We recently opened our NBT exchange, we decided to use NBT as the currency and price BTC in NBT. We feel this is more natural since most people know BTC in terms of USD. We also feel it has the added benefit of demonstrating the usefulness of NBT.
We would like to open many more new NBT pairs, essentially treating them as USD markets.
If you have any questions or suggestions please share them.
NuBits Markets, and Why They Are Important
We are proud to announce that we have been working with NuBits developers to add a peggedNuBits (NBT) market to our exchange.
If you have not yet heard of NuBits, it is best described as a cryptocurrency that has a stable value of 1 USD. This value is maintained by a decentralized autonomous corporation built around a clever implementation of the PeerShares project. The NuBits infrastructure is maintained in a decentralized manner by the Nu community, who has built bots to maintain the price of NuBits at 1 USD on all participating exchanges.
A different approach
Our implementation took longer than others because we requested something special, our request required changes to Nu’s pegging bots:
Rather than pair NBT to BTC, giving it an awkward ~0.00321 BTC price, we decided to price BTC in NBT. Since NBT is pegged to the dollar, the price of Bitcoin will be familiar to anyone knows the USD price of the Bitcoin price. (Current price at the time of writing this is 328 NBT per BTC.)
We plan to continue adding more NBT markets, trading it against BLK, PPC, and NSR, with more expected in the future.
One of our primary reasons for opening this exchange is perfectly described by the NuBits team:
Specialized exchanges allow trading of various digital currencies, but there are problems. If traders on these exchanges believe the value of their holdings will go down, they will sell their digital currencies for fiat money such as US dollars. The traders then need to either hold the fiat money on an exchange (which can be a target for theft) or withdraw the funds (which can be slow and inconvenient). NuBits eliminates this frustration. Traders can purchase NuBits as a stable hedge rather than liquidating their holdings to fiat money. These NuBits can then quickly and easily be transferred off exchanges into private wallets. NuBits makes trading digital currencies easier.
—NuBits official page
In practice this allows users to trade against USD while maintaining the technological benefits of cryptocurrency.
We believe this is a revolutionary advancement in cryptocurrency trading.We encourage everyone to read more about NuBits and NuShares to learn more about decentralized autonomous corporations and how the people behind NuBits are using one to maintain a peg in a decentralized way. We will be writing more about Peershares and decentralized autonomous corporations in future announcements.
Full Announcement Regarding NBT Market: