The ultimate beginner's guide to trading Nxt
What Is NXT Coin?
NXT coin is related closely to the NXT client (NXT wallet), and is the base unit of currency used there. The NXT wallet is what gives the NXT coin value, and is the foundation of the current NXT price.
The NXT client itself is a program you download to your computer. When you open it up, it’s an interface that clearly has a bunch of possibilities.
That all may be confusing to look at for the first time, but with a little research and Youtube-guide watching, you’ll be able to master the NXT client. We won’t go through every little detail of what the NXT client can do (it’s deep and powerful by design, far beyond the scope of this guide), starting with its most general features.
The NXT Wallet/ Client
The NXT client was released by an anonymous developer in 2013. Since then, it has undergone various changes and adjustments, until it has reached the form available for free to use today.
The NXT client is meant to be a payment network, a messaging system, a decentralized digital asset marketplace, and a system by which to launch your own blockchains and cryptocurrencies.
If that sounds like a lot, it is. Let’s break down what some of these features actually do.
- Payment Network – Like Bitcoin, NXT is a payment network, with NXT coin acting as the token/store of value. You can use the internal marketplace to buy or sell, or you can send NXT to an exchange like Bittrex to trade it for other currencies. Finally, you can spend NXT coin through third parties who accept the currency.
- Decentralized Asset Marketplace – We’ve all very familiar with centralized marketplaces, be they physical spaces like Walmart or e-commerce solutions like Amazon. Decentralized marketplaces generally have no staff, and are simply code acting according to the orders given by its programmers. The NXT decentralized marketplace allows for the buying and selling or cryptocurrencies, digital goods and services, and even physical goods which can be delivered through the mail or in person. It’s informal and market driven, an update on blockchain which wasn’t even conceived of by most in the early days of Bitcoin.
- A System to Launch User-Made Blockchains and Cryptocurrencies – NXT makes it easy to launch your own tokens and blockchains. With a little knowledge, you can have your own crypto tokens, with your own blockchain to create new possibilities in the cryptocurrency space. Your crypto coin could one day be listed alongside Ardor, the most remarkable protocol launched on NXT to date, as well as its first ICO Ignis.
NXT and Ardor
We won’t be able to give more than basic details about Ardor, because that’s not what this article is about. But still, it’s important to mention that in many ways, Ardor is an extension of NXT – a new way to solve many of the problems that NXT handles in the NXT wallet.
Ardor isn’t meant to replace NXT, but it does offer a new way to launch blockchains and tokens. Still, Ardor is young, and the two chains have different communities, interfaces, and strengths/weaknesses. Many fans of NXT coin hold ARDR as well, and vice versa. You could be the same.
Why Buy Nxt Coin?
As you’ll see by using the Nxt wallet and by checking out the NXT Reddit sub, there is a dedicated following that has been using NXT since it debuted over 4 years ago. That’s a lifetime in crypto, and it’s a testament to the excellence of the NXT wallet/Client that it has lasted this long with its user base intact.
There is still quite a lot of activity going on with NXT, and the protocol continues to add new users. Since the NXT price was many times what it is today, just a few short weeks ago, we think that January 2018 may be an excellent opportunity to buy Nxt coin at this low, low NXT price. Who knows what the future holds.
If you’re ready to buy NXT coin for yourself, we’ll show you how to do that with this NXT Bittrex buying guide.
How to Buy NXT Coin With Bitcoin on Bittrex
NXT is traded on several exchanges, including Poloniex, HitBTC, and Livecoin. But it’s Bittrex where the most volume of NXT coin is bought and sold, and it’s at this exchange that will be the basis of this buy NXT guide.
Buying Bitcoin So You Can Buy NXT Coin
For those new to cryptocurrency trading, there is no direct NXT to USD trading option. This is the case with most cryptocurrencies which are not in the Pantheon of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. For the rest of the 1400-some-odd crypto coins out there, you’ve got to first buy Bitcoin (or Ethereum or others, sometimes), and take it to a centralized exchanges where all other coins are bought and sold.
Start at Coinbase
to buy your Bitcoins.
How to Open an Account With Bittrex
Now that you’ve bought your coins at one of the above exchanges, you’re almost ready to buy NXT coins. But first, you’ll have to make an account with Bittrex, one of the largest exchanges for cryptocurrencies in the entire world. Start at the Bittrex homepage.
