Where’s Nano (formerly RaiBlocks) going in 2018?
Nano, formerly known as RaiBlocks (XRB), is often described as “what bitcoin should have been.” Unlike other coins, each Nano account has its own blockchain, and each transaction has a block of its own.
The end result is near-instant transactions with zero fees and all the usual benefits of security, transparency and decentralization that the blockchain can offer. The benefits are undeniably useful, and Nano has seen impressive price growth despite staying off the major exchanges.
But is it enough? There’s a downside to each piece of good news.
Nano price prediction
Investors can likely look forward to a price spike when more exchanges pick up XRB, but it might be very quickly followed by a reset as holders cash in on it. There will almost certainly be increases, but profiting from this in the short term might be largely due to luck.
In the long run, whether Nano keeps growing is largely due to its acceptance as a payment method in the future. The good news for buyers is that Nano users have gotten a reputation as devoted coin evangelists, and there’s no denying its status as one of the most efficient coins around.
The bad news is that function isn’t everything. Sheer quantity of buying and price manipulation are much more important factors in currency prices. This is especially true of a token like XRB that’s designed to hold value and be transferred.
Nano’s prices might stay in the shallow end until some whales get involved. Unfortunately, there are no guarantees that they’ll ever arrive. XRB has a lot to offer, but it might need more, especially in the age of fast, zero-fee cryptocurrencies.
You’ll want to be wary of holding this coin too long.
The good news and the bad news
Do you want the good news or the bad news first?
Nano exchange launching January 9, 2018
The good news is that Nano was expected to launch its own exchange. It offers a very tempting 0% maker fee and 0.2% taker fee, and lets you trade Litecoin for Nano. This increased availability will almost certainly draw in some new money and correspond with a price rise.
The neutral news is that this might largely attract already-devoted users, and the increased availability won’t necessarily attract a wider audience. The benefits might not be as great as one thinks.
The bad news is that such competitive rates and quick transfers may prevent other exchanges from offering Nano, which could prevent wider uptake in the long run.
Quick, cheap and reliable
The good news is that Nano is undeniably effective. Transfers can conclude in about two seconds flat with zero fees.
The bad news is that this doesn’t necessarily help a currency grow and won’t be as impressive in the future as it is now. If bitcoin has taught the world anything, it’s that functionality is much less important than other market factors. Money is more important than functionality, and the best coin doesn’t always win.
Quick, zero-fee transfers are increasingly becoming the norm, and without anything else to offer, XRB might not be able to reach very high.
A single-purpose currency
The good news is that Nano aims to simply be a store of value that can be quickly and reliably transferred. This is an essential function, so by excelling at it, Nano might naturally grow.
The bad news is that these won’t qualify as features for much longer. All cryptocurrencies are transferable, and low- or no-fee transfers will increasingly become the norm.
Nano has relatively poor availability on exchanges and doesn’t offer anything except those core features. As such, its success largely comes down to its acceptance as a legitimate payment method in stores and elsewhere.
If it doesn’t reach this stage in the next couple of years, Nano is probably over.
The hammer might fall around the time IOTA or Cardano becomes fully functional. When they do, there’s little reason why anyone would accept payment in a “useless” currency like Nano rather than one like IOTA, which has inherent functionality.
If it’s going to survive, Nano needs to get big fast.