Many people find themselves in financial ruts where they think it’s impossible to get out. Maybe you took one too many business or personal risks, and now you’re paying the price. Perhaps you’re a parent with credit card debt from purchasing gifts for your children, even though you know those “hanging out” moments are the ones that count most. Too often get ahead of ourselves with short-term thinking and put ourselves in bad situations.
The cryptocurrency world offers ways for you to earn passive income by holding coins such as NAVcoin in your portfolio. NavCoin is a decentralized cryptocurrency like Bitcoin, and it is fully decentralized, so there are no banks or governments involved. Let’s look at some ways you can earn passive income with NAVcoin.
Become a full node operator
One way to earn passive income with NAVcoin is by becoming a full node operator. To become a full node operator, you must download and install your copy of the blockchain onto your computer server or laptop.
Once this is done, you can begin earning money by allowing others to use your server for transaction processing purposes. You’ll be paid for each transaction on your machine, and there are no limits on how many transactions can occur at any given time.
Staking
Anyone can participate in verifying transactions by installing the Navcoin Core wallet app, transferring their NAV, and then going to the settings for unlocking the wallet for staking. This simple system doesn’t require any complicated settings or a lot of resources and it functions on regular laptops. The only condition is to save NAV coins in your wallet and stake them.
A block reward of 2.5 NAV is presently in place for validating transactions, with 2 NAV going to the stake who discovered the block.
Staking NAV may be done in various ways, and you can start just by downloading the Navcoin Core wallet or the NEXT wallet. However, bear in mind that staking with these wallets needs you to operate a complete node and maintain it online at all times. They have a lengthy synchronizing time, although they give out maximum rewards of about 2 NAV each block.
The NEXT Lite wallet app for Android devices, which is a very light and easy-to-use mobile wallet, is one of the simpler to use and maintain solutions. It includes raising to 1.8 NAV every block without waiting for synchronization.
It includes raising to 1.8 NAV every block without waiting for synchronization. The NavCash wallet is a lightweight desktop wallet that does require constant synching, is simple to set up, and doesn’t require continuous use. It allows you to use the NavCash pool, delegate to another collection, or create your pool. When using your pool, you may earn up to 1 NAV per block.
Participate in xNAV Mixing
Because of its self-developed privacy protocol, Boneh-Lynn-Shacham confidential transactions, which distorts transaction information in a way that renders them fully confidential, the developers of xNAV have offered new means of earning. Furthermore, blsCT allows numerous transactions to be consolidated into a single one, and all these transactions can be accumulated indefinitely.
Users can also combine their coins with those of other wallet owners completing transactions on their network and get a fee for doing so. When a user transfers xNAV, their wallet sends an anonymized request for the coins from the other nodes, and the sender can choose multiple coins at random from the answers. These coins are combined with the coins of the original user and delivered to the network.
While this method ensures complete anonymity for the users, it enables a comprehensive economic network, with all network members benefiting financially from supporting the mixing processes and developing and sustaining critical ties between senders. Anyone who assists in the mixing process by supplying liquidity may anticipate reasonable remuneration in the form of a charge for their services and ongoing passive income for regularly participating in the xNAV mixing process.
Final thoughts
As long as you have a computer with internet access and a wallet on the device, you can use NAVcoin in many ways that you would use any other cryptocurrency. NAVcoin can be used as a passive income stream through its current set of features, and if you have been in the crypto space for a while, you know that this can be a good thing if you manage to catch the right wave and ride it long enough to make some decent money.
