How to buy Ravencoin online
This beginner’s guide is an introduction to the Ravencoin cryptocurrency. It teaches you how the software works and what it means to create a digital token.
Compare where to buy Ravencoin, and open an account
If you want to buy Ravencoin now, you can use one of the links below. These brokers have been assessed by our team of crypto experts so you can trust them as some of the top options around. If you aren’t ready to buy yet, keep reading to learn more.
What is Ravencoin?
Ravencoin is a piece of software that turns real world assets into digital tokens that can be traded online. The software has its own cryptocurrency, also known as Ravencoin (RVN), that’s the means of payment for all these assets. It’s also used to create new assets, issue dividends, and vote on governance issues.
The Ravencoin project began in 2018 as a fork of Bitcoin. In cryptocurrency, a fork is when one party copies the code then modifies it to create something fundamentally different. This allowed it to issue its own cryptocurrency and add new transactions faster.
How does Ravencoin work?
Ravencoin works by storing a history of its transactions on a public ledger known as a blockchain, and its blockchain is, unsurprisingly, very similar to the Bitcoin blockchain. Using a blockchain means the ownership of an asset can be tracked and verified as it passes from person to person.
Asset creation is Ravencoin’s unique function. If you want to create a new asset, you pay some RVN to turn it into a token, give it a unique identifier, and decide on the rules around it. One popular feature is that you can hand out rewards to anyone who owns your token, which can be used as a way to issue dividends or create incentives for people to buy it.
How to buy Ravencoin online – a step-by-step guide
Step 1. Find an exchange to buy Ravencoin
Cryptocurrency exchanges are the best place to buy Ravencoin. Generally you’ll be able to buy it with a fiat currency like GBP, USD, or EUR, although you might find some exchanges only offer it in a Bitcoin swap.
A couple of the top exchanges around are:
- Binance: With Binance you can trade more than 100 cryptocurrencies. Binance has more trading volume than any other exchange and so is a great place for most crypto trading. Sign up for Binance >
- Bittrex: Bittrex is a popular, user friendly exchange that also offers more than a hundred cryptos. It’s a good place to find coins you might struggle to find elsewhere. Join Bittrex now >
Step 2. Sign up and fund your account
Before you start trading you need to set up an account. It’s a simple process, needing a few contact details and a form of photo ID for verification. To fund it you can usually use fiat currency, but again some exchanges might only accept deposits in crypto. In that case, find somewhere to buy some Bitcoin first and use that to fund your account.
Step 3. Buy Ravencoin
The Ravencoin ticker is RVN, search for that on your chosen exchange and you’ll be presented with a list of swaps you can make. For example, if you’re using Bitcoin then look for the RVN/BTC pair and click buy to execute the trade.
Step 4. (Optional) Get a suitable wallet
A wallet is an excellent place to store your new crypto coins. You don’t have to get a wallet as you can leave your coins in your exchange account. For more control and security, however, a wallet is the best way to store them. There are lots of different ones available, from phone apps to hardware wallets that keep your coins entirely offline.
Here are two of the top wallets around:
- Infinito Wallet: Infinito Wallet is a universal wallet, which means it’s a place to buy, sell, and earn interest on your coins as well as storing them. Join Infinito Wallet today >
- Trezor: Trezor is the first hardware wallet ever created. It keeps your coins on a USB stick that is protected even if you then connect it to an infected computer. Sign up with Trezor >
How to trade Ravencoin – a step-by-step guide
Step 1. Find a broker
To trade cryptocurrency you need to find a broker with as low trading fees as possible. Trading means lots of buying and selling and you don’t want to lose a chunk of your money every time.
At the moment, Ravencoin is a small cryptocurrency that’s not available with many brokers. That might change in the future, and when it does eToro and Plus500 are two of the top brokers to start with.
Step 2. Deposit money
You have to fund your broker account with fiat currency. A lot of brokers charge fees for deposits and withdrawals, which is another thing to consider before you sign up.
Step 3. Decide how you’d like to trade
To trade crypto you have a couple of options, two of the most popular are CFDs (contracts for difference) and spread betting. In both cases you use them to speculate on the performance of a coin or market without needing to own the asset directly.
Step 4. Start trading
The best way to start trading is with a beginner or demo account. Any broker worth using offers one and it’s a way of getting used to the market without putting your own money at risk.
As far as the trading itself goes, a coin’s price can either go up or down. If you think it’s going to go up, you should take a long (buy) position. Otherwise, take a short (sell) position and back it to go down.
One more strategy worth knowing about is trading with leverage. You might have heard a lot about leverage, but be careful. It basically means putting up a small amount as a deposit to make a much larger trade. This can lead to big wins but it’s very risky as it can leave you open to big losses if you get the market wrong.
Don’t worry if you aren’t sure whether to buy yet, it’s always a good idea to take time to think about an investment. Here are some of Ravencoin’s pros and cons to help you, followed by some more questions to think about.
- You can use it to turn anything into an asset and trade
- Earn dividends and rewards by buying tokens
- Could be an investment in the future if more asset trading moves online
- ‘Proof of work’ mining is energy intensive and slow relative to other blockchains
- Other platforms combine asset creation with other features too
Finally, here are three questions for you to consider as you decide whether to invest in Ravencoin.
1. Is it a good time to buy Ravencoin?
It depends on your goals. If you want to get involved by creating and trading assets with the software, then it probably is a good time to buy. For traders, a bit more thought is required.
Investors in it for the long haul want to think about the state of the overall crypto market. Is it in a bull cycle? If so, maybe you want to buy now. Short term traders should spend more time comparing the current price to other coins. Both types of investor can use our market analysis here to help them:
2. What problem does Ravencoin solve, and what are the coin’s investment prospects?
Ravencoin solves the problem of tracking ownership of assets by turning them into digital tokens with a transaction history stored on the blockchain. This means you can always verify who owns an asset, or create your own unique tokens out of anything of value.
Its investment prospects depend on attracting new people to come trade on the software. There are competitor platforms like 0x that also offer somewhere to create and trade digital assets. Ravencoin, though, has digital dividends and incentives and ways of communicating between token holders that might foster a community.
Ultimately, buying crypto is all about doing your research. Things change quickly and new developments can cause sudden spikes or falls in the price of a coin. Here is the latest news you need to know before you buy:
Ravencoin (RVN) hits ATH amidst high interests on tokenized securities
Hackers use Ravencoin flaw to mint 1.5% of its maximum supply
3. Do you want to hold Ravencoin for the long term?
The answer is yes if you intend to trade assets on its software. Otherwise, it depends on your investment goals and how quickly you want to see returns. Here are some final things to consider depending on whether your time frame is long or short term.
Considerations for a long term investment strategy
Long term investors want to buy low and see growth over time. If you think there’s a good chance the software becomes a popular hub for trading digital assets, it’s a good idea to find an exchange and buy some coins. Think about getting a wallet to store them as well.
Considerations for a short term trading strategy
For short term traders the most important thing is choosing a broker with low fees. You want to open and close trades quickly with minimal costs. A knowledge of technical indicators like charts and bases can be useful if you want to trade.