How to Buy Ravencoin (RVN)
Beginner’s Guide
What Is Ravencoin (RVN)?
Ravencoin (RVN) is an open-source, decentralized blockchain platform that was launched in 2018. It is designed to facilitate the creation and transfer of assets, such as tokens or digital assets, on a secure and decentralized network. Ravencoin is based on the Bitcoin codebase but includes several modifications that make it unique.
Ravencoin is a community-driven project that aims to create a platform for the creation and transfer of digital assets without the need for intermediaries. It is focused on providing a secure and transparent network for users to create and transfer assets of any kind.
One of the key features of Ravencoin is its asset creation system, which allows users to easily create and issue new assets on the blockchain. These assets can represent anything from digital currencies to real-world assets, such as property or stocks.
Ravencoin also incorporates several security features, such as the use of a proof-of-work consensus mechanism and a unique mining algorithm called KawPoW. This ensures that the network is secure and resistant to attacks by malicious actors.
Overall, Ravencoin is a versatile and innovative platform that provides a secure and transparent network for the creation and transfer of assets. It has gained a loyal following in the cryptocurrency community and has been used for a variety of purposes, including gaming, tokenization, and more.
How to Buy Ravencoin Summary
- Get a Ravencoin wallet (e.g. Ledger, Trezor , Exodus, Guarda, AtomicWallet)
- Find an exchange that sells Ravencoin (e.g. Bybit, Binance , Coinbase , OKX , Kucoin)
- Deposit money and make the trade
- Withdraw the Ravencoin to your wallet
Buying Ravencoin in 3 Simple Steps
Step 1 – Get a RVN wallet
Ravencoin Hardware Wallets
Ravencoin (RVN) can be securely stored in a hardware wallet, which is a physical device designed to store cryptocurrency and provide added security for your private keys. Here are some of the hardware wallets that support Ravencoin:
Ledger Nano S and Ledger Nano X: Ledger is a popular hardware wallet brand that supports Ravencoin, as well as many other cryptocurrencies. Both the Ledger Nano S and the Ledger Nano X are compatible with Ravencoin, and provide secure storage and easy access to your RVN holdings.
Trezor Model T: Trezor is another popular hardware wallet brand that supports Ravencoin. The Trezor Model T is a premium hardware wallet that offers advanced security features and a user-friendly interface.
KeepKey: KeepKey is a hardware wallet that supports Ravencoin, as well as several other cryptocurrencies. It provides secure storage and easy access to your RVN holdings, and features a large display screen for easy navigation.
It’s important to note that using a hardware wallet is one of the most secure ways to store your cryptocurrency, as it keeps your private keys offline and away from potential online threats. It’s always recommended to purchase hardware wallets directly from the manufacturer’s website or from an authorized reseller to avoid the risk of purchasing counterfeit products.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
Ravencoin Software Wallets
Ravencoin (RVN) can be stored in several software wallets, which are digital wallets that can be accessed through a desktop or mobile device. Here are some popular Ravencoin software wallets:
Ravencoin Core Wallet: This is the official desktop wallet for Ravencoin, and can be downloaded directly from the project’s website. It is a full node wallet that provides users with complete control over their RVN holdings and supports advanced features like asset creation and tokenization.
Guarda Wallet: Guarda is a multi-cryptocurrency wallet that supports Ravencoin, as well as several other digital assets. It is available as a desktop, mobile, and web wallet, and provides users with a user-friendly interface and advanced security features like two-factor authentication.
Atomic Wallet: Atomic Wallet is another popular multi-cryptocurrency wallet that supports Ravencoin. It is available as a desktop and mobile wallet and provides users with a sleek and intuitive interface, as well as advanced security features like built-in encryption and backup capabilities.
Coinomi Wallet: Coinomi is a popular mobile wallet that supports Ravencoin, as well as several other cryptocurrencies. It features a user-friendly interface and provides users with advanced security features like seed phrase backup and password protection.
