When one talks about cryptocurrency, the first thing that comes to mind is Bitcoin. But besides it, there are thousands of other digital coins. According to CoinMarketCap, there are 8,996 various cryptocurrencies in the world today. Almost every day, a new token enters the market.
In this article, we will discuss the NAV cryptocurrency that stands the test of time fairly well.
What Is NAV?
Navcoin (NAV) was launched in July 2014 as an open-source, decentralized cryptocurrency. It was based on the latest version of Bitcoin Core. At the start, it appeared under the name Summercoin. Then, it changed the name several more times — Navajocoin, Navajo Coin, and finally, Navcoin.
After 100,000 PoW blocks (on the X13 algorithm), the cryptocurrency switched to the proof-of-stake (PoS) concept. Initially, the annual PoS reward was 20%. Three years later, it dropped to 5%.
Today (March 29, 2021), NAV’s price is $0.7306, and its market cap exceeds $52 million.
Here are a few benefits of Navcoin:
- Anonymity. Many coins are partially anonymous. But Navcoin’s encryption software hides the transaction data completely and even removes data on the IP address used. This system is built on Bitcoin blockchain technology and uses a sub-chain for processing anonymous transactions.
- Security. Navcoin uses the proof-of-stake algorithms and not the proof-of-work concept. It means the platform does not require expensive hardware to maintain. This allows more people to join the network and thus, decreases the risk of a 51% attack.
- Speed. Improved usability is one of the winning features of this coin. It offers a 30-second transaction time. This high speed is ideal for people who perform multiple transactions daily. Besides, with NAV, transaction costs are kept to a minimum — 0.0001 NAV.
- NavTech system. It is a minor blockchain. This unique solution allows you to anonymize and mix transactions. This distorts the links between the addresses of a sender and a receiver.
- Staking. This feature enables NAV users to receive a 5% reward on the amount in their wallets.
Where to store Navcoin?
Navcoin should be stored in a crypto wallet. The Navcoin platform supports several wallets for this purpose. If you need a wallet only for storage, it is enough to create a paper wallet with the help of the NavPaper solution.
If you want to earn interest from your transactions, you need to install the NavCoin Core client. There is also a light version of NavCoin wallet — NavPay — for instant payments. NavPay is available as a mobile and browser version.
Where to buy and sell Navcoin (NAV)
The NAV token is a fairly mature asset, so finding it on cryptocurrency exchanges will not be difficult. The token is actively traded on Binance, Bittrex, Poloniex, Upbit, and Cryptopia.
For example, Binance is providing the largest volumes of trades. It handles more than half of all NAV transactions. The second popular platform is Bittrex, processing about 20% of trades. Upbit processes another 15% of all transactions. The rest of the trading turnover is carried out by Poloniex and Cryptopia.
If you prefer on-the-fly exchanges that do not require registration, you can use Godex. This is an anonymous exchange that facilitates purchases and swaps of cryptocurrencies. Their current rates can be checked using an online NAV to BTC converter.
How to Exchange Navcoin?
There are several ways to exchange NAV for other cryptocurrencies or fiat money. But on-the-fly platforms remain the most popular way to swap digital coins. They allow you to sell your coins for another cryptocurrency and get it to your personal crypto wallet near-instantly.
The exchange procedure has a very simple algorithm. We will take Godex as an example:
- Go to the Calculator page.
- Indicate what cryptocurrency and how much you want to exchange.
- The exchanger determines the amount received in NAV and calculates how much BTC you will get.
- Indicate the destination wallet address.
- Click the Exchange button.
- Send the NAV coins to the generated address.
When the cryptocurrency arrives at the address of the exchanger, its system will automatically process the transaction and transfer funds to the user’s wallet.
Note that it is important to check the timeframe and fees if you are using a new service:
- Usually, the exchange process takes up to 30 minutes. If your transaction is not completed within this time, contact the technical support of the service to find out the reason for the delay. It can happen due to the overload of the cryptocurrency network. Or, you could have made a mistake when entering the wallet addresses. Be sure to check the details very carefully not to lose your money.
- Online exchange services charge commissions for their operations. The rates can vary from 1% to 10%. The amount of fees depends on the cryptocurrency you are going to swap, withdrawal methods, and other factors. When exchanging NAV to BTC, you should also take into account the internal fees of payment systems.
During its existence, the NavCoin platform has made significant progress and managed to initiate interesting projects in the niche of private payments and anonymous, decentralized applications. Still, it has not reached its peak yet. Over the past years, the NAV team has introduced many new functions and improvements. So, NavCoin has a fair chance to grow and outperform its competitors in the market.