Ravencoin (RVN) is a cryptocurrency designed to facilitate asset creation and transfer and it has been catching the eye of investors and traders recently. This guide will take you through everything you need to know to buy Ravencoin in 2020.
Compare where to buy Ravencoin, and open an account
Read on to find out more about Ravencoin in 2020 or skip ahead to our step-by-step buyers guide if you’re up to speed and ready to buy Ravencoin.
What is Ravencoin?
Launched in 2018, Ravencoin is a fairly new kid on the block, but that doesn’t mean it’s not a serious contender. Thanks to an engaged and friendly community of Ravencoin supporters, the project is reminiscent of the early days of Bitcoin.
Right now, RVN isn’t anywhere near big or popular enough to be a bitcoin killer, but because it’s an open-source, community lead project, the coin has a ton of potential and is one to watch in 2020 and beyond.
How does Ravencoin work?
Ravencoin is a fork of Bitcoin, but it uses its own blockchain which allows for certain advantages including faster block times and the focus on asset transfer.
And while it’s possible to use Bitcoin and Ethereum to transfer real-world assets such as company stocks or gold bars as well as digital assets including software licenses, neither of these other systems was set up specifically for that purpose.
How to buy Ravencoin online – step-by-step guide
Step 1. Get a suitable wallet
Fortunately, there are loads of Ravencoin wallets available, but choosing the right one can be a pain if you don’t know what you’re looking for. Here are a few of our top picks for crypto wallets to use after you buy Ravencoin:
- Official Ravencoin Mobile Wallet: We think this is one of the best options for storing Ravencoin regardless of whether you’re an RVN newbie or have been on it since day one. The interface is great and set up is easy.
- Official Ravencoin Desktop Wallet: If you’re not bothered about mobile compatibility, then head directly to the Ravencoin site and download the official Ravencoin desktop client.
- Trezor Wallet: If you’re looking for high-end security there’s only one way to go and that’s the hardware way. Trezor have created a fully versatile multi-coin wallet that will suit most needs.
Step 2. Find an exchange to buy RVN
As RVN is a widely accepted currency, you won’t be hard pushed to find a decent exchange to get your wallet stocked up. Prices and fees can vary, so it’s a good idea to have a look around before you commit. Here are a couple of our preferred exchanges for RVN:
- Changelly: No matter which cryptocurrency we’re after, we have a couple of exchanges we routinely hit up before trying elsewhere and Changelly is usually at the top of that list. Its a great place to start if you’re interested in buying RVN. They have a huge listing of coins (including RVN) and offer low fees and great rates.
- Binance: Another big hitter on the exchange market, Binance is the place to go if you can’t find what you’re looking for at Changelly.
Step 3. Withdraw your Ravencoin
Once you’ve paid for your funds, we recommend you withdraw RVN coins from the exchange and transfer it to your wallet as your coins will be a lot safer there.
How to trade Ravencoin – step-by-step guide
You won’t need to bother setting up a wallet if you’re only thinking about trading on cryptocurrencies as you’ll be speculating on the value rather than trying to buy Ravencoin and owning it.
Step 1. Find a broker
Finding a crypto broker is easy if you know where to look and what you’re looking for. There are plenty of reputable brokers out there so it shouldn’t be too hard to find one you like, however, you may find some are aimed at experienced traders while others are more suited to beginners, so it makes sense to check a selection out before you settle. Two of our favourite brokers right now are Plus500 and eToro.
Step 2. Deposit money
Once you know which broker you’re going with, you’ll need to put a deposit down. When the deposit has gone through, you’re good to go, but we recommend you start with a demo account to familiarise yourself with the platform and get to grips with the volatile nature of cryptocurrency.
Step 3. Decide how you’d like to trade
The two main ways you can trade on cryptocurrency are Spread betting and CFDs (Contract for Difference). At first glance, the two seem pretty similar, but there are differences. If you don’t know which to choose or you want to know more about spreads and CFDs it’s worth doing some extra research.
Step 4. Start trading
If you’ve been using your demo account, you’ll have already seen first-hand how easy it is to get into trading. All you need to do is take a position on whether you think the value of your chosen cryptocurrency will rise or fall. If you think it will rise you take a long position (meaning buy) and if you think it will fall you take a short position (meaning sell).
Depending on the broker you went with, you may also be able to add leveraged trading to your strategy. However, this is a high-risk strategy as it can lead to big wins or big losses. The way leveraged trading works is that you only put down a fraction of the cost of the trade and the broker covers the rest. Savvy traders use stops to mitigate the risk and limit the potential damage.
- Faster block time than Bitcoin
- RVN is growing in popularity
- One of the best coins for creating and transferring assets
- RVN is a low-value, minority coin
- After a couple of spikes, RVN has been more stable and less exciting for investors
- Smaller miners struggle to keep up as minimum payout is 50 RVN