How do I buy Ravencoins
Ravencoin (RVN) buying guide
Launched in January 2018, Ravencoin (RVN) is an experimental cryptocurrency that aims to create a digital peer-to-peer network for facilitating asset transfers, such as the transfer of tokens between users. Built on a spin-off of the Bitcoin (BTC) code, this open source platform is designed with a focus on user control, privacy and censorship resistance.
Where can you buy RVN
Ravencoin can be bought and sold on many exchanges in Germany. Compare exchanges by deposit method, fiat currency support, and overall cryptocurrency support to find the best solution for your needs.
How to buy Ravencoin (RVN)
If you want to buy Ravencoin, you need to follow the steps below:
Step 1. Sign up for an account with an exchange that supports RVN
You will need to create an account by entering an account name and generating a password. Remember to keep a copy of this password in a safe place so that you can access your account again in the future.
Step 2. Deposit funds into your account
Click on the “Deposit / Withdraw” link and select the cryptocurrency you want to deposit.
Step 3. Buy RVN
Navigate to the exchange page and search for "RVN". Click on the relevant search result and enter the details of your transaction in the “Buy RVN” field. Make sure to check the amount of BTC you are spending and the amount of RVN you are buying before finalizing the transaction.
How to Sell RVN
If you are looking to sell your RVN inventory, the process you need to follow is similar to that in Step 3 above. Of course, you need to make sure that you enter your transaction details in the “Sell RVN” field and not in the “Buy RVN” field. If you don't know where the best places to sell RVN, consider comparing exchanges to find an exchange that suits your needs.
How to mint RVN
To start mining RVN, you first need to create a wallet and generate a wallet address into which RVN can be deposited. Next, choose a mining pool - you can see a list of available pools on Ravencoin's Bitcointalk thread - and follow the directions to get started.
Ravencoin was designed to be mined on readily available, consumer-friendly hardware and uses a new algorithm known as X16R. It is designed to be resistant to Application Specific Integrated Circuit (ASIC) and to constantly switch between 16 different algorithms.
What is ASIC hardware and ASIC resistance?
While bitcoin was initially mined using graphic processing units (GPUs), ASIC hardware was eventually developed for mining. However, Bitcoin mining with ASIC hardware has relatively high costs and energy requirements compared to Bitcoin mining with GPUs. As Bitcoin mining became more and more inaccessible, some people thought that Bitcoin itself is becoming more and more centralized. Designed to be mined by anyone with access to a computer and the internet, ASIC-resistant cryptocurrencies like RVN and Vertcoin (VCN) are said to be more egalitarian.
Do you want to learn more about Bitcoin mining? Our guide will show you how it works.
What wallets can I use to hold RVN?
Keeping your RVN on a cryptocurrency exchange for long periods of time is not recommended for security reasons. With that in mind, you need to find a secure wallet that has support for RVN coins.
To learn more about cryptocurrency wallets, check out our comprehensive wallet guide.
How Ravencoin works
A Ravencoin contribution medium dated November 2017 refers to game of Thrones on the introduction of this experimental currency: “In the fictional world of Westeros, ravens are used as messengers that convey statements of the truth. Ravencoin is a use case specific blockchain designed to convey statements of truth about who owns what assets. ”
Launched on January 3, 2018, the ninth anniversary of the introduction of Bitcoin, Ravencoin is an open source project designed to enable instant payments to anyone in the world. The goal of the project is to create a blockchain specifically optimized for the transfer of assets such as tokens from one owner to another.
A fork of the bitcoin code, Ravencoin has three major changes:
- The spending plan (block reward of 5,000 RVN)
- Block time (1 minute)
- Mining algorithm (X16R)
This algorithm is intended to address the centralization of mining caused by ASIC hardware. In the Ravencoin whitepaper, the team behind the currency explains that the fixed order of common hashing algorithms is ideal for building ASIC miners.
However, the X16R algorithm aims to overcome this problem by constantly breaking the order of the hash algorithms - it uses the same algorithms used in X15 and SHA512, but the order of these algorithms is based on the hash of the previous blocks changed.
Important Things To Keep In Mind When Thinking About Buying RVN
Cryptocurrencies are complicated and volatile, so buying any digital currency is highly speculative. With this in mind, it is important to research and evaluate the key factors that could affect the value of a currency before making a purchase.
When considering buying RVN, make sure you consider the following factors:
- Overstock investment. In an interview with Business Insider In February 2018, CEO of US internet retailer Overstock.com, Patrick Byrne, revealed that his company has invested “millions of dollars” in Ravencoin. “We have people contributing to this open source project. We think that this coin actually has a great future. It's about - it's bitcoin, but a thousand times more energy efficient. And there are other really interesting benefits… ”he said.
- Lack of marketing. Ravencoin is a new project and there is still little information about it online. The official website is very sparse in detail and the whitepaper is similarly short, so do your research as much as you can to find out what this coin has to offer.
- Availability. Since Ravencoin is only listed on one cryptocurrency exchange, it could hurt its credibility in the eyes of the public. However, the fact that it was designed for consumer-friendly mining could make it more appealing to those more familiar with cryptocurrencies.
- Other ASIC resistant coins. Other cryptocurrencies have tried to combat the centralization of mining by ASIC hardware, including Vertcoin, Ethereum, and Monero. If you are interested in mining RVN, you should also consider the possibility of mining other ASIC-resistant currencies.
Considering these and a number of other factors will help you make an informed decision about whether to buy or mine RVN.
Tim Falk is a freelance writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he's not staring at his computer, you can usually find him exploring the great outdoors.
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