What Is Ravencoin And How To Buy It?
Out of all the cryptocurrencies out there, Ravencoin (RVN) holds a special place for the crypto mining community. Created in 2018, it employs Bitcoin’s original vision of decentralisation. Its main feature is its cost-effective mining process.
Read on to know more about Ravencoin, Pavencoin price, how you can buy RVN, and what’s the best way to store RVN.
What is Ravencoin?
Ravencoin is the native crypto token of the Ravencoin blockchain. The cryptocurrency logo for Ravencoin is RVN. It is a modified version of Bitcoin’s original technology. In effect, it is a new version of Bitcoin, coupled with some additional features for different goals.
The Ravencoin cryptocurrency is designed to efficiently transfer assets from one party to another. The primary goal of its creators was to develop an improved version of Bitcoin’s peer-to-peer electronic system.
How does Ravencoin Work?
Ravencoin’s protocol is a modified version of Bitcoin’s proof-of-work (PoW) consensus mechanism. It is similar to Bitcoin in the sense that it’s a decentralised network for sending assets between crypto wallets. However, RVN has its own unique network, asset and protocol rules.
Unlike Bitcoin, Ravencoin’s Proof of Work model has a mining algorithm, referred to as KAWPOW. Miners of most cryptocurrencies require specialised mining software to solve complicated math problems and receive a block reward for their work. However, Ravencoin’s KAWPOW algorithm prevents the need for specialised hardware to mine RVN. One can simply use a regular computer’s software to solve math problems and create RVN tokens.
Another unique feature of Ravencoin cryptocurrency is the ability for token creators to message anyone who holds RVN tokens. This allows transparent communication between the holders of the cryptocurrency.
Also Read:What Is Crypto Exchange And How To Choose The Best One
How to Buy RVN?
Here are the steps you can follow to buy Ravencoin:
Step 1: Visit the cryptocurrency exchange platform that you would like to use for the trade.
Step 2: If you don’t have an existing account, create a new account on the crypto exchange. You will be required to submit your personal details for verification.
Step 3: Search for Ravencoin on the exchange platform and proceed to find Ravencoin price.
Step 4: Enter the amount of Ravencoin that you would like to purchase. Additionally, choose the second currency that you will use to purchase RVN.
Step 5: Click on ‘Buy’ after which the purchased Ravencoin tokens will be transferred to your digital wallet.
What’s the Best Way to Store RVN?
There are multiple storage options that one can choose from to store Ravencoin tokens. Users can either choose the default ‘custodial wallet’ that is offered by a crypto exchange. Or, they can opt for specialised Ravencoin wallets that have been developed by the creators of RVN.
Here is a list of best the wallets that are available to store RVN:
1. Official Ravencoin Desktop Wallet: The official wallet can be installed for Windows, Linux or Mac OS. It has been created by the project’s developers, who are constantly updating the wallet with the latest Ravencoin features.
2. Official Ravencoin Mobile App Wallet: There is also a Ravencoin mobile wallet for RVN users who are always on the go. It is compatible with both Android and iOS, fully encrypted and offers 24X7 support.
3. Pocket Raven (Hot Wallet): Online crypto storages like hot wallets are entirely web-based. The Pocket Raven web wallet is linked to the Ravencoin blockchain, which allows quick and easy transfer of RVN tokens.
4. Ravencoin Paper Wallet: Paper wallets are not connected to the internet, which makes them an extremely secure storage option. However, users will need access to a secure printer to print wallet keys and QR codes for easy transfers
Things to Consider Before Investing in Ravencoin
Here are some points to keep in mind before investing in Ravencoin:
- Environment factor: Currently, there is a debate growing around how crypto mining rigs require an exuberant supply of electricity. A block of cryptocurrencies like Ethereum and Bitcoin can only be created after solving complex math problems. However, the mathematical problems associated with Ravencoin mining are simple to process and solve.
- Long-term opportunity: Crypto users are always on the lookout for generating maximum wealth during a bullish market. They generally buy during the dip and eye for a long-term investment. RVN is currently trading at very low prices when compared to the major cryptocurrencies. However, its potential market is huge, and there is a lot of room to grow. This makes it a lucrative investment opportunity for crypto users who want to take advantage of RVN’s promising features.
- Real-world use: Users should try to invest in cryptocurrencies that have real-world use. Ravencoin has practical use because it focuses on tokenising and transferring assets. The potential market is huge because Ravencoin developers are opening the platform to real-world assets, such as securities, gold, commodities, etc.
- Compliance with regulatory bodies: The cryptocurrency community has been battling financial authorities since its inception. Many cryptocurrencies have been unable to adapt to the global regulations related to digital assets.
However, the Ravencoin framework is continuously adapting to the market regulations. The developers predicted the problems that security token users can face. Hence, they created a technology that is compliant with the existing regulations.
Also Read: Understanding Tax On Crypto In India And How It Is Calculated
Final Word
Although Ravencoin is relatively new to the cryptocurrency community, it holds huge potential for real-world use. Once Ravencoin is able to enter the derivatives markets, its price is expected to touch great heights. By entering the crypto markets at the right time, early investors of RVN can reap substantial profits.
FAQs on Ravencoin
Ans: Ravencoin is a blockchain that is a modified version of Bitcoin’s peer-to-peer blockchain network. Ravencoin and Bitcoin share the same protocol. However, unlike Bitcoin, a block of Ravencoin does not require a specialised crypto mining rig and can be mined on a regular computer.
Ans: According to crypto experts, the Ravencoin price prediction for mid-2022 is somewhere around the range of $0.030 to $0.032. Investors might see the RVN price fluctuate between $0.035 and $0.038 towards the end of the year.
Ans: On May 6 2020, Ravencoin updated its mining algorithm and switched to KAWPOW. The KAWPOW algorithm also supports other cryptocurrencies like Gravium, Hilux, etc. Its unique feature is that it requires much lower computational power than other hashing algorithms.
Ans: Proof of Work is a consensus algorithm that is used to validate transactions and mine new tokens in a blockchain network. This algorithm encourages members of the network to compete against each other. They try to solve mathematical puzzles to facilitate transactions on the network.
Ans: Yes, any miner with a decent GPU can easily mine RVN. However, GPUs with higher capability will offer more power for fast calculations. This will provide additional hashing power to mint Ravencoin.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.
Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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