Your guide to buying, selling and trading the Nexus cryptocurrency (NXS) in Australia.
Nexus is a decentralised cryptocurrency project designed to provide fast and secure transactions. By developing its own three-dimensional blockchain that implements three consensus channels, Nexus aims to allow users to quickly and privately transfer value.
It’s an ambitious, long-term project that’s been in development since 2014, so read on for more information about how Nexus works and how you can buy NXS in Australia.
Where to buy, sell or trade NXS
You can buy NXS on several cryptocurrency exchanges, such as:
A step-by-step guide to buying NXS
If you want to buy NXS, here’s one example of how you can do it:
Step 1. Register for an account with CoinSpot
Local cryptocurrency exchange CoinSpot lets you exchange Australian dollars (AUD) for NXS. Before you can deposit AUD, you’ll need to enter your email address and create a password for your account, as well as supply your full name, contact information and proof of ID. We also recommend that you enable two-factor authentication before depositing any funds into your account.
Step 2. Deposit funds into your account
Look for the “Deposit AUD” link on the CoinSpot account dashboard page. Clicking this link will allow you to enter the amount of AUD you want to deposit, while you also have the option of depositing cash at a newsagency via Blueshyft.
At this stage of the process, it’s important to point out that many cryptocurrency exchanges don’t allow you to swap fiat currency, such as AUD, for cryptocurrencies. This means that to acquire NXS on many exchanges, you’ll first need to acquire a cryptocurrency that’s available in a pairing with NXS, such as bitcoin (BTC).
Step 3. Buy NXS
Click on the “Buy/Sell” link at the top of the page and search for “NXS”. Click on “Buy NXS” and you’ll then be given the option to either type in the amount of AUD you want to spend or the amount of NXS you want to buy.
The final step is to review all transaction details, including the amount of NXS you’re buying and the total cost of the exchange, before confirming your purchase.
How to sell NXS
If you want to sell NXS, you’ll essentially need to follow the same process as in Step 3 above, but with the obvious difference that you’re looking to sell instead of buy. It’s also important to remember that cryptocurrency exchanges don’t list every possible currency pairing, so you may not be able to trade your NXS for the currency you want in one transaction.
The official Nexus desktop wallet is available for download from the Nexus website. The wallet is available for the following operating systems:
How Nexus works
Founded in 2014 by Colin Cantrell, Nexus was built with the aim of becoming the world’s most secure digital currency. It’s designed to improve on the blockchain protocol by focusing on the following three core principles:
- Efficient and scalable code. Nexus created what it called the Lower Level Database. This is a specialised database that can organically scale to handle an increasing volume of transactions, improving speed and processing power.
- Enhanced security. Nexus uses a range of security features to protect against Quantum computer attacks, including one-time-use keys and 1024-bit hashes. Nexus nodes can also accumulate “Trust” keys, which further secure the network and entitle the nodes to a higher reward.
- Revolutionary hardware networks. Nexus is working with the aerospace industry, specifically a nanosatellite launch company known as Vector, on plans to launch low Earth orbit Cube satellites to create a truly decentralised network. These will work in tandem with a ground-based mesh network to enable global access to the Nexus blockchain.
The aim of all this is to “create the world’s first truly distributed system operating on distributed infrastructure”, making Nexus a decentralised currency that can be accessed virtually anywhere, anytime.
Key things to consider if you’re thinking about buying NXS
Cryptocurrencies are complex and speculative, and there are myriad risks you should consider before deciding whether to buy or hold any crypto. If you’re thinking of buying NXS, be sure to take the following factors into account:
- Supply. According to CoinMarketCap, at the time of writing the circulating supply of NXS was 55,310,122. Its market cap on the same date was US$311,800,302.
- Distribution period.There is an initial 10-year distribution period of NXS ending on September 23rd, 2024, at which time there will be a total of 78 million NXS. After this time, Nexus says the currency supply will inflate annually by a maximum of 3% via staking and by 1% via the prime and hashing channels. For more details of how this will work, check out this YouTube video of Nexus founder Colin Cantrell explaining NXS inflation.
- Availability. NXS is listed on a limited number of crypto exchanges. If a coin is available on a wide range of exchanges, this improved ease of access can potentially lead to increased demand, so keep an eye out for news of any other exchanges adding NXS currency pairings.
- Mining and minting. You can earn NXS from your computer, and Nexus currently offers three methods of validating blocks on the blockchain. There are two proof-of-work channels and one proof-of-stake channel. Minting on the proof-of-stake channel can be done by holding 1,000 NXS.
- Technology. Want to learn more about the technology behind Nexus and how the network will operate? Check out the company’s whitepaper.
- Partnerships. You should also consider a company’s commercial partnerships to get a better idea of its potential for growth and technological development in the future. For example, Nexus has partnered with nanosatellite launch company Vector to host the cryptocurrency on a satellite platform in space, while in January 2018 it partnered with SingularityNET to explore tech integrations.
By carefully considering the above and a range of other factors, you can form a clearer picture about whether you should buy NXS.