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NEM (XEM) is a cryptocurrency that was launched in 2015. While it was created as an alternative to Bitcoin, the coin works using different principles, such as high customization and versatility. This dual-layer blockchain was designed to be an open and highly customizable blockchain, having a built-in API that can be used by developers in a variety of functions.
This cryptocurrency can be used for online gambling as well, players will be able to find several different online casinos that accept NEM (XEM). In this article, you will be able to find out more about the advantages and disadvantages of using NEM for gambling purposes.
Unlike Bitcoin, XEM does not rely on miners to process transactions. Instead, the blockchain uses “harvesters” which operate differently. The platform implements the Proof-of-Importance system to establish consensus via a process that incentivizes participants to be active on the network. Each of the network’s node uses an Importance Score (a rating system for establishing trust or reputation for network users) in order to determine how it can harvest (the equivalent of mining or staking in PoW or PoS system) XEM. The harvesting creates new blocks, and the node operators get their rewards.
Unlike most altcoins on the market, which are a fork of Bitcoin, NEM’s code was created from scratch. Also, NEM makes use of a novel “Proof-of-Importance” algorithm to create new blocks. The protocol was designed to reduce transaction times and fees.
Other unique features of this blockchain include an EigenTrust++ reputation system, encrypted messaging, and Smart Assets. Smart Assets enable developers to build blockchain-powered apps that can work without the use of XEM.
NEM is fast and incurs low transaction fees, which makes it ideal for fast transactions. Another advantage of the coin is that it can be used to create other applications and several ledgers on one blockchain.
The downside is that NEM is less popular compared to other cryptos and is accepted by fewer merchants and online services. Moreover, the project is not as regularly updated, which can pose a threat to the security of its network.
Depositing NEM on casinos or betting sites is a process that is similar to other crypto deposits. You just copy the specific wallet address for NEM deposits listed by the casino on its site and go to your own wallet to make the transfer to the casino’s address.
The same applied to withdrawals. Some sites require you to submit a withdrawal request, and once approved, you will be able to withdraw your XEM funds to your external wallet.
XEM can be used as payment on casinos that feature best online casino games such as dice, baccarat, blackjack, roulette, and poker, but the most choices you will have with slot titles. Sports betting sites accepting NEM are unfortunately very few because of the coin’s low adoption rate.
Most people avoid using coins to gamble, as they expect the crypto to suddenly halve itself from its initial buying value. As the crypto market is extremely volatile, this sort of fluctuation is possible.
But there is also the chance of multiplying your coins once by playing and winning and the second time by market fluctuation. However, NEM is one of those coins that have failed to make any significant price swings in the last year.
The NEM platform had in January 2018 an involvement with a security breach, which led to a massive decline in the XEM price. Japanese cryptocurrency exchange, Coincheck, was hacked and lost 523 million XEM coins, which at that time was evaluated at $400 million. Apparently, the security breach occurred because of Coincheck, which didn’t implement any security measures for NEM storage. That was why in the attack no other crypto coin was affected.
The security issue was not because of the coin’s network and code, it was all because of the negligence on the exchange’s part. However, many supporters of the project criticized its team of developers for not releasing more frequent updates. As technology evolves, so do hackers and threats, and in order for a blockchain network to stay secure against continuously evolving threats, upgrades and updates are required on a frequent basis.
In theory, NEM is secure to use as a payment method. Even if it lacks the privacy features of Monero or Zcash casino, the coin is not linked to any bank or card account, which, in turn, keeps your XEM gambling activity separate from your financial data.
NEM is ranked as the 28th crypto based on a market capitalization of $485,319,986, with a current price of $0.053924 and a circulating supply of 8.999.999.999 XEM.
Even though it has a fairly decent ranking, the coin is featured only on several trustworthy exchanges. The most popular exchanges where you can find NEM are Binance, Bithumb, Bittrex, HitBTC, Huobi, KuCoin, Poloniex, and Yobit.
If you are new to crypto and are looking to buy NEM using fiat currency, know that there are pretty few limited options. The coin is mostly paired against three top cryptos, Bitcoin, Ethereum, and Tether. This would mean that you should first buy one of the cryptos on a platform that accepts fiat purchases and then take your funds to buy XEM.
There are three exchanges that accept NEM for the local Korean won, namely Bithumb, UPbit, and OKex Korea. XEM can be traded against the US dollar on four exchanges: Exmo, Livecoin, Yobit, and COSS. EUR pairings against the coin can be found on Exmo and Bitvavo. However, most of these pairs either do not have high liquidity or daily trading volumes, which means it will take longer for a buy order to be filled.
Buying XEM involves signing up on an exchange platform, providing all the necessary ID details and information (if required), and then selecting how you would like to make a deposit in your account. After stating the amount of NEM you want to purchase, you have to complete the order and wait for your coins to be credited.
From here, you can use the NEM directly from your exchange wallet to make a deposit into your NEM casino account. You can also move them to an external wallet that supports XEM storage and then make deposits to your NEM casino or NEM sports betting account.
NEM is not a popular cryptocurrency in the online gambling world, but there are several establishments that support the coin as a payment method. You will most likely find NEM games at crypto-only casinos.