfriendly this year was, a lot of investors will likely be pleased to see it gone. Many believe that 2019 will be the year that will correct BTC prices and bring forth the period of great recovery.
But what does that mean for digital currencies? Which ones are a good investment right now? This is something that we will, hopefully, be able to answer right now. Here are the top 3 coins that everyone should keep an eye on in 2019.
1. Bitcoin (BTC)
Of course, we have to start with Bitcoin, the first and largest cryptocurrency. Bitcoin has lost a lot in 2018, and its losses are unparalleled by any other coin. In fact, in terms of market cap, Bitcoin has lost as much as the rest of the crypto market put together.
Many believe that its rapid growth, which started in late 2017 and has brought it to its all-time high, is responsible. That the bearish 2018 was only a one large price correction of the last year’s price surge. Even if this is true, price corrections, luckily, all end sooner or later, and when this one comes to a close, Bitcoin will likely be ready for a big comeback.
2019 is expected to bring a lot that will serve BTC’s…
The Three Biggest Problems with Crypto
In this bear market, everybody’s asking the same questions. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto boom?
However, before we can answer questions like these, we need to step back and do an honest appraisal of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology — and all too often, for good reasons.
Cryptocurrency is still relatively new, which means that many casual users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.
We’ve contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest problems in crypto are. We found there to be three major problems holding the industry back:
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