Every which way you look at it, 2014 has been a sad year for cryptocurrency in general. Not just because of BItcoin losing a lot of value (but remaining fairly stable for now), but there is blood in the altcoin street. On top of that, regulations are looming overhead, causing anxiety and confusion among digital currency enthusiasts. NuBits is one of those Bitcoin alternatives which displays some sense of price stability as well, yet hardly anyone has ever heard of them. So what are NuBits? Let’s find out together, shall we?
While the choice for an article about NuBits might not be obvious to many of our readers, it was something we had planned over a month ago and just never got around to doing. Thanks to Ronny Boesing, CEO of the CCEDK exchange and a good friend of ours, he brought our attention to NuBits once again.
“As everyone knows, only a stable currency can ensure growth long-term, and this is what NuBits is all about, adding NuShares to this equation you have an interesting cocktail of greatness in progress,” Mr. Boesing told me when he reminded me about the NuBits topic.
The way things stand right now, and if you believe everything economists say, viable digital currencies have to contain the basic properties of effective money, in order to ensure long-term potential. While there are several digital currency competitors in existence fitting into that category, maintaining a constant US Dollar value has proven to be nearly impossible.
Even the biggest companies in the cryptosphere, such as Bitreserve; Tether and BitUSD, are struggling from an economist point of view. Each of these companies has seen limited success so far due to varying degrees of price stability, liquidity, simplicity and decentralization.
Most of you will be wondering what all of this has to do with NuBits, so allow me to explain. A group of developers managed to launch the only stand-alone stable digital currency, called NuBits. Even though hardly anyone has heard of this currency, the team behind NuBits is made up for veteran members of other well-established cryptocurrency communities.
Ever since its launch on the CCEDK exchange , which took place on September 23rd 2014, NuBits has maintained an almost perfect US$1.00 stability, and has been listed on other exchanges ever since. Big was the surprise of experienced digital currency traders, when they noticed NuBits in the top 3 of daily global trading volume, next to only Bitcoin and Litecoin, during the month of November 2014.
According to the Nu team, Bitcoin’s critical flaw comes in the form of using the same fungible unit for share and currency functions. Shares must have the capacity to both appreciate and reflect changes in the perceived value of the network. On the other hand, currency must remain stable to be effective.
When you read the Nu whitepaper, you will see a mention on how it is impossible to accommodate these diverse pricing needs in a single unit. This is nothing new under the sun for Bitcoin developers however, as they were made aware of this in February of this year.
While the Bitcoin developers decided to ignore this warning for the time being, the Nu team introduced the first working implementation of a product effectively separating the currency from the speculative investment. As a result of this hard work, NuBits and NuShares were born.
I did mention our attention was drawn to NuBits thanks to our friend and CCEDK exchange CEO Ronny Boesing. As Ronny has been an early believer of the Nu project, he decided to add both NuBits and NuShares to the CCEDK platform, where they can each be traded against a dozen different (crypto)currencies.
“I am very excited to be working with the NuBits community. It is a great pleasure to be part of this very promising work initiated by lead architect Jordan Lee and from the first day I decided to add NuBits on CCEDK.com exchange I have seen progress every week.I strongly believe that the stability of NuBits is a key competitive difference for the currency. As everyone knows, only a stable currency can ensure growth long-term, and this is what NuBits is all about.”
The Nu project does offer something for cryptocurrency speculators as well, in the form of NuShares. We will do another article on NuShares in a few days, after we wrote up our more technical-oriented NuBits article.
To learn more about NuBits, make sure to check the following sources :
About CCEDK APS: www.CCEDK.com is an online Bitcoin exchange based in Denmark, part of the EU. CCEDK offers buy and sell options for digital currencies in a secure environment on the base of 2FA. They offer anonymous trading of some 85+ crypto pairs based on Bitcoin, Litecoin, Peercoin, Nextcoin, NuBits, NuShares, Dogecoin, Bitmark, Blackcoin, Darkcoin, Reddcoin, Fimkrypto and Bitshares as well as a 50+ Fiat pairs with validation. Payment options are SEPA, instant payment with Online Bank Transfer in EUR and GBP, SWIFT in USD, EUR a.m., and Payeer and EGOPAY deposits and withdrawals in USD, EUR, RUR and UAH. Instant-Crypto-to-Bitcoin of 13 altcoins also available via CCEDK partner site www.CCPAYT.com