You might think of Nxt as a step up from Bitcoin, but is it worth more of an investment than the grandfather of all cryptos? Find out where you should put your money in this article.
Put simply, it's a blockchain platform. While Bitcoin uses blockchains for the bitcoin cryptocurrency, NxtCoin uses blockchains for cryptocurrencies and much more. It aims to be an economy; much more than just a currency. It offers you more freedom, allowing you to use the cryptocurrency, build your own applications, exchange any supported currency peer to peer, and have a multi-sig wallet. Nxt-coin is also PoS, rather than PoW. The proof-of-stake system makes it more decentralized than Bitcoin, which uses a proof-of-work setup.
The benefits of being decentralized are stability and control. The proof-of-stake system makes the platform more stable, as every stakeholder has a vote. With Bitcoin’s proof-of-work system, it’s the people and organizations that have mined the most BTC that have the most voting power. Nxt can do a lot for you in one place: on its platform. So, if you like everything wrapped up neatly together, it offers you that. That’s not to say that you can’t have a multi-sig wallet with Bitcoin or exchange peer to peer – you just need to find an application or third party to make that possible.
Nxt is easy to use and all in one place. It’s your one-stop shop. Bitcoin, on the other hand, requires a bit more expertise to have all the same functions. In this sense, you might be better investing in the altcoin if you’re a beginner, and staying with Bitcoin if you’ve already mastered using the cryptocurrency. Consult with an expert and think carefully before you start investing! Make wise, informed decisions with your cash.