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You've heard about Nxt, and may have landed here with the intention of owning some of this revolutionary cryptocurrency.
Bitcoin may have finally met its match! But before you proceed, here are answers to some FAQs.
1. What is so unique about Nxt?
- Nxt is the first cryptocurrency coded from scratch using java. It is not a fork of Bitcoin or any other altcoin.
- Nxt is a 100% PoS currency with a transparent mining algo that protects against government & wealthy entity
- Nxt's transparent mining algo brings it much closer to achieving VISA/MasterCard processing volumes.
- Nxt promises advanced features including Alias System (implemented), Transparent Forging (being phased in), P2P Exchange (coming soon), Arbitrary Messaging, Instant Transactions with guaranteed confirmation, Voting, Two-Phase Payment, Distributed Storage, Mixing Service, Multisig, Smart Contracts, etc...
- Nxt compared to Bitcoin, Litecoin, PeerCoin, Quarkcoin
- Nxt does not have "coin" in its name
- Watch this introductory video
2. How do I start mining Nxt?
You can't mine new Nxt like you do Bitcoin or altcoins. All Nxt that will ever exist have existed since the beginning of time. I mean Nxt time. One billion Nxt was created in the genesis block on 24th Nov 2013 13:00:00.
3. Ah ha! So this is another one of those pre-mined coins that makes the creator(s) super rich?
Not really. All Nxt that came into existence were paid for with Bitcoins by early adopters before the generation of the genesis block. The creator, BCNext, paid for it like everybody else. Here's the details of what early adopters paid for their stake in the genesis block.
4. Now, that's unfair!! A small group of original stakeholders paid Nxt to nothing for their stake, and now they're selling them for orders of magnitude their original cost?!
It's actually not unfair. Let me explain. When BCNxt made the announcement on 28-09-2013, 20:29:09 & invited investors to fund the project, there was not a single line of code released. There was no white paper. Just an idea from a new, anonymous forum member. Some FUD comments included:-
Fear
"Obvious scam. Please don't send any money to an account created 4 days ago."
Uncertainty
"so this is alpha? and people who have offered btc?"
Doubt
"Do we have any proof this 100% POS coin even works? I am very suspicious. If it's so easy to design a secure 100% POS coin why didn't Satoshi do it?"
During the seeding period, very very few believed in this project and/or the creator. Many turned away, others chose to wait and see. There was a period when no one sent in any satoshi for days. BCNxt had to introduce early adopter bonus (incentive multipliers) for investors who sent in funding early. Even so, many chose to send in very small amounts. Someone sent in 0.00000001 BTC when they could have invested up to the maximum of 1BTC. On hindsight, even that small investment turned up to be a very wise one!
In the light of this, would it be fair to criticise the creator or initial investors (who funded the project despite the FUDs) for the so called "unfair distribution"? Risk takers & visionaries were rewarded accordingly. Equal opportunity was given to all.
Nevertheless, if you're reading this, you're among the very few presented with an opportunity to buy in at a very early stage. Nxt is still a high risk "binary" investment. You could lose everything, or you could gain orders of multitude years down the road. The call is yours.
4. Who is BCNext?
I don't know. Do you know who is Satoshi? Since Nxt is a descendant of Bitcoin, I guess the creator must have also followed in the footsteps of his/her/their parent to remain anonymous. There must be a reason for it, but who knows?
5. OK, back to the coins. If there are no new Nxt to be mined, how do you validate the blockchain and secure the network?
We do it in a very cool manner, literally. Nxt is a pure PoS currency. Users validate the blockchain and secure the network by running a light weight software on any computing device, even one that used to run WinXP. No ASICS, GPUs or multicore CPUs required. For doing this energy-efficient task, users secure the blockchain & are rewarded with transaction fees. Currently, fees may be low, few & far in between, but due to the rich feature set of Nxt, potential income from fees may be substantial further down the road.
6. Interesting! What do you call this process?
It's so new, we don't really know what to call it. Some have suggested "Forging". After mining and purifying your gold, you forge it into jewellery or coins. Same concept here.
7. OK, get to the point. How can I start to mine, I mean forge?
You need metal to forge metal. Watch this video to understand the concept.
Then, start by getting hold of some Nxt (giveaways, bounties, "beg", buy). Before you can start forging, you need to create your Nxt account, and here's how:
(a) Download the most recent version of the software and run it using this guide
(b) After opening the GUI (webpage), click the Lock icon on the top left hand corner.
(c) Enter a very long and secure pass phrase & click Unlock. Remember this phrase. It's your brain wallet.
(d) Give your Account Number that just magically appeared on the top left corner to whoever is sending you your very first Nxt.
(e) Next, leave your account in the Unlocked status, or simply close your browser without unlocking your account. Forging is now under way!
8. Where & how can I buy some Nxt?
(a) Just post your requests on this thread (BEWARE of scammers. Use escrow when trading with untrusted parties)
(c) A centralized exchange dgx.com where you can buy Nxt with BTC.
(d) A centralized exchange nxtchg.com where you can buy Nxt with BTC.
(e) A centralized exchange NewAltEx.com where you can buy Nxt with BTC.
(f) A centralized exchange NXT-E.com where you can buy Nxt with BTC or LTC (under testing)
(g) A centralized automatic exchange bter.com where you can buy NXT with BTC and CNY
(g) On the Ripple network, through Peercover where you can buy Nxt with BTC & XRP
(h) Coming soon: P2P decentralized exchange within the Nxt network.
9. Where can I find more information about Nxt?
(a) Original Nxt thread by BCNxt
(b) Current main thread (software & general discussions)
(c) Forum at nextcoin.org
(d) Nxtcrypto.org website & forum
(e) Nxt API thread
(f) Nxt Block Explorer
(g) Nxt Wiki
(h) Nxt Bounty
(i) Nxt Giveaway
Edited: 7 Dec 2013. Original OP that is now irrelevant is archived here.