It’s important to note that while software wallets are convenient and easy to use, they are considered less secure than hardware wallets, as they are connected to the internet and therefore vulnerable to online threats. It’s recommended to use software wallets for small amounts of RVN and to store larger amounts in a hardware wallet for added security.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest Ravencoin coin software wallets to get started with are undoubtedly Exodus, AtomicWallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Step 2 – Find an Ravencoin (RVN) Exchange
Buy Ravencoin through Bybit
- The exchange prides itself on delivering multilingual online support to its customers and is committed to providing a transparent and efficient trading experience. The products on the platform include BTC/USD, ETH/USD, LTC/USD, and XRP/USD perpetual contracts. A perpetual contract resembles a traditional futures contract in many ways. Its main difference, however, is that it doesn’t have an expiry date. Hence, traders are allowed to hold their positions for as long as they need to.Moreover, the exchange boasts a 100,000 TPS state-of-the-art matching engine. While many of its competitors have suffered from repeated overload problems, this high-performance matching engine makes it possible for Bybit to stand above the competition.The Bybit cryptocurrency broker platform is operated by the Bybit Fintech Limited which is registered on the British Virgin Islands, with headquarters in Singapore. The company was launched in March 2018, making it a fairly young player on the market.
Buy Ravencoin through Binance
- Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
Buy Ravencoin through Huobi
- Huobi is a Seychelles-based cryptocurrency exchange. Founded in China, the company now has offices in Hong Kong, South Korea, Japan and the United States. In August 2018 it became a publicly listed Hong Kong company. Following a 2017 ban on Bitcoin exchanges by the Chinese government, Huobi stopped Bitcoin withdrawals.
Buy Ravencoin through Okex
- OKX (Chinese: 欧易), formerly known as OKEx, is a Seychelles-based cryptocurrency exchange and derivatives exchange. It was founded by Star Xu (徐明星) in 2017. OKX is owned by Ok Group, which also owns crypto exchange Okcoin. It is not available to US based investors. The company’s CEO is Jay Hao and CMO is Haider Rafique. Initially headquartered in Beijing, China, OKX is now under a blanket ban by Chinese regulators. On October 13, 2021, it issued a “Notice on Regulatory Policy in Mainland China”, announcing that it would continue its policy of “withdrawing from the Chinese mainland market” and would not establish an office or team in the region. However, according to Caixin, although the exchange officially announced that it would no longer set up an office in Mainland China, it still has a large number of R&D staff working in the region, including engineers, who continue to work for OKX in the form of third-party outsourcing companies.
Buy Ravencoin through Kucoin
- Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.
Step 3 – Withdraw Your Ravencoin (RVN)
Once you decide on an exchange, open an account and buy your Ravencoin. Make sure to withdraw the Ravencoin from the exchange to your personal wallet.
Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past) and always double check address before send coins because you can send the coins to wrong address .
Who Are the Founders of Ravencoin?
The Ravencoin whitepaper was published by Bruce Fenton, Tron Black and Joel Weight.
They stand out over the majority of the crypto crowd in that they were all seasoned businessmen and developers before they started this project.
Fenton is well known in crypto for being a board member and an executive director of the Bitcoin Foundation from 2015 to 2018. Before crypto, he had a solid career in investment banking as the vice president of Morgan Stanley in the 90s and a managing director of Atlantis Consulting for 13 years. Currently, he works as a managing director of Chainstone Labs, a stealth fintech startup.
Tron Black is a principal software developer with more than 30 years of experience, including leading several software companies as a CEO. He has been working in crypto since 2013 on several ventures including Verified Wallet, CoinCPA and t0. He is currently employed with Medici Ventures, a subsidiary of Overstock.com focused on blockchain technology applications.
Weight is a chief technology officer at Overstock.com, a well known online retailer. Previously, he has also been involved with Medici Ventures in roles of COO and CTO. He is a veteran software developer who started his career after graduating from the University of Utah in 1998 right in the middle of the dotcom bubble.
What Makes Ravencoin Unique?
Ravencoin is a unique blockchain platform that differentiates itself from other cryptocurrencies in several ways:
Asset Creation: Ravencoin is primarily designed to facilitate the creation and transfer of assets, making it unique compared to other cryptocurrencies that focus on payments or smart contracts. The platform allows users to easily create and issue new assets on the blockchain, such as digital currencies, real-world assets, or tokens.
