Ravencoin was launched in 2018 and is a Proof-of-Work blockchain specifically created to allow holders of its native cryptocurrency token, RVN, to issue out custom tokens and be an alternative to other blockchain networks. It is essentially a code fork of Bitcoin.
RVN’s mining algorithm is known as KAWPOW and was created with the goal of enabling anyone to mine cryptocurrencies with their average computer.
Best Way To Invest in Ravencoin in 2022
There are different ways to invest in Ravencoin (RVN). Here is a list of the best brokers you can choose from today:
What is Ravencoin
Ravencoin was launched in 2018 and is a code fork of the code that powers Bitcoin. It was founded by two people, including Bruce Fenton and Tron Black.
Ravencoin has much of the same technology as Bitcoin but with specific variations, such as a special algorithm enabling the RVN token to be mined by just about any computer.
Forks are defined as changes to the protocol of the network, where the blockchain gets diverted into two potential paths forward.
Since Ravencoin is based around the Proof-of-Work (PoW) consensus algorithm, in order for users to mint RVN, they need to use computers to solve a series of equations which over time become harder.
Ravencoin was first valued on March 12, 2018, when the token had a value of $0.02878 when it got listed. At the time of writing, the token has a value of $0.1127. This is a 291.59% increase in value since the token got listed.
Ravencoin is open-source.
The ability to tokenize and trade assets allow new industry players to get into the world of crypto.
RVN is easier to mine when compared to Bitcoin (BTC).
Ravencoin’s growth has surged in 2021 but has slowed somewhat since.
How does Ravencoin Work
Ravencoin’s code is similar to that of Bitcoin. However, it also introduced its own unique properties, such as the new mining algorithm as well as specific protocol rules.
The variation of the Proof-of-Work (PoW) consensus algorithm found in Ravencoin is known as KAWPOW.
This hashing algorithm is intended to lower the entry barrier for miners, making it possible to mine RVN tokens through the usage of older GPU models that only have 2 GB of ram. This enables the cryptocurrency operation to be ensured by hundreds of different GPUs.
Ravencoin also enables custom token issuance. In order for new crypto assets to be created, users have a requirement to burn a certain amount of RVN coins and provide a unique name for their tokens. Any token issuer can distribute RVN rewards to their token holders as well.
The RVN token helps with the maintenance and operation of the network, as it is a cryptocurrency token that is required for users to be able to create new assets.
Ravencoin also rewards miners who add new data to the blockchain once the data in question is deemed valid and gets accepted into the network.
Ways To Buy Ravencoin
You can buy Ravencoin (RVN) on cryptocurrency exchanges, P2P marketplaces and through in-person trading.
Once you have RVN tokens on your cryptocurrency wallet, you can use them for just about anything you’d want to, from making purchases to storing RVN and selling it at a later date.
You can either keep RVN on your exchange account and quickly trade with them or simply transfer them to your own private wallet for an added layer of protection.
This will allow you to spend RVN tokens anywhere that they are accepted, and you can even exchange them for any other cryptocurrency or FIAT currency that you desire.
Ravencoin (RVN) can be bought by utilizing multiple methods available on the market. These include exchanges, peer-to-peer (P2P) marketplaces, and in-person trading.
Cryptocurrency Exchanges – Cryptocurrency exchanges will allow you to buy RVN directly on the open market, and all you have to do is just find an exchange that supports RVN and many trading pairs for the coin alongside a high level of liquidity.
Peer-to-Peer (P2P) Marketplaces – These are marketplaces that directly connect you with RVN token sellers. However, they do require someone to sell the RVN token for you to be able to buy it.
In-Person Trading – In-Person trading, as the name implies, is a type of trading method where you essentially meet another person you have arranged a meeting with somewhere and discuss the price while also transferring the RVN tokens on the spot.
Here is everything that you need to know about buying Ravencoin (RVN):
You need to create an account at a cryptocurrency exchange that fully supports the Ravencoin (RVN) coin and trading pairs.
Next, you will need to fund your account with either FIAT currencies or cryptocurrencies. Note that you will need to complete KYC and AML documentation on many regulated brokerages to actually buy tokens, but this should be a simple process that you can complete within minutes. Once this is done, simply search for your preferred payment method and enter the amount you would like to buy RVN for.
In the final step, you will need to head over to the search bar found on the brokerage or exchange and search for "RVN," after which you can click on "Buy" and complete the transaction. Once all of this has been completed successfully, you will find RVN coins in your account balance.
How To Trade Ravencoin
Aside from buying Ravencoin (RVN), you can also trade the token. This is typically seen as a short-term investment strategy.
However, you can also deal with derivative products, where you can essentially speculate on the price of the RVN token.
Additionally, there's short-term and long-term trading, as well as margin and leverage trading strategies. You can set entry orders, stop losses, profit-limit orders, and risk-management methods as a trader.
Here are some of the main ways through which you can get started with Ravencoin (RVN) investment today.
Brokerages – Brokerages will provide you with the opportunity to invest in the Ravencoin (RVN) token easily. Brokerages like eToro are usually easy to use. To invest in RVN, you will need to deposit funds into the brokerage, look up the RVN token and click on "Invest."
Exchanges – Exchanges offer you advanced features when it comes to Ravencoin (RVN) trading, where you can access various trading and charging tools, set specific indicators, get notified on price changes through your smartphone, and access trading bots.
Is it safe to invest in Ravencoin right now?
Volatility is one of the key aspects of trading cryptocurrencies that you need to be aware of and take into consideration before making an investment.
There is no guarantee that the token will increase in value.
When you decide to invest in Ravencoin (RVN), ensure that you consider the team behind the project, the reputation of the platform you are investing in, the fees that it will charge you, and the level of security it has.