Your guide to buying and trading Nav Coin in Australia.
Nav Coin (NAV) is a decentralised cryptocurrency based on Bitcoin Core. It offers completely anonymous payments and a 30-second transaction time, and it's currently available on a number of cryptocurrency exchanges.
So, how does Nav Coin work and where can you buy NAV in Australia? Let’s take a closer look.
Where to buy NAV
You can purchase Nav Coin on a wide range of popular cryptocurrency exchanges, including the following:
A step-by-step guide to buying Nav Coin
If you want to buy Nav Coin, you should be aware that there’s currently no way to directly exchange fiat currency (such as your Australian dollars) for NAV. Instead, you’ll need to purchase a cryptocurrency such as bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC) and then exchange that currency for NAV.
Here’s an example of how you can purchase Nav Coin:
Step 1. Create an account at Binance or any other exchange where you can buy NAV
It’s free to sign up for an account by providing your name, email address, phone number and proof of ID. For extra security, set up two-factor authentication before you start trading.
Step 2. Deposit funds into your account
The steps you need to follow to deposit funds into your account will vary slightly depending on the exchange you’re using. For example, on Binance, you’ll have to click on “Funds” and then on “Deposit” in the menu found at the top of the screen.
Step 3. Buy NAV
Now it’s time to trade BTC, ETH or LTC for Nav Coin. Once again, the process for doing so differs slightly from one exchange to the next.
For example, on Binance, you can click on the relevant currency pair you want to exchange (such as NAV/ETH), choose whether you want to place a market order or set your own limit, and then enter the amount of NAV you want to buy. After reviewing the current price and checking the total cost of the transaction, click “Buy NAV” if you want to proceed.
Once you’ve purchased Nav Coin, it’s important to store your cryptocurrency in a secure wallet. The Nav Coin Core wallet is available for download from the official Nav Coin website and is compatible with Windows, OSX and Linux.
There’s also a paper wallet generator available for download if you would prefer to store your coins offline.
How Nav Coin works
One of the first fully anonymous cryptocurrencies, Nav Coin was launched in 2014. Originally starting life as SummerCoinV2, it was eventually rebranded to its current moniker.
Nav Coin is based on NavTech, which combines the bitcoin blockchain with its own secondary subchain. This means Nav Coin transactions can be scrambled so that the sending wallet can be completely disconnected from the receiving wallet. As a result, NAV users have the option to send completely anonymous transactions via this dual blockchain system.
What to consider before buying Nav Coin
Considering buying Nav Coin? There are several important factors you should take into account before deciding whether to buy:
- Up to 5% interest. As Nav Coin uses a proof-of-stake algorithm to process transactions and secure its network, coin holders that stake their NAV holdings receive up to 5% interest on that amount.
- Transaction time. While many other cryptocurrencies have transaction times of 10 minutes, Nav Coins can be sent anywhere in the world almost instantly. The NAV you send can become spendable within 30 seconds, which can be useful should you need to take advantage of a time-critical opportunity.
- Transaction cost. One factor that differentiates Nav Coin from many other cryptocurrencies is its low transaction cost of 0.0001 NAV. Remember to take this figure into account when calculating the utility of Nav Coin.
- The team behind NAV. Consider the team of developers behind Nav Coin to get a better idea of who's running the company. You can find information on the team on the official Nav Coin website, and the company is based in Auckland, New Zealand.
- Future developments. The potential increase or decrease in the value of NAV will be affected by the future projects it has in the pipeline. You can find information on these projects and a project roadmap on the NAV website. For example, at the time of writing, the company was working on NavTech Polymorph. This project is designed to combine NavTech’s anonymous transactions with Changelly’s instant exchange service, with the aim of allowing people to send more than 25 cryptocurrencies anonymously.
- Competition. Another factor that could affect the value of NAV is competition from other privacy coins. Examples of other cryptocurrencies operating in this space include Verge, Monero, Dash and Zcoin.