It is said that the new currency, called Nem (pronounced NEH-muh) is the next generation of Bitcoin. It was introduced in early September 2020 as a peer-to-peer cryptocurrency. Nem is not recognized by any major currencies. Many regard Nem as a scam, and at this point it is hard to determine if this will be the case or not. Many users have stated they plan on dumping their Nem coins before there is a big drop.

There are many reasons why people may consider Nem to be a scam. At the time of this writing, the network’s website claims, “Nem is currently the only full and unrestricted privacy-oriented cryptocurrency.” There are no taxes, no fees, and it does not have a central server. It is difficult to know how Nem could possibly be a scam until we see what other currencies are like with taxes and fees. At this point it appears that Nem has advantages over other cryptocurrencies, but users must use due diligence and learn about everything they can before investing in any particular coin.

Nem may gain in popularity and value, but it is too early to tell if this will be the case. What makes this coin interesting is that it is one of the first open source projects to hit the market. If this is truly the case, then Nem has a chance to become a serious competitor to major currencies. The latest news is that trading of the coins is on hiatus while development continues. Once it is back online, Nem should be considered.

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