One of the most common questions new digital currency buffs ask is “should I invest in bitcoin?” Savvy crypto investors believe that when it comes to investing in bitcoin, the ship has set sail. They urge upcoming investors to explore other digital currencies such as Ethereum, Monero, Dash, Litecoin, Ripple, etc.
Why you may find it hard to believe, most of these alternatives to bitcoin are far superior and better than bitcoin. Another potential altcoin to pay close attention to in the crypto market is NEM (XEM).
The Meaning of NEM
NEM is short for New Economic Movement. The digital currency is aimed at creating an open digital economy that’s beyond the control of the authorities. It is aimed at building a new economy based on equality, financial freedom, solidarity, and decentralization.
NEM was launched back in 2015, and it’s the brainchild of UtopianFuture that was inspired by NXT coin. At first, they planned to create a fork from NXT, but the founders later decided to begin NEM from a new codebase. NEM’s first stable version was released March 31st, 2015.
The Team and the Development
At the moment, there are three developers behind the source code of NEM, and there are no sales or marketing staffs. Lon Wong is the leader of the team, but there is no information regarding the other members of the team.
Reasons Why NEM Is Already Ahead of Bitcoin (BTC) and Ethereum (ETH)
- Pol: It doesn’t require much power or electricity, it is energy efficient.
- EigenTrust++: It offers better security.
- Two-Tier Design: You own a NEM wallet without stress.
- Multi-Signature Accounts: You can operate a multi-signature account without the support of a third-party.
Some Potential Uses of NEM (XEM)
- Stock ownership
- Health records
- Legal records
- Supply chains
- Royalty payments, etc.
NEM Price Fluctuations
Though the digital currency is just about three years in the industry, it has proven itself to be one of the most profitable digital currencies in the market. For instance, the value of the digital currency surged by 5,950 percent last year. The value of the coin has not been stable over the past few months, as it has been following the trend in the digital currency market. Nevertheless, if you are patient enough to wait during the tough periods, you can make mouthwatering returns with NEM – according to an analyst in the industry.