How To Buy Ravencoin (RVN)?

A common question you often see on social media from crypto beginners is “Where can I buy Ravencoin?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Ravencoin (RVN)

First, you will need to open an account on a cryptocurrency exchange that supports Ravencoin (RVN).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Ravencoin (RVN) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Ravencoin (RVN)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Ravencoin (RVN) or Ravencoin (RVN) trading pairs. Look for the section that will allow you to buy Ravencoin (RVN), and enter the amount of the cryptocurrency that you want to spend for Ravencoin (RVN) or the amount of fiat currency that you want to spend towards buying Ravencoin (RVN). The exchange will then calculate the equivalent amount of Ravencoin (RVN) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Ravencoin (RVN) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Ravencoin (RVN)?

Ravencoin is a software seeking to incentivize a network of computers to operate a platform allowing users to create a new class of crypto assets. The protocol is designed to facilitate the creation and transfer of tokens that represent real-world assets such as securities, collectibles, gold, event tickets or even airline miles. 

Ravencoin was launched as an open-source fork of Bitcoin’s codebase, meaning its team copied and modified Bitcoin’s code to add additional features designed for different goals. In addition to the ability for users to issue personalized assets on its network, other changes included one minute block times, a block reward of 5,000 RVN, Ravencoin’s cryptocurrency, and a maximum supply of 21 billion RVN. 

In order to secure its network, Ravencoin uses a similar consensus mechanism to Bitcoin’s Proof of Work (PoW). However, rather than mining through specialized hardware, any user wishing to become a miner can do so with their own CPU.

How does Ravencoin work?

Ravencoin’s code was copied from Bitcoin but establishes its own unique network, asset and protocol rules. Other parameters were modified to incentivize asset issuance and communication between users of specific tokens on its network.

To keep its network in sync, Ravencoin uses a variation of the Proof-of-Work (PoW) consensus mechanism, called KAWPOW, aimed to lower the barrier to entry to mining on its network 

Similar to PoW on Bitcoin, KAWPOW is used by a network of computers running the Ravencoin software to secure the network, validate transactions and distribute newly minted RVN.

Ravencoin Token Issuance

To create a new crypto asset, a user must burn (or destroy) a certain amount of RVN coins and provide a unique name for their token. Upon creation, issuers can also define special characteristics for their token such as the amount of tokens issued, the number of decimal places in which it may be fractioned and its fungibility. 

Of note, any token issuer can distribute RVN rewards to their token holders, providing a way to issue dividends within an organization or create incentives within a community, for example.

Messaging

Ravencoin also provides the ability for token creators to message anyone who holds their tokens, allowing specific holders to be notified when they might need to vote on new proposals. 

Since all RVN tokens are transferable, token holders can not only delegate their vote to other users of the network, but they can also decide to sell their stake in a community when they choose to. 

Who are the founders of Ravencoin?

Ravencoin was launched in 2018 through a fork of Bitcoin’s code by businessman Bruce Fenton and developer Tron Black. 

The Ravencoin team, refraining from any public or private token sale to investors, attempted to mimic Bitcoin’s launch, meaning none of its token supply was set aside for others in advance. At the time of launch, the core team was funded by Overstock.com subsidiary Medici Ventures. 

Ravencoin development updates in 2023

Ravencoin (RVN), a project built on a fork of the Bitcoin code, has seen several key developments in 2023. These advancements focus on enhancing the network’s functionality and broadening its appeal in the cryptocurrency space. Here’s an overview of the most notable updates:

• Increased Hashrate and Miner Migration: One of the most significant developments for Ravencoin in 2023 has been the substantial increase in its network hashrate. This surge, from 2.53 Terahashes per second (TH/s) to as high as 4.264 TH/s, can be attributed to the migration of Ethereum miners to the Ravencoin network. This migration was fueled by Ethereum’s transition to a proof-of-stake network, leading miners to seek alternative platforms. The increase in hashrate not only signifies a growing interest in Ravencoin but also enhances the network’s security​​​​.

• Price Performance and Market Response: Ravencoin has seen a notable performance in the market, with its price rising significantly. Over a 24-hour period, RVN’s price increased by more than 27%, bringing its weekly gains to over 58%. This rise has propelled RVN into the top 100 cryptocurrencies by market capitalization, a significant achievement considering its market cap was under $300 million just a week prior. The price surge highlights the growing interest in Ravencoin among investors and the broader crypto community​​​​.

• Launch of Meta-Z and VR Features: Ravencoin has announced the introduction of Meta-Z, the first platform with play-to-earn and virtual reality (VR) features on the Ravencoin blockchain. This development marks a significant step in diversifying the use cases of the Ravencoin network and tapping into the burgeoning field of blockchain-based gaming and VR applications​​.

• Upcoming Cold Storage Device for RVN: The Ravencoin team is also working on a cold storage device specifically designed for Ravencoin (RVN) and other Ravencoin assets. While the launch date has not been announced, the development of this device is an important step in providing secure storage solutions for RVN holders and users​​.

• Community Growth and Engagement: The Ravencoin community has seen renewed vigor and growth, driven by the influx of Ethereum miners and the increasing visibility of the project. The community’s engagement is evident in various social media platforms, where discussions about Ravencoin’s future post-Ethereum merge and its potential as “Bitcoin 3.0” are prevalent. This growing community support is vital for the long-term success and adoption of Ravencoin​​.

• Virtual and Physical Meet-ups: Ravencoin has planned both virtual and physical meet-ups to foster community engagement and discuss the project’s journey and future. These events include a virtual meet-up on the Braveland platform and a physical meet-up aboard the Royal Caribbean Symphony of the Seas. Such events are crucial for community building and providing insights into the project’s development roadmap​​.

In summary, Ravencoin’s development in 2023 is marked by a significant increase in network hashrate due to the migration of Ethereum miners, a notable improvement in market performance, the launch of innovative features like Meta-Z, and active community engagement through various events. These developments position Ravencoin as a project with growing relevance in the cryptocurrency space.

Official website: https://ravencoin.org/

Best cryptocurrency wallet for Ravencoin (RVN)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Ravencoin (RVN)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).