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Refreshing in: 60s | Tue, Nov 24, 03:59PM GMT
If a world government was to develop a cryptocurrency that would function like real money, Nxt might be the outcome. This cryptocurrence was made for transactions, not wealth accumulation, is not attention-heavy and is in fixed supply.
Launched in November 2013, Nxt hit the market without much fanfare – not even an initial coin offering (ICO) – but has managed to remain relevant, despite its modest gains compared to bitcoin and other heavy-hitters.
Nxt has a finite number of coins on the market – one billion – and trades almost like real shares. And Nxt has avoided the problem that affects bitcoin and most other cryptocurrencies – they can be mined, which means the prices will constantly be affected by how many coins come to the market.
Nxt has proven to be quite steady, which in the high-stakes world of currency trading is not that appealing to traders – but it is to developers and other pioneers, which is what it was built for in the first place.
The makers of Nxt did not envision it as a tool to please traders, but rather to fulfil the aim of creating new and innovative technology that will further enhance the blockchain space. As a result, a lot of the rampant buying and selling associated with other cryptocurrencies is unlikely to be present.
In the past three months, bitcoin made and lost thousands of dollars. However, while some people are concerned about Nxt’s 50% drop in 24 hours on 27–28 December 2017, seasoned industry vets are accustomed to such changes in the market.
However, for those looking to buy into the Nxt platform for the other perks, the key concern therefore won’t be profit from the coin, but rather with the other cryptocurrencies being developed on the platform, which seems to be where the real money is being made.
The biggest factor in Nxt’s favour is that the platform allows people to create other products. Some of these technologies have been really revolutionary.
For example, the release of Ardor caused a lot of excitement for Nxt holders. Ardor introduced the child chain technology on the Nxt platform, and now has a higher trade price than its parent altcoin.
Out of Ardor came Ignis, another upstart with a lot of promise, which also had an impact on the price of Nxt. With this type of potential coming every few months or even years, Nxt may well continue to be relevant, even if it is just by association. Again, given that Nxt is not an investment tool, it’s unlikely that anyone will retire a billionaire from trading it alone.
That being said, if the next bitcoin should be born out of the Nxt platform and its developer BCNext should decide that Nxt is the only acceptable payment form, Nxt could see a surge.
It is worth mentioning that many crypto buyers have given up on Nxt, but the Ardor and Ignis releases are factors that cannot be ignored.
The company behind Nxt, Jelurida, emphasises the possibilities from their two blockchains, Nxt and Ardor. By doing this they are tying the fate of the elder brother to the more promising kid brother. In other words, they are positioning themselves to ensure Nxt’s continued relevance by associating it with Ardor and its offspring. The hope is to incentivise people to keep the currency lying around, though it may never dominate the way bitcoin does.
The birthday of Nxt was a fairly uneventful day; there were no big announcements or market excitement, unlike most altcoins. One billion coins were distributed to 73 stakeholders, based on the bitcoin contributions they made to its birth, which is believed to be 21 BTC, valued at US$16,800 at the time.
This meant the price of Nxt at the launch was US$0.0000168.
Nxt share price multiplied quickly, getting up to US$0.0779 on 27January. Confidence in the new coin was growing, and the market was excited. The price went down after this high point, to average about 6 cents over the next few months, until…
The market frenzy for Nxt increased the price to $0.09199. Unfortunately, it only went downhill from there, ending the year at $0.01671.
Nxt, in a partnership with 44 Phones Ltd and Coinstructors, announced plans to make real-world applications for the blockchain. This propelled the price up to $0.01412. It was one of the most promising updates on the platform, and how it aimed to be used to solve actual problems by providing a secure working environment for developers tackling real issues.
But the excitement around this wore off after a while, which was when the price dropped below 1 cent again.
Nxt contributors decided it was time to overhaul the system and make it more appealing to traders. So, the Tennessee project was launched to reverse the altcoin’s fortunes.
At the day of the announcement, the price was $0.007633. If it had been a normal stock, the price probably would have gone up, but given the topsy-turvy nature and people’s frustrations, the price actually went down a couple of days after the announcement. Nxt was making promises, but nobody was buying it.
Nxt Version 1.7.4 was unveiled. The new platform brought significant upgrades and new features such as Account Control, NXT Data Cloud, CoinShuffling, improved block times and a few others. This caused the price to go up a reasonable fraction to $0.007226, from $0.006843 the previous day. Developers were happy, traders were happy and within a week, the price had hit $0.011824, its largest increase in months.
For the first time in its history, Nxt reached the 10 cent range, recording an impressive $0.1239. While this might sound small compared to the coins that deal in hundreds and thousands of dollars, this represented almost a one-million per cent increase from its launch, giving it one of the best returns for any cryptocurrency ever.
The increase was due to a combination of excitement over the Ardor launch and Ignis ICO, and growing acceptance of the coin. Four days later, a Chinese firm would announce that Ardor would no longer trade against bitcoin, but against the Chinese yuan, giving Ardor and Nxt a growing global status by association.
The impossible happened. The cryptocurrency initially written off as a scam clocked $1.16874, giving it a market value of $1,222,156,548. This was more than enough validation of what this plucky upstart could do. But alas, the victory would be short-lived.
Following a buzz that drove the price up to $1.9 a few days earlier, the price plummeted to $0.7306, losing half of its value in 24 hours.
All through Nxt’s history, the price has gone up and down and been battered rather severely, but it has somehow managed to stay alive.
But the lesson from all this is that despite all it has been through, Nxt is still making waves and delivering value to clients and buyers. While it is impossible to predict which way it will go next, it seems unlikely at this point – with the success of Ardor and Ignis and whatever else will come out of the Nxt platform – that this is the end of Nxt.
|Nxt (NXT)||New Zealand Dollars (NZD)|
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