What is a NXT Coin?
A NXT coin is a second generation cryptocurrency coin which is not based on the protocols of the Bitcoin, but instead created completely from scratch with all codes and ideas. It is the first real proof-of-stake cryptocurrency to be created and coins can only be earned by charging transaction fees and has approximately 1 billion coins in circulation. The coins were not mined by users, but instead given to the original investors and founders in the project, who can then choose to sell their coins or keep them. Because of this it is a very environmental friendly cryptocurrency as it doesn't take a whole lot of computer power to keep the currency running, unlike the Bitcoin and other cryptocurrencies where users will use a ton of power to sit and mine the coins out.
One of the things that makes the NXT coin unique compared to any other coin currently on the market is the fact that it can be used for decentralized asset exchange, meaning that you can exchange real fiat currencies such as USD, EUR and CAD as well as stocks, houses and everything else that you can think of. Because of its proof of stake nature the NXT coin is not vulnerable towards the 51% and 90% attacks as well as DDOS attacks and everything else that is a treat to the regular cryptocurrency coins. The high level of security is one of the main things that has attracted investors and cryptocurrency enthusiasts towards the NXT coin and with a constant improvement of several security threads, it looks like it may become the most safe coin of them all. The transactions on the NXT network are all instant and provides a great way of transferring funds across the globe within a matter of seconds.
The NXT coin is currently the 6th largest cryptocurrency in the world, based on its market value and is also one of the cryptocurrencies with the most coins in circulation. There will not be added any additional coins to the total coin pool, so all coins have already been released on the market. You find the NXT coin on the larger cryptocurrency exchange sites, where users are buying and selling them at a rate at around $0.060 per coin, making the total market capitalization around $62 million worth of coins. The more the coin is developed upon and get's more usage, the higher the value the coin can potentially get, however with the source code being released soon, it is doubtful as there will probably end up being a lot more similar coins coming into circulation soon.
What Can I Use NXT Coin For?
Currently the NXT coin is purely for investment purposes as there is no merchants or similar places where you can use your coins. It is created for the purpose of being able to exchange assets through the coins, but as it still has a relatively small value in total, this has yet to be fully capitalized. In the NXT coin community however, you will be able to find plenty of individuals that offers different types of services against payments in NXT coin, so it is worth having a look there if there is a service that you might need that you can pay for with NXT coin and maybe save some money.