- Buy RVN and 60+ other cryptos
- Spend anytime with the MCO Visa card
- Earn interest on your crypto holdings
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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.
This is our quick guide to just one way to buy RVN. Compare some other options in the table below.
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.
If you want to buy Ravencoin, you will need to complete the following steps:
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.
Click on the "Deposit/Withdraw" link and select the cryptocurrency you'd like to deposit.
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.
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.
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.
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.
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.
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:
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.
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:
Considering these and a range of other factors will help you make an informed decision about whether you should buy or mine RVN.
At the time of writing, the author holds IOTA and XLM.
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