The Namecoin market cap has recently increased and as the crypto news today show, now it is over $8 million while the coin is trading stable at $0.56. Over the last week, Namecoin has traded 15.4% lower against the US dollar but even despite that managed to rise and increase its market cap above $8 million.
One Namecoin token can now be purchased for around $0.56 on cryptocurrency exchanges such as Altcoin Trader, Cryptopia, YoBit and C-Patex. And for those of you who don’t know, the NMC token offers a proof-of-work concept that uses the SHA-256 algorithm.
According to the latest altcoin news sites out there, the Namecoin market cap is poised to increase in the near future and the cryptocurrency is based on the code of bitcoin and uses the same proof-of-work algorithm. What’s interesting is that Namecoin is limited to 21 million coins and each record consists of a key and a value which can be up to 520 bytes in size.
Each key in the cryptocurrency project actually presents a path with the namespace preceding the name of the record. The key signifies a record stored in the DNS namespace with the name example and corresponds to the record for the example.bit website.
The current fee for a record that Namecoin charges is 0.01 NMC and the records expire after 36,000 blocks (nearly 200 days) unless updated or renewed. Namecoins used to purchase records are marked as used and destroyed, as giving the fee to miners would enable larger miners to step up and register names at a significant discount.
The Namecoin market cap is getting larger and more traders are turning to this coin. For those of you who don’t know, this cryptocurrency can be bought or sold on exchanges such as Altcoin Trader, YoBit, Trade By Trade, Bittylicious, Tux Exchange, Livecoin, SouthXchange, Bleutrade, WEX, C-Patex, Bitsane, Cryptopia, Poloniex and BX Thailand.
Even though it is not possible to purchase alternative cryptocurrencies (altcoins) such as Namecoin directly using US dollars, investors seeking to acquire this coin should first purchase Bitcoin (BTC) or Ethereum (ETH) using an exchange which deals in US dollars such as Coinbase or GDAX. Investors can then swap their Bitcoin or Ethereum to purchase Namecoin using one of these exchanges.
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