Decentralization: Ravencoin is a fully decentralized platform, which means that it is not controlled by any central authority or institution. This provides users with a high degree of transparency, security, and immutability, as all transactions are recorded on a public ledger that cannot be altered.
Security: Ravencoin incorporates several security features, such as the use of a proof-of-work consensus mechanism and a unique mining algorithm called KawPoW. This ensures that the network is secure and resistant to attacks by malicious actors.
Community-Driven: Ravencoin is a community-driven project that is focused on creating a platform for the creation and transfer of assets without the need for intermediaries. The project is led by a group of volunteers who are passionate about creating a transparent and decentralized network for users.
Compatibility with Bitcoin: Ravencoin is based on the Bitcoin codebase, which means that it is compatible with many existing Bitcoin tools and services. This makes it easier for developers to build on the platform and for users to integrate RVN into their existing cryptocurrency portfolio.
Overall, Ravencoin is a unique blockchain platform that provides a secure and transparent network for the creation and transfer of assets. Its focus on asset creation and decentralization, combined with its community-driven approach and compatibility with Bitcoin, make it a popular choice among users who are looking for a versatile and innovative platform for their digital assets.
How Many Ravencoin (RVN) Coins Are There in Circulation?
Ravencoin insists on being as fair and open as it is possible for a new cryptocurrency. There was no pre-mine, no ICO and no coins were held for developer or founders rewards.
In three years since its inception (as of March 2021), 39% of coins are already mined. The total supply is capped at 21 billion coins.
How Is the Ravencoin Network Secured?
Ravencoin is a fork of Bitcoin, so it is protected by the power of decentralization and mathematics. It uses a proof-of-work mining algorithm called KAWPOW, which replaced X16R and X16RV2 on May 6, 2020. Not only does this ensure security it is designed to be ASIC resistant.
The X16r algorithm group employed initially uses 16 different hashing algorithms for each mining block, but the order in which they are used is different for every block and is derived from the last 8 bytes of the hash of the previous block. It was thought that the necessity to adapt each cycle did not give ASICs any advantage over CPUs and GPUs. Eventually, however, ASICs for it were created, andRavencoin had to switch to an entirely different algorithm, KAWPOW, which was a slightly modified version of ProgPow, which itself was the evolution of Ethash and is optimised for mining on GPUs.
This, combined with the commitment of fair distribution with no pre-mine is meant to ensure that no single individual or organization will have or be able to have enough hash power to try to attempt a 51% attack or create any sort of artificial market price shocks.
Unfortunately, there was a successful known hack of the Ravencoin blockchain, of which the public was informed about on June 3, 2020. During the attack, hackers managed to nstantly mint i315 million RVN coins, which constitutes about 1.5% of Ravencoin’s supply cap of 21 billion. At the moment of the announcementm the price of the stolen RVN was estimated at USD $5.7M. None of the existing coin holders were directly affected by the attack.
Where Can You Buy Ravencoin ?
Ravencoin (RVN) can be purchased on several cryptocurrency exchanges, both centralized and decentralized. Here are some popular exchanges where you can buy Ravencoin:
Binance: Binance is one of the largest cryptocurrency exchanges in the world and supports RVN trading pairs with Bitcoin (BTC), Ethereum (ETH), and several other cryptocurrencies.
KuCoin: KuCoin is a popular cryptocurrency exchange that supports RVN trading pairs with Bitcoin (BTC) and Tether (USDT).
Bitrue: Bitrue is a cryptocurrency exchange that supports RVN trading pairs with Bitcoin (BTC) and Ethereum (ETH).
Bittrex: Bittrex is a US-based cryptocurrency exchange that supports RVN trading pairs with Bitcoin (BTC) and Tether (USDT).
Crypto.com: Crypto.com is a popular cryptocurrency exchange that supports RVN trading pairs with Bitcoin (BTC) and several other cryptocurrencies.
It’s important to note that before purchasing Ravencoin or any other cryptocurrency, you should do your own research, and carefully consider the risks involved. You should also make sure to store your RVN holdings in a secure wallet, such as a hardware wallet, to protect your investment.