A Beginner´s Guide to Buying, Selling, Using, and Mining Nxt:
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By now we’ve all heard of it. Bitcoin. The controversial digital currency that made early adopters rich and the rest of us jealous. But Bitcoin was just the beginning. The power of blockchain technology was realized, the mistakes Bitcoin made were learned from and new cryptocurrencies were born, each with their own unique features and benefits. But some developers, saw the potential with Bitcoin, and wondered what would happen if they could do it all over from the beginning. And thus we have Nxt.
NXT is the cryptocurrency of the blockchain platform Nxt, modeled after Bitcoin (BTC). The platform is an open source blockchain and boasts the following features: decentralized asset exchange, voting system, and marketplace, among others. Also, the platform is unrestricted, meaning you can trade assets and create applications on the platform at will.
Not only is Nxt an open source blockchain, but it also utilizes a cryptocurrency in the traditional sense. This means that NXT is a digital form of money that is not centralized through a bank or government. Rather, it is built on a blockchain and open sourced to the public. A blockchain, by definition, is a digital account book or ledger that monitors all the transactions made with the coin. It records the transactions chronologically and publicly. There are dozens of helpful websites to further define Nxt, like Reddit.
Buying NXT is simple and can be accomplished through the following steps. First you’ll need to purchase Bitcoin so it can be traded for NXT. Bitcoin can be purchased with cash or credit card on Coinbase. Then you’ll need to send the Bitcoin from your wallet to the exchange site (like Poloniex and Bittrex, for example). Now you’re going to convert Bitcoin into NXT with the BTC/NXT trading pair. Next, you’ll need to download the Nxt desktop application in order to sync with the blockchain. Finally, enter your Nxt desktop application address to transfer the coin from the exchange site and into your NXT wallet.
Just as buying NXT was a relatively simple process, so is selling NXT. The same basic steps are followed, only in reverse. You’ll need to use your Nxt desktop application and its wallet, as it will allow you to send your NXT to an exchange site. Next, you’ll use the exchange site to convert your NXT back into Bitcoin. From there, you’ll need to transfer your new Bitcoin to your wallet. Then, a site like Coinbase will let you turn your Bitcoin back into the fiat currency of your choosing, like to USD. Finally, a trip to a nearby ATM will finalize your cashout of Nxt as you withdraw your cash.
NXT is designed to be used a couple different ways. The first use is as the defacto currency for the Nxt ecosystem. The Nxt ecosystem is the platform that companies and individuals can use to harness the power of blockchain technology. This means that NXT coins can be used to represent levels of ownership within a mutual project, market polls, and data storing. Also, developers and users can tap into the power of a blockchain to do more than just record transactions. Instead users can use that power and create a system that helps meet their individual needs, like for working on a project or building an application.
NXT can also be used in the traditional sense that any other cryptocurrency can be used. By purchasing NXT and storing it in your wallet, you are investing in a coin, hoping its value will increase. You can hold onto the currency and use it to buy goods and services, or you can watch the exchange rates into other fiat currencies and cryptocurrencies to know whether to buy, sell or hold on to NXT. Lastly, NXT can be used as a form of payment for online gaming, like NXT poker.
Mining a cryptocurrency is when a user works on the blockchain itself, helping to process the transactions into the blocks on the blockchain. NXT uses a proof-of-stake mining system and it does not incur inflation. Miners can use calculators powered by specialized computers to mine NXT.
Mining NXT is only possible if you own 1,000 NXT coins in your wallet or more. This is because NXT mining is done via proof-of-stake, instead of proof-of-work. In that way, mining NXT is similar to earning interest on the coins you send. The actual process of NXT mining can be done through a downloadable software through the official Nxt website. The more the Nxt ecosystem grows in popularity, the more the market cap for the coin will grow. This will result in higher stakes, and more profitability for miners.
The more a coin grows, the more transactions will be made with that coin. A coin’s ability to grow and handle the mass number of transactions being made with the coin is called scaling. Nxt is designed to be Bitcoin 2.0. Bitcoin has faced its fair share of scaling controversy and Nxt was designed specifically with this issue in mind. Its Transparent Forging feature will allow NXT to scale to the number of transactions Visa and Mastercard can handle, which is higher than any current cryptocurrency.
NXT is a cryptocurrency that is modeled directly after Bitcoin. It’s not built upon the blockchain of another coin, but contains its own blockchain. It’s designed to scale to the level of Visa and Mastercard, and boasts a safe and secure proof-of-stake mining system. Most importantly, Nxt is a desktop platform that allows you to use the coin as a form of currency within the Nxt ecosystem. Project management, voting, and digital asset exchange are all features that can be customized and utilized by users of the Nxt platform.