What is NuBits (USNBT)?
Future of USNBT Cryptocurrency and know how to buy USNBT

What is NuBits (USNBT)?

#1 – What is NuBits?

NuBits: The Basics

  1. NuBits is a cryptocurrency with a primary aim of being stable, with a value equivalent to the US Dollar. It attempts to maintain the stability by distributing voting shares (NuShares) among its users, which give users the ability to vote on motions and changes in the network.
  2. Another idea behind the coin was that in case of hyperinflation of the US Dollar, NuBits shareholders have the power to peg NuBits to another currency or even a group of commodities.
  3. It succeeded in its goal for a while, keeping its value at around $ 1 USD per NuBits coin (USNBT) for almost a year and a half, but the value decreased drastically after that. It was brought up to 1 USD again, but only by reducing the circulating supply from around 700 thousand to 150 thousand coins.

NuBits Development

  1. The NuBits cryptocurrency is managed by a DAO (Decentralized Autonomous Organisation) of the same name.
  2. The NuBits Team has not been disclosed on the website, so there’s little known about its developers or managers. All that’s known is that its founder, a former Peercoin developer, goes by the pseudonym “Jordan Lee”, but his identity is a mystery, just like Bitcoin founder Satoshi Nakamoto.

 

#2 – What are the advantages of NuBits?

NuBits Technology

  1. NuBits uses a system dependent on its users and community in order to reduce volatility and remain stable. The system is organized into a set of 6 “Liquidity Tiers”, which are basically ways to affect the demand for NuBits coins (USNBT) and manage the supply accordingly.
  2. In one of these tiers, “Liquidity Providers” buy and sell orders in the open market, where selling is done at rates slightly higher than $ 1 USD and buy orders are placed at a lower value than $ 1.

NuBits Use Cases

The NuBits cryptocurrency has all the uses that any other transaction-based currency in the crypto space does, but it boasts of being easier to use because of its stability.

  1. Buying and trading in cryptocurrencies would definitely become much easier if you don’t need to worry about liquidating your currency and having to calculate the value in fiat currencies all the time, which is what NuBits aims to do with its goal of a 1:1 relation with the USD.
  2. Unlike credit cards or other modes of payment, NuBits charges no vendor fees or customer chargebacks, making it much easier to pay using NuBits. It also makes it the ideal currency to transfer across distances to your family or friends in a speedy and cheap way.
  3. Saving money without putting it in a bank is also possible with NuBits and its promised stability. With theoretically no ups and downs in the cryptocurrency, converting your money to NuBits coins (USNBT) and saving it in your wallet is technically an ideal alternative to banks.

 

#3 – How to buy and store NuBits coin (USNBT)?

How to buy USNBT

Old as it is, it’s surprising that NuBits coins (USNBT) are available for trade only in two exchanges currently (as of June 2018), especially since it was once available in more than 10 exchanges. You can exchange Bitcoin for USNBT in Bittrex, and pay US Dollars in exchange for the coins in SouthXchange.

  1. NuBits coins were available on more exchanges in the past, and they may very well become available on many more exchanges in the future, making it potentially confusing to decide which exchange to choose. That’s where CoinSwitch, one of the largest cryptocurrency exchanges around, comes in. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose any pair you wish with the USNBT coin you wish to buy, and CoinSwitch will facilitate the comparison at different exchanges.
  2. What’s more - with CoinSwitch, you need not create or rely on wallets on the exchange you’re buying from. Instead, all transactions can happen to and from your very own private wallets.

USNBT Storage

  1. NuBits coins (USNBT) can be stored in Nubits’ own wallet, available for download on the NuBits website.
  2. The desktop wallet, called “NuBits Wallet” is compatible with Windows, macOS as well as Linux operating system. It also has a Web Wallet available.
  3. Its mobile wallet, NuDroid, is compatible with Android phones only, and there is no NuBits wallet for iOS smartphones yet.
  4. Coinomi, a popular smartphone wallet, also stores NuBits coins (USNBT), but only on Android phones.

 

#4 – What is the future of NuBits?

