NXT Strengthens Presence in Market, Now Traded on CoinomatJul 25, 2014

NXTCoin Coinomat

NXTCoin Coinomat

NXT cryptocurrency has been gaining much attention as another cryptocurrency exchange added it to its list of available virtual currencies that can be traded for Bitcoin and other digital and fiat currencies online.

Coinomat, an exchange that specializes in currency trading and wallet services, recently joined CCEDK and Poloniex in offering support for NXT. Instead of simply offering it for exchange, the company also made it available via bank card payments, bypassing the process of converting fiat to bitcoin then to NXT.

“This is a vital step in ‘unpegging’ NXT from Bitcoin, allowing it to thrive on its own terms: until now, NXT-to-fiat conversion has always required Bitcoin exchange as an intermediate stage,” read the official statement released by Coinomat representatives.

With a market cap of US$46.4 million, NXT is currently ranked fourth in the list of cryptocurrencies. Similarly, it is the fourth virtual currency to be traded on the exchange, following bitcoin, litecoin, and peercoin.

Will NXT find its niche in the bitcoin-dominated cryptocurrency gambling market?

While Bitcoin is still miles ahead of this cryptocoin in many aspects, NXT presents a great potential in the market, including the online gambling industry.

In fact, this cryptocurrency has already been making its presence felt in the gaming scene as the number of platforms that accept and operate NXT is increasing by the day.

At present, several NXT gambling websites for lottery, dice, and blackjack among others already function online. However, these are remarkably behind the established performance and reputation of the Bitcoin casino the specialized betting platforms on the web, and Bitcoin games when it comes to popularity.

Introduced in late 2013, NXT was designed and built from scratch, unlike the altcoins that were heavily based on the bitcoin source code. It is 100% proof of stake and offers faster transaction time—two qualities that are highly beneficial in online casino gambling.

Although NXT is yet to be widely supported by established bitcoin-operated casinos and gambling websites, this alternative cryptocurrency posits a significant role in the online gaming sector. Nevertheless, its direct impact on Bitcoin and the Bitcoin gambling industry is yet to be seen, at least not until it receives more attention and support from the cryptocurrency community.