Where to buy Ravencoin (RVN) in Australia

Read our guide to buying, selling and trading Ravencoin (RVN) in Australia.

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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.
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Quick guide: How to buy RVN

  1. Register for an account with a cryptocurrency exchange like CoinSpot.
  2. Enable 2-factor authentication.
  3. Verify your account.
  4. Click “Deposit AUD”.
  5. Transfer funds into your account.
  6. Click “Buy/Sell” at the top of the screen.
  7. Search for the cryptocurrency you want and click “Buy”.
  8. Enter the amount you want to buy, or the amount of AUD you want to spend.
  9. Review the transaction details.
  10. Click “Buy”.
Go to CoinSpot's site

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.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
AUD

270
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
CoinSpot Cryptocurrency Exchange
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
AUD

297
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 250 cryptos.
Binance Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Osko, PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

262
cryptocurrencies

Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
Cointree Cryptocurrency Exchange
Cash, Cryptocurrency, POLi, PayID, Online banking
AUD

158
cryptocurrencies

Finder Exclusive: New members get $10 bonus after first trade. T&Cs apply.
Buy 150+ cryptocurrencies with fast-growth portfolio insights, and the ability to swap any coin to any other instantly.
Digital Surge Cryptocurrency Exchange
Bank transfer, Cryptocurrency, POLi, Osko, PayID
AUD

266
cryptocurrencies

Finder Exclusive: New members get $10 bonus after verification. T&Cs apply.
An Australian based exchange with a focus on simplicity that allows users to purchase a range of cryptocurrencies with AUD.
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Compare up to 4 providers


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.

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