Nano coin (NANO) review: Is it destined to outshine Bitcoin?
Nano coin is fast, feeless, and scalable — no wonder so many people hail it as a serious Bitcoin alternative. And with triple-digit returns for those who bought in at the right time, it also has the potential to be a money-maker. But before you jump the gun, make sure you read up on the finer details.
Nano coin’s value jumped 242% over the last year thanks to its practical, user-friendly, and economical approach. Formerly known as RaiBlocks, the project has developed a reputation for scalability among the crypto community, making it a promising choice for crypto investors.
The Nano project aims to make its native token as usable as possible — and if you feel like you’ve heard that line before, you’ll soon know why. But will it ever achieve the status of bigger, widely used cryptocurrencies? We’ll answer that question and more.
Nano coin review
Nano coin is aiming to be the go-to replacement for fiat currency — just like Bitcoin. Although it’s not as famous as the world’s best-known cryptocurrency, it’s faster and more efficient.
That might seem like a bold statement, but Nano coin has the features to back it up. Plus, it went from a value below $1 for most of 2019 to hitting $14.72 at its 2021 peak. Let’s look at what makes this cryptocurrency so special.
What is a Nano coin?
Nano coin (NANO) is an altcoin, meaning it’s designed to be used as a medium of exchange to make purchases. That’s why Nano boasts an uncomplicated network: it aims to support frictionless payments with minimal carbon footprint and fee-free instant transactions.
The platform uses a consensus mechanism that requires fewer users to verify transactions (everyone chooses a “representative” to vote on their behalf, and their influence depends on how many other users have chosen them). As a result, Nano doesn’t require as much processing power as other systems, making it faster, economical, and more environmentally friendly.
In other words, it’s everything Bitcoin isn’t — transactions on the biggest crypto platform take at least ten minutes (longer if there’s more traffic), there are transaction fees involved, and its energy consumption is famously wasteful.
Nano is simply a lot more practical.
Besides, you only have to look at the history of Nano coin to see that the brains behind the project were genuinely motivated by decentralization. When Nano coin launched, the team gave away coins for free instead of selling them in an ICO due to the belief crypto should be accessible to everyone.
How Nano coin works
Nano coin’s usability isn’t due to luck or magic — it all comes down to the platform’s special block-lattice structure.
Developers built Nano on a directed acyclic graph (DAG), which is just like a traditional blockchain except for one key difference: as an account holder, you’ll have control of your own part of the blockchain that you alone can update. This keeps things neat and simple (aka faster and more scalable).
Also, Nano only records crypto balances, which means it has less data to store and can operate more quickly. Think of it like a computer with fewer files and a more powerful processor.
In contrast, Bitcoin records all transaction information on one global ledger, and everything must be verified using consensus mechanisms. Basically, every time you make a transfer, multiple users must verify it through mining and the ledger must be updated across the board — resulting in transaction fees, slower processing times, and excessive energy use.
If this is all sounding good, you might be wondering how to buy Nano coin — but first, let’s take a look at its price history to analyze whether it makes for a good investment.
Nano coin price
How has Nano coin performed so far? As we’ve touched on already, that depends on when you bought it. If you invested back in July 2020, you’re in luck — you’ve now earned a return to the tune of 242%.
On the other hand, if you bought Nano coin at its peak of $33.69, you’ll have been watching the market in despair ever since.
Looking at the market, the Nano coin price has yet to take off. It’s still not come close to its all-time high (during January 2018), and the value has never shown a consistent upward trend. Instead, it’s either fluctuated unpredictably or stabilized at a low point.
Between June 2018 and December 2020, the value barely went above $2. Then, Nano coin saw a promising resurgence during the crypto bull run in May 2021, going up to $16.06 — still below its highest point, but a significant spike in the graph.
However, this rise couldn’t be sustained. The price soon dropped (as did other crypto prices during the June 2021 crypto crash), and ever since then, it’s hovered between $3 and $5. That’s enough to generate three-figure returns for anyone who invested at the right time, but it’s enough to make you pause for thought if you’re considering purchasing it now.
Is Nano coin a good investment?
Will Nano coin go up again? There are no guarantees, but it’s not impossible. While past price movements can reveal a lot, they don’t necessarily tell the whole story of Nano coin’s future. To do that, you’ll have to forecast the cryptocurrency’s potential based on your own analysis of its features and direction.
As we’ve seen, the Nano coin infrastructure has a lot of potential. The lean, fee-free, and energy-efficient approach makes it far more usable and scalable than many competitors, so it could have what it takes to become a future medium of exchange. But don’t make the mistake of thinking this automatically makes a cryptocurrency valuable.
There’s a major problem: Nano coin lacks exposure. How often do you hear it discussed on social media, articles, and news sites compared to major cryptos?
To go further, the team will need to create more partnerships and take its promotion more seriously. They’re already making some strides by recruiting ambassadors and community managers, and the Nano coin subreddit has over 100k members — but don’t expect overnight success.
Also, you should remember that this isn’t a two-horse race between Bitcoin and Nano coin. There are other major altcoins for Nano to compete with, most notably Litecoin — and most competitors also aim to be faster and more efficient than Bitcoin.
Where to buy Nano coin
If you believe in Nano’s vision and team enough to put aside the risks and invest, you’ll be happy to know the coin is available on most major exchanges (including Binance and CoinX).
However, it’s best not to keep your crypto on an exchange — once you’ve bought it, you might want to transfer it over to a Nano wallet like Natrium for improved security. Or, why not try something a little different?
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