Charlie Barton is a publisher at Finder. He specialises in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach.
Nxt to Pound Sterling Exchange Rate
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The prospects and purchase possibilities of Nxt
If a world government was to develop a cryptocurrency that would function like real money, Nxt would be the outcome – it 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.
Things to consider when buying Nxt
Nxt has proven to be quite steady, which in the high-stakes world of currency trading is not that appealing to investors – 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 investors, 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 will not be present. This means it is less likely that Nxt will breakout like bitcoin.
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, 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.
Will the value of Nxt keep increasing?
Nxt had a very rough Christmas, but that was to be expected. The biggest factor working for Nxt is that the platform allows people to create other products, and 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 will likely continue to be relevant, even if it is just by association. Again, given that Nxt is not an investment tool, don’t expect to 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. If Ardor should ever get big, the doubters might come crawling back.
The company behind Nxt – Jelurida – knows that its coin is in muddy waters. It knows its value, but it is difficult convincing people to buy into a revolution, especially as the profits from other cryptocurrencies have made people eager for instant returns.
Jelurida emphasises the possibilities from their two blockchains, Nxt and Ardor, and 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, which further suggests that Nxt will not go out of the market, though it may never dominate the way bitcoin does.
A short history of Nxt
28 September 2013
The birthday of Nxt was a fairly uneventful day; there were no big announcements or market excitement, pretty much like 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. Not the best start, but not terrible either.
27 January 2014
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…
6 June 2014
The market frenzy for Nxt increased the price to $0.09199, finally delivering on the promise investors imagined. Unfortunately, it only went downhill from there, ending the year at $0.01671.
19 June 2015
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 (two months to be exact), which was when the price went back to below a cent.
13 October 2015
Tired of the constant losses, Nxt contributors finally decided it was time to overhaul the system and make it more appealing to investors. 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.
23 January 2016
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, investors were happy and within a week, the price had hit $0.011824, its largest increase in months.
10 June 2017
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.
21 December 2017
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.
29 December 2017
Following an insane 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. In all fairness, this was not a Nxt problem, as many holders sold off their coins before the year closed out, as typically happens, even with real shares.
And of course, once again the doubters told their tale of ridicule and declared “This is the end of Nxt!”
Is it really the end of Nxt?
Sure, Christmas was horrible. Losing significant value like that is pretty rough on any stock. But, this is not the first time it has happened to Nxt. All through its 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, at least this much is certain: with the success of Ardor, Ignis and whatever else will come out of the Nxt platform, this is not the end of Nxt.
Market rate for common transfer amounts NXT to GBP
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