Excuse my ignorance, but I can't seem to find an answer from the internet.
If NXT is a decentralized currency, why do I need to download their client to store my coin? That doesn't feel safe to me.
For example with Bitcoin,Monero,Litecoin, etc I can generate a random wallet and put it in cold-storage, but from what I understand NXT wallets are only stored online?
Am I missing something here?
You don't store the coins in Nxt client exactly like Bitcoin, Litecoin, etc..., the only difference is that in Bitcoin your keys are saved in the wallet.dat file while in Nxt there's no .dat file, you have a passphrase and you write it on paper or memorize it. Personally I very much like this way because I don't have to worry about backup or hd failures and I can access my account from anywhere.