Recognizable private cryptocurrencies are few and far between. Monero, Dash, and Zcash might be the most sought-after coins, but Navcoin is equally worthy of your attention, especially when you factor in the recent wNAV launch and the resultant price uptick. Before we jump into current pricing and cost predictions, let’s look into the roots of this anonymous cryptocurrency and learn what makes it stand out from the pack. By the end of this post, you might be interested in diversifying your crypto portfolio.
The Navcoin Origins
Navcoin is a 2014 Bitcoin fork that was created to simplify anonymous payments within the community. The new coin offered the same benefits with lots of improvements. Instead of relying on the Proof of Work (PoW) concept, NAV uses Proof of Stake (PoS) mining. As a result, the transactions are much faster, and the fees are much cheaper than Bitcoin. Moreover, all you need to operate a staking node and earn Navcoin is a laptop, a desktop, or a Raspberry Pi. This might be the deciding factor in making Navcoin the first carbon-neutral cryptocurrency.
Another considerable advantage of Navcoin is the NavTech subchain that powers anonymous transactions. The transaction is encrypted, and the tokens are added to a token pool. The recipient does not receive the initial tokens sent. Instead, their wallet gets tokens from a communal pool. This double layer of security ensures no one can trace Navcoin transactions. However, as private transactions require more time and processing power, the fees are usually steeper than those of public transfers.
One of the few downsides of Navcoin is the small user pool. According to Coin Central, around 60% of tokens are concentrated in the hands of only 100 users, while 1,000 users hold 80% of all NAV coins. The total user base of the token is under 30,000, which might be hindering the Navcoin potential. A stronger marketing campaign would strongly benefit the community.
Recent Developments
The beginning of April saw Navcoin price rise from around $0.70 to over $0.80, with daily fluctuations of 5% to 10%. The surge coincided with the launch of the Wrapped Navcoin (wNAV) bridge that connects the network to the Binance Smart Chain network. All NAV owners got the chance to swap their NAV and xNAV coins for wNAV at a 1:1 rate and enter the DeFi world.
After the deployment of the wNAV smart contract, the community is looking to create liquidity in decentralized exchanges, starting with Pancakeswap. The tokens will be used for farming, lending, trading, as well as collateral in borrowing other currencies. Besides, wNAV can be directly swapped with xNAV, unlike other coins in the Binance Smart Chain.
If you’re interested in the upcoming Navcoin developments, you can follow them on the project activity page.
Price Predictions
Even the most experienced market analysts can’t predict prices with any confidence level. Still, it pays to learn what 1 NAV to BTC exchange rate will be in a year or two. Even a general rising or descending trajectory of the token’s price is enough to help guide your investment decisions.
According to most experts, Navcoin prices will steadily increase in the coming years. For instance, Digital Coin expects NAV to double in price within a year to exceed $1.5. In three years, the coin has the potential to rise to $2.4, and in five to seven years, NAV will be worth $3.5 or more. However, these predictions, like all cryptocurrency forecasts, are liable to change. The ongoing Navcoin development efforts may hasten the price growth, while the introduction of new private tokens or an influx of Monero or Zcash users could drag the NAV cost down.
If you’re interested in joining Navcoin community, Reddit is a good place to check out the current and upcoming developments, as well as learn more about everything from the technology behind blockchain to wallets and converters.
The Takeaway
While Navcoin has been around since 2014, the private cryptocurrency hasn’t gained wide adoption, unlike Dash or Monero. However, the robust development team and strong community keep the blockchain alive. The recent wNAV launch and subsequent price surge are proof enough that the token may see a steady increase over the coming years. Analysts believe Navcoin will strengthen to achieve $3.5 within five to seven years, but it’s for you to decide if you’re willing to invest in this cryptocurrency.