Also Read: Complete Analysis of NuBits | Live NuBits (USNBT) Price Charts And Predictions

Market Cap and Global Acceptance

  1. NuBits, unlike cryptocurrencies like Bitcoin, cannot be mined. Instead, they are distributed by the team in a way they see fit to maintain the stability of the currency.
  2. The circulating supply as of June 2018 is 10.19 million NuBits coins, out of a total supply of about 70.42 million coins. The current value being at around 0.2 USD, the market cap is only 2.15 million USD as of June 2018.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jun 28, 2018

0.232475

0.236742

0.214053

0.21959

1,64,795

23,69,070

Jun 01, 2018

0.358641

0.427915

0.35525

0.380789

8,73,910

36,83,140

May 01, 2018

0.574716

0.576632

0.535073

0.576477

7,62,470

57,94,490

Apr 01, 2018

0.358963

0.388147

0.340133

0.363223

11,60,570

37,34,420

Mar 01, 2018

0.993452

1.01

0.990557

1

90,08,800

1,05,10,500

Feb 01, 2018

0.995385

1.03

0.862469

0.995753

1,98,63,000

1,17,14,200

Jan 01, 2018

0.989458

1.01

0.96349

0.982844

35,87,420

-

Dec 01, 2017

0.999308

1.03

0.989128

1.01

4,82,174

9,60,258

Nov 01, 2017

1

1.01

0.979238

0.996944

90,099

9,63,308

Oct 01, 2017

0.99792

1.01

0.989099

1

79,381

9,58,925

May 01, 2017

1.01

1.05

0.99239

0.996526

16,030

1,36,548

Dec 01, 2016

1

1.01

1

1

452

7,58,469

Jul 01, 2016

0.400488

0.417003

0.354878

0.370678

3,660

3,03,203

Feb 01, 2016

1.01

1.02

0.997224

1.01

27,978

7,61,263

Sep 01, 2015

0.994175

1

0.991667

0.998678

3,125

5,53,475

May 01, 2015

0.99415

1

0.98456

0.992448

3,276

9,64,681

Jan 01, 2015

1.01

1.02

0.995635

1.02

6,87,588

22,70,470

Sep 24, 2014

1.01

3.28

0.829978

0.976176

99,632

-

Trends so far

  1. NuBits is a cryptocurrency known for its stability, but even it has had some ups and downs, like any cryptocurrency. It started off with a value of close to $1 USD per coin in September 2014, and maintained this value for almost 2 years, till the beginning of June 2016! The value decreased alarmingly fast after that, dipping to its minimum of $ 0.18 in June 2016, and then increased again to its maximum of about $ 1.18 in March 2017. In 2018, it hasn’t been able to maintain a value even close to its initial, and costs $ 0.205 USD as of June 2018.
  2. For a cryptocurrency so old, Nubits is ranked remarkably low in terms of market cap globally, going far below even the first 500 cryptocurrencies worldwide. It is currently (as of June 2018) ranked 711 in terms of market cap among all cryptocurrencies.
  3. NuBits has evidently faced a lot of tumult and contention in the years since its inception. However, the ideals behind the cryptocurrency are sound, and its past turmoil doesn’t necessarily mean that there is no potential.

 

#5 – What makes NuBits different from other cryptocurrencies?

  1. NuBits boasts of being the first and only cryptocurrency till date to maintain its price of around $ 1 USD per coin for almost two years since its launch in September 2014.
  2. It only depreciated in June 2016, but with great difficulty, was brought back to its peg within 3 months. The founders put out all stops to bring NuBits back to its 1 USD peg, and the circulating supply was then decreased to more than 1/4th of its previous value!

 

#6 – Should you invest in NuBits?

  1. A promise of stability doesn’t necessarily make the cryptocurrency completely stable, and NuBits is exemplary of this. Sadly enough, it has faced quite a few ups and downs despite its goal of a 1:1 with the US dollar, and is still (as of June 2018) not very close to the 1 dollar peg.
  2. Of course, the fact that NuBits has not done exactly as it promised doesn’t mean it’s a completely hopeless coin either. Its numbers aren’t very attractive, but the efforts put in by the team to maintain its stability is truly commendable. It may have reduced the circulating supply at the time, but a solution was needed and the team came up with one.
  3. Such an exhibition of quick thinking and problem-solving skills is something to be admired, and this makes us hope that NuBits has a good future ahead of it despite its tumultuous past.
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