Crypto.com App
- Buy RVN and 60+ other cryptos
- Spend anytime with the MCO Visa card
- Earn interest on your crypto holdings
Where to buy Ravencoin (RVN) in Australia
Read our guide to buying, selling and trading Ravencoin (RVN) in Australia.
Getting Started
Trading
Tools
Get exclusive money-saving offers and guides
Straight to your inbox
By signing up, you agree to the Finder
Privacy & Cookies Policy
and
Terms of Use, Disclaimer & Privacy Policy.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Launched in January 2018, Ravencoin (RVN) is an experimental cryptocurrency that aims to create a digital peer-to-peer network for the facilitation of asset transfers, such as the transfer of tokens between users. Built on a fork of the bitcoin (BTC) code, this open-source platform is designed with a focus on user control, privacy and censorship resistance.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Quick guide: How to buy RVN
- Register for an account with a cryptocurrency exchange like CoinSpot.
- Enable 2-factor authentication.
- Verify your account.
- Click “Deposit AUD”.
- Transfer funds into your account.
- Click “Buy/Sell” at the top of the screen.
- Search for the cryptocurrency you want and click “Buy”.
- Enter the amount you want to buy, or the amount of AUD you want to spend.
- Review the transaction details.
- Click “Buy”.
This is our quick guide to just one way to buy RVN. Compare some other options in the table below.
Where to buy RVN
Ravencoin can be bought and sold at many exchanges in Australia. Compare exchanges by deposit methods, fiat currency support and total cryptocurrencies to find the best fit for your needs.
What's in this guide?
How to buy Ravencoin (RVN)
If you want to buy Ravencoin, you will need to complete the following steps:
Step 1. Sign up for an account on an exchange that supports RVN
You'll need to create an account by entering an account name and generating a password. Remember to keep a copy of this password somewhere safe 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'd like to deposit.
Step 3. Buy RVN
Navigate your way 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" box. Make sure to review the amount of BTC you're spending and the amount of RVN you're buying before finalizing the transaction.
How to sell RVN
If you want to sell your RVN holdings, the process you'll need to follow is similar to that outlined in Step 3 above. Of course, you'll need to make sure you enter your transaction details in the "Sell RVN" box rather than the "Buy RVN" box. If you don't know the best place to sell RVN, compare exchanges to find one that fits your needs.
How to mine RVN
To start mining RVN, you will first need to create a wallet and generate a wallet address that your RVN can be paid into. Next, choose a mining pool – you can see a list of available pools on Ravencoin’s Bitcointalk thread – and follow the instructions to get started.
Designed to be mined on readily available consumer-grade hardware, Ravencoin uses a new algorithm known as X16R. It’s designed to be Application Specific Integrated Circuit (ASIC) resistant and constantly switches between 16 different algorithms.
What is ASIC hardware and ASIC resistance?
While bitcoin was initially mined with Graphic Processing Units (GPUs), ASIC hardware was eventually developed for mining. However, bitcoin mining with ASIC hardware has relatively large costs and energy requirements in comparison to bitcoin mining with GPUs. With bitcoin mining becoming less accessible, several people thought that bitcoin itself was becoming more centralised. Designed to be mineable by anyone who has access to a computer and the Internet, ASIC-resistant cryptocurrencies like RVN and Vertcoin (VCN) are meant to be more egalitarian.
Want to learn more about bitcoin mining? Our guide walks you through how it works.
Which wallets can I use to hold RVN?
Storing your RVN on a cryptocurrency exchange for lengthy periods is not recommended due to security reasons. With this in mind, you’ll need to find a secure wallet that provides support for RVN coins.
To learn more about cryptocurrency wallets, read our comprehensive wallets guide.
How Ravencoin works
A Ravencoin post on Medium from November 2017 references Game of Thrones when introducing this experimental currency: “In the fictional world of Westeros, ravens are used as messengers who carry statements of truth. Ravencoin is a use case specific blockchain designed to carry statements of truth about who owns what assets”.
Launched on 3 January 2018, the ninth anniversary of bitcoin’s launch, Ravencoin is an open-source project designed to enable instant payments to anyone around the world. The aim of the project is to create a blockchain optimised specifically for the transfer of assets such as tokens from one holder to another.