Step 1: Go to Bittrex.com
and make your account by adding your email address and unique password.
Step 2: Go to your email that you put into the Bittrex page. There you’ll find a verification email with a link to click. Click.
Step 3: This will take you inside the Bittrex side, but you’re not ready to trade yet. To unlock the sites functionality, you’ll have to set up 2-Factor Authentification, a second layer protection that’ll give you a unique password on your phone every time you login with your Password. No one without the phone app that displays the code on your phone (and only your phone) will be able to get into your account.
Step 4: Head back over to your email, where you’ll find further registration emails from Bittrex. Click where indicated. If at any point you don’t find these emails, just check your spam folder.
How to Send Your Bitcoin to Your Bittrex Account So You Can Buy NXT Coin
Go to your new Bittrex account. Find the “wallets” page at the link at the top of the homepage. On this screen, you’ll see a list of all of the wallets Bittrex has for you, just in case you were to buy any of the coins they sell. Ignore most of these for now and click on the “Deposit” beside the Bitcoin/BTC wallet right near the top of the stack.
You’ll see an address right in the middle of the page. It’s highlighted for you in the image above. Copy this address and head back over to the place (Coinbase, CEX.io) where you currently hold your Bitcoin.
Go to the wallet that holds your Bitcoins in the place where you bought them. You should see an option that says “withdraw” or “send”. Click it and paste your Bittrex Bitcoin wallet address into the address line. Select how much Bitcoin you want to send (“Max” or “All”). When you’ve checked to make sure the address is correct, click “Send” or “Withdraw” (whichever the site has). If you’re worried about sending all that money, just send a little bit first to make sure you have the process figured out. In a few minutes or hours (depending on network congestion) your Bitcoins will arrive in your Bittrex Bitcoin wallet.
How to Trade Bitcoin For NXT Coin on Bittrex
Now that your Bitcoins have arrived in your NXT coin account, you’re ready to buy NXT coin. Click on the “Bittrex” logo at the upper left side of the page and this will take you to the Bittrex market screens.
Step 1: Type “NXT” into the text box as seen on the screen above. You’ll see the “BTC-NXT” trading pair pop up. Click it.
Step 2: On this busy screen you’ll see a lot of information. On the right side you’ll see the current NXT price in “Bid” and “Ask” prices (prices people want to pay, and prices sellers want to sell for). The candle chart will show you how the price has changed over the past few minutes, days, or ours. The bottom left of the screen if what you want to focus on. Let’s zoom in.
Step 3: Here, put in the Bitcoin price at which you’d be willing to buy a single NXT coin. You can just copy the current “Ask” price if you want your order to be filled quickly, or select a lower price if you want to wait for your order to be filled until the price falls to that level. Select the number of NXT coins you want to buy at the price on the line below (or just click “Max”). Once you’re satisfied with your order, click “+ Buy NXT”.
When the system matches a sell order with your buy order, your order will be filled and your new NXT coins will appear in your Bittrex NXT wallet.
How to Send Your NXT Coins From Bittrex to Your NXT Wallet
Open up your NXT Client/NXT wallet again. At the upper left hand corner you’ll see a long alphanumeric code with dashes every few characters. Copy this whole code. This is your NXT wallet address.
Head back over to your Bittrex wallets page.
Paste your NXT wallet address into the appropriate line. Select how much NXT coin you want to send (likely all/max) and click “Withdraw”. In a few minutes your NXT tokens will be in your NXT wallet in the currencies section. That’s it! Your NXT coins are now safe and sound, away from a centralized exchange that a lot of hackers would like to steal from.
Final Thoughts on NXT Coin
NXT is an interesting protocol that has spent a lot of time in the cryptocurrency spotlight. Unlike 1st generation cryptos like Bitcoin, it is more than a simple payment network. NXT is an ecosystem, a community, a platform for innovation and new ideas. If you like the NXT client, or simply think that the token has a lot of potential for future value, NXT coin could be for you. At the current NXT price, far from its all time high a month or two ago, you could find that this is the best opportunity to buy we’ll see for the rest of the year. If you believe in NXT, now is definitely the time to stock up.