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Should you buy New Economy Movement (XEM) now?

nem c ryptocurrency

New Economy Movement XEM/USD was developed to be a better blockchain when compared to many others and it tries to do this through the usage of two key concepts of proof-of-importance (PoI) as well as harvesting. Many blockchains, for example, use proof-of-work (PoW) or proof-of-stake (PoS). 

This requires a mining device to do the work for the blockchain, where the rewards are allocated to the miners based on their contributions, and New Economy Movement uses harvesting instead of it, which might be a good reason as to why this might be a good time to buy XEM.

Generating XEM in New Economy Movement

PoW leads to a lot of power consumption, and PoS incentivizes cryptocurrency saving instead of spending, as the participants with more coins hold more power.

PoI rewards users that make transactions with others on the network, and conducting more transactions above a minimum size also adds to a participant’s POI score and helps that participant gain a lot more chances to claim a reward. 

In other words, they cannot be mined, and instead, the new coins are produced through what is known as harvesting in order to determine who harvests the next block. Through this method, every time a transaction is initiated, the first computer to see the transaction notifies other users around that transaction while generating a new block.

Whenever a user who has 10,000 vested XEM ends up generating a block in NEM, they get the transaction fees as a reward. This is why you might want to invest in XEM early on, as there will come a point in time where many users will want to vest 10,000 XEM tokens in order to harvest the next blocks.

Should you buy XEM?

On March 17, NEM launched Symbol after 4 years of development, which is the next evolution of the blockchain. In fact, the mainnet officially went live and marked the next chapter for the blockchain. Symbol is intended to be the connection between businesses and the blockchain, developed with interoperability in mind. 

This is when we saw the value of XEM at $0.39. Keep in mind that Symbol has its own token, XYM, which runs in parallel with NEM.

On May 23, 2021, the NEM Group announced that it would enter the NFT space with sports legend Sir Kenny Dalglish and the Manchester City star Riyad Mahrez. 

NEM’s entry into the digital collectibles space is focused on offering a premium product experience aimed to bring fans and supporters closer to the brands that they love. This can, potentially, increase the value of the XEM token over time as more people become interested in it due to this new NFT initiation.

If we look at its history, we can see that XEM had a bullish start which was seen as a good sign. It sat comfortably around the $0.20 mark throughout the beginning of 2021.

On June 14, 2021, XEM is worth $0.16. With the innovations and increase in popularity of XEM we could potentially see it rise to over $0.30 by the end of 2021. However, if it ends up falling below $0.15, it would be seen as a bearish sign as a key support level failed to attract patient buyers looking for an opportunity to buy on a dip.

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from Cryptocurrency – Invezz

All About Solana And Why It’s The Game-Changer Crypto Of The Year

All About Solana And Why It's The Game-Changer Crypto Of The Year

While no one can deny the massive influence of Bitcoin on the cryptocurrency and blockchain worlds, and no one can possibly refute the utility of the Ethereum blockchain, there are many other smaller players who are changing the landscape at breakneck speeds. One of these players that have emerged as a key competitor to becoming […]

Finance Professor Aswath Damodaran Says BTC Was Never “Designed to Work”

Bitcoin has risen to about $37,000 per unit at the time of writing. While this number is nothing compared with the new all-time high it attained in mid-April, it is still about $5,000 more than where it stood during the early portion of the week. Thus, it can be said that bitcoin may be returning

The post Finance Professor Aswath Damodaran Says BTC Was Never “Designed to Work” appeared first on Live Bitcoin News.

Shoot to score and win like a pro in Book of Champions slot!

Soccer is the most popular team sport in the world. This spectacular game has created some of the biggest legends and superstars in sporting history and Book of Champions slot is about to make one of YOU! Ready to take a shot at glory? It’s time to strap your boots on tight and take it…

The post Shoot to score and win like a pro in Book of Champions slot! appeared first on BitStarz Casino News.

Remittance firms in El Salvador drag feet over Bitcoin (BTC) despite approval

El Salvador

Last week, El Salvador became the first country to adopt Bitcoin (BTC/USD) as a legal tender. President Nayib Bukele stated that Bitcoin will become the main remittance currency for El Salvadorians living abroad.

However, despite the free pass by the government on Bitcoin, remittance firms in the country are not eager to start adopting the cryptocurrency.

Fintech analyst Kenneth Suchoski, while speaking to Reuters, stated that the remittance firms are waiting on the customer to start demanding Bitcoin services before launching such services.

Low adoption of Bitcoin for Remittance

He also said there will be a problem for the locals receiving Bitcoin from abroad because they operate in cash in most cases.

Suchoski added that the global cross-border remittances carried out using cryptocurrencies are less than 1%.

Because Bitcoin is not yet adopted for cross-border payments to friends and families, global remittance services like MoneyGram and Western Union will be relevant in years to come, he added.

In Theory, Bitcoin offers a cheaper and quicker way for recipients to get funds from their loved ones from abroad without using traditional remittance channels.

Remittance firms looking for ways to add Bitcoin services

Last month, top remittance firm MoneyGram International stated that it has opened 12,000 U.S. retail locations for customers to buy and sell Bitcoin for cash. The company said it wants to build a bridge that will link Bitcoin and other crypto assets to local fiat currency.

Western Union, on the other hand, had initially run a test in the past where it used Bitcoin and crypto. However, the company said it didn’t arrive at a better “use case” that saves cost.

The use of Bitcoin for anonymous transactions has been an issue for regulators, who feel it facilitates money laundering. But companies are now adhering to compliance steps to reduce such risks. Remittance companies may likely do the same or provide a similar step to make sure they stay in touch with the law.

The post Remittance firms in El Salvador drag feet over Bitcoin (BTC) despite approval appeared first on Invezz.

from Cryptocurrency – Invezz

Chinese Search Engines have Blocked User Access to Major Crypto Exchange Platforms in Asia

The internet facilities in China are somewhat more self-contained and secure than the rest of the world. A good number of people use locally produced sources that allow them to get their information and connect with the rest of the online world….

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Thomas Lee: Crypto Market Must Evolve Further to Avoid Influence from Musk’s Actions

FundStrat’s Managing partner, Thomas Lee has suggested that the crypto market, particularly bitcoin, must evolve to avoid being fundamentally affected by sentimental comments from an influential figure such as Tesla CEO, Elon Musk. Tom argued that this has become imperative since the leading cryptocurrency usually fluctuates within a double-figure percentage each time Musk comments about …

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