A fork of the bitcoin code, Ravencoin features three key changes:
- The issuance schedule (block reward of 5,000 RVN)
- Block time (1 minute)
- Mining algorithm (X16R)
This algorithm is intended to address the centralisation of mining caused by ASIC hardware. In the Ravencoin whitepaper, the team behind the currency explains that the fixed order of ordinary hashing algorithms lends itself to the construction of ASIC miners.
However, the X16R algorithm aims to overcome this problem by constantly disrupting the ordering of the hashing algorithms – it uses the same algorithms used in X15 and SHA512, but the ordering of those algorithms is changed based on the hash of the previous block.
Key things to consider if you’re thinking about buying RVN
Cryptocurrencies are complicated and volatile, so buying any digital currency is highly speculative. With this in mind, it’s important to research and assess the key factors that could affect a currency’s value before making a purchase.
If you’re thinking of buying RVN, make sure you consider the following factors:
- Overstock investment. In a February 2018 interview with Business Insider, the CEO of US Internet retailer Overstock.com, Patrick Byrne, revealed that his company has put “millions of dollars” into Ravencoin. “We have people contributing to this open-source project. We think this coin actually has quite a future. It’s about – it’s bitcoin, but a thousand times more energy efficient. And there’s other real interesting virtues to it…,” he said.
- Lack of marketing. Ravencoin is a new project and there’s still only limited information available about it online. The official website is very light on details and the whitepaper is similarly brief, so do as much research as you can to find out what this coin has to offer.
- Availability. As Ravencoin is only listed on one cryptocurrency exchange, this could hamper its credibility in the eyes of the general public. However, the fact that it’s designed for consumer-friendly mining could increase its appeal to those who are more familiar with cryptocurrencies.
- Other ASIC-resistant coins. Other cryptocurrencies have attempted to combat the centralising of mining caused by ASIC hardware, including Vertcoin, Ethereum and Monero. If you’re interested in mining RVN, you may also want to look into the possibility of mining other ASIC-resistant currencies.
Considering these and a range of other factors will help you make an informed decision about whether you should buy or mine RVN.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
At the time of writing, the author holds IOTA and XLM.
More guides on Finder
-
Handypay Green Loan
A Green Loan from Handypay could help you make your home more energy-efficient. Handypay green loans are available up to $75,000 on terms of up to 10 years.
-
Victoria floods: How much food spoilage will your home insurance cover?
There’s been over 25,000 power outages across Victoria. Home insurance can reimburse you for the food that’s gone to waste. Find out who here.
-
TCL 20SE Review: Great display but otherwise unremarkable
If you're after a low-cost mobile with a quality display, the TCL 20SE is appealing, but you'll otherwise be left wanting for app performance, camera quality and battery life.
-
Today’s ASX top stocks: Moneyme (MME ↑18.8%), Cd Private Equity Fund I (CD1 ↑18.5%)
The 10 biggest movers on the ASX for Tuesday 15 June 2021.
-
Amazon Prime Day: 60% off fashion deals you’re not going to want to miss
Bargain hunters - get ready to save on Nike, New Balance, Cotton On, Tommy Hilfiger, Calvin Klein and so much more.
-
Amazon Prime Day best home deals: Bose, iRobot and more
From home speakers to robot vacuums, these are the items to watch out for this Prime Day.
-
Staple items worth a splurge and how you can grab a cheeky 30% off all of them
We've got a cheeky 30% off at THE ICONIC so here are the staple items worth a splurge because the savings are too damn good.
-
THE ICONIC x Finder: Huge 30% off sale + 5 things to shop right now
THE ICONIC's massive sale is exclusive to Finder members and applies to over 40,000 must-have items.
Latest crypto guides
Compare crypto exchanges
Where to buy, sell and exchange Bitcoin and cryptocurrency.
Best cryptocurrency wallets
Find out which digital wallet is best for you.
Where and how to buy Bitcoin
How to begin and what to do first.
Cryptocurrency adoption's secret weapon
SPONSORED: Why security and regulation will improve mass adoption.
Ask an Expert
