Ravencoin is based on the Bitcoin code but with the added ability to issue tokens with various properties, from shares to virtual goods.
In this guide, you will learn how to buy RVN and what makes Ravencoin a unique project.
If you’re looking for a simple way to buy Ravencoin, all you need to do is sign up with a crypto exchange. You can access it online with a computer, smartphone, or tablet to quickly buy and sell Ravencoin and a range of other cryptocurrencies. The best platforms are listed below as well as a quick step-by-step guide on purchasing Ravencoin.
The first step to buying Ravencoin is selecting a platform that offers it. It is best to find one that is easy to use and has all the features you want. You can check the next section for a comparison of the top platforms. You can also sign up with our top choices right now to buy RVN immediately.
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One of the top digital asset exchanges by trading volume
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OKX is a world-leading cryptocurrency exchange, providing advanced financial services to traders globally by using blockchain technology.
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Trading in digital assets is considered high risk. Digital assets are NOT backed by any government or central bank. The risk of loss in trading or holding digital assets can be substantial. You should carefully consider whether interacting, holding, or trading digital assets is suitable for you in light of your financial condition.
Combines a user-friendly platform and low fees
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The Bitvavo platform was launched in 2018, with the goal to bridge the gap between traditional currencies and digital assets. Bitvavo is making digital assets accessible to everyone, by offering transparent fees, a wide range of assets and an easy to use platform.
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Now that you’ve chosen your platform, you can create an account by filling in a registration form and providing any documents requested for KYC purposes such as a photo ID. Then go to the deposit page and choose one of the payment options accepted in your country to fund your account.
Once your deposit has reached your account, find the trading pair for your deposited currency and RVN and enter how much you want to buy. If you want to buy RVN immediately, create a market order. If you’d rather specify a future price to buy it at, create a limit order.
Ravencoin is a peer-to-peer blockchain based on Bitcoin that lets people create assets and transfer them from one holder to another. Tokens can be created in minutes and represent a range of things, such as currencies, commodities, land deeds, energy credits, in-game items, tickets, securities tokens, airline miles, and more.
Ravencoin is designed to be secure like Bitcoin, but there are a number of differences, most notably the ability to issue tokens. As well as this, transactions are processed faster on Ravencoin, which uses a more decentralised mining system, and will have the addition of messaging capabilities.
Ravencoin’s native cryptocurrency, RVN, is used to reward miners on the blockchain and is burned in order to issue assets. Those who create an asset on Ravencoin can also use RVN to pay dividends to holders of their asset.
Whether you’re new to crypto or a seasoned trader, there are ways to buy RVN to suit every type of investor. Which strategy you opt for will depend on your own experience and investment goals.
The most straightforward strategy to use is the self-explanatory buy-and-hold strategy. Investors don’t need much in the way of skills or experience to profit from this. It doesn’t require technical analysis and doesn’t take up much of your time.
If the price of RVN rises while you are holding it, you can sell it at a profit later. RVN can’t, however, be staked to earn more RVN as the Ravencoin blockchain is secured by mining.
If you choose to hold RVN for the long term, you may want to set up a private wallet to store it in. This gives you full custody of your tokens and can provide an extra layer of security. Most private wallets are software or hardware.
The easiest to use are software wallets, which can be downloaded for desktop or mobile for free. Hardware wallets can be a bit more technical and expensive but provide better security. Trezor, BitBox, and Ledger are some of the most popular hardware wallet providers.
You can also trade RVN by buying and selling it much more often to generate more frequent profits. This requires more time and skill than the buy-and-hold strategy as traders tend to spend a lot of time analysing the market to identify the best entry and exit points.
A private wallet is less convenient for traders as they need to access their tokens more often on their trading platform. This is why traders often opt to use the free web wallet provided by their exchange.
This is a decision that each investor must make for themselves, but it helps to be well-informed about Ravencoin first. As a fork of the Bitcoin code, Ravencoin also has a capped maximum supply. This scarcity could make RVN a good store of value in the long term.
There is demand for RVN from users who want to issue tokens as RVN must be burned in order to create assets on Ravencoin. This means that issuing tokens on Ravencoin reduces the supply of RVN. If more assets are created on Ravencoin, this could both increase demand for RVN and reduce its supply—a very positive combination for the coin’s value.
The combination of Bitcoin’s security with added functionality makes Ravencoin an interesting project, and the wide range of use cases for assets created on Ravencoin could set it up for strong adoption in the future.