What Is Ravencoin?
Ravencoin is a fork of Bitcoin’s code, made possible by businessman Bruce Fenton and developer Tron Black. The project was launched in 2018, along with its token Ravencoin RVN. Right from the start, this blockchain venture was backed by Medici Ventures, a subsidiary of a cryptocurrency pioneer, Overstock.
The founders believed in democratic access od cryptocurrency, which is why they didn’t hold pre-sale or ICO. In the same vein, they didn’t pre-mine RVN or set aside tokens for developers, board members, etc. All coins that exist became available for everyone at once. Looking at RVN’s price statistics, 2021 saw the best performance. But 2022 has already started at a higher position than the year prior, with a market cap of 780 million USD.
Ravencoin is used to issue tokens that represent different assets - for example, gold, stocks, virtual goods, rewards, etc. To put it simply, the purpose of the token is a means of transfer, not an alternative to traditional money.
Maintaining its ties to Bitcoin, Ravencoin also uses the proof-of-work mining algorithm. However, it employs a special hashing algorithm called X16R. X16R is designed to be ASIC-resistant and prevent industrial-scale operations. Thus, individual hobbyists have a chance of a profitable mining setup without buying expensive hardware.
In 2020, the community decided to create the Ravencoin Foundation to become independent from the centralized governance of Medici Ventures. The Ravencoin Foundation isn’t Ravencoin, it exists to promote and improve the Ravencoin ecosystem. It is comprised of volunteers that construct a replicated blockchain-based ledger and welcome everyone to their online meetings on the second Thursday of each month.
How is the price of RVN determined?
The Ravencoin price is heavily swayed by speculative activity on trading platforms. It’s already on almost 200 thousand watchlists on CoinMarketCap and has a daily trading volume of almost 40 million USD. It’s already in the top 100 of all cryptocurrencies by market cap. Good rankings always look encouraging to users and make them more willing to invest.
Another thing that drives the value of Ravencoin is the service it provides. If more people get on board of asset creation using Ravencoin, this will undoubtedly lead to a price surge. In any case, the better service it provides, the greater the chance of token appreciation.
Can you buy RVN without KYC on Changelly?
It is possible, but not always. Whether you buy RVN Ravencoin or some other crypto, the KYC procedure falls on the fiat provider. Depending on which means of payment you choose, you will be dealing with a particular service provider. And it’s up to them to enforce certain rules.
Can I buy less than 1 RVN?
The Ravencoin price is pretty low - approximately 0.08 USD per coin (as of the beginning of 2021). As much as we’d like to make crypto exchanges affordable, there is a certain lower limit that needs to be in place. For Ravencoin, it’s ~ 369.6 RVN, which is equivalent to 30 USD. If we were to set the bar lower, the actual value would simply be mitigated by the fixed network fee (more on fees later)
To reiterate, you can’t buy less than 1 RVN. But you can buy Ravencoins at an affordable total price.
What are the fees to buy RVN?
We set up two tiers of fees to make the structure more transparent. The first one is the network fee. It is given to miners as rewards (or incentives) for the computational power they provide. It is a fixed amount for transactions of any size - 27.28493368 RVN.
The other commission is the trading platform fee. This is a percentage that varies depending on the transaction processor. For instance, Changelly and Indacoin charge a total fee of 10%; if you go with Moonpay, it will be 7.5%. We work with multiple services, so fees can vary. Conveniently, the list of offers displays the total amounts with all fees included automatically.
Where can I store RVN?
After you buy RVN on exchanges, the choice of leaving the funds there or moving them to a third-party service is up to you. Of course, leaving your assets saves an extra step, but it’s widely discouraged. The better option is to use specialized crypto wallets - hot (digital solutions) or cold (physical devices) wallets.
What is the best RVN wallet?
It’s hard to say which wallet is best since all leading wallets have their pros and cons. But we can indeed name a few digital wallets that have a great reputation - Edge, Flare, Atomic Wallet, and Cobo. If you hold other assets, these wallets will also come in handy - all of them have cross-chain compatibility.
There is only one reliable hardware wallet that supports Ravencoin - Ledger. It is shaped like a USB device, which holds all your data in secure, encrypted, offline storage. The two most popular models by the companies are Ledger Nano S and Nano X (more expensive).
How to cash out RVN?
There is no direct link between cryptocurrency exchanges and cash, much to investors’ dismay. But there is still a simple, two-step method that utilizes Changelly’s trading partner Mercuryo.
First, you need to sell your coins for fiat. Find the ‘Sell’ tab on the website or the app and follow the instructions. After the transaction is confirmed and processed, you will receive money in your bank account.
All that’s left is to withdraw cash. Chances are you’ve cashed out at an ATM at some point in your life, so this step shouldn’t pose any trouble.
Can I buy RVN with PayPal?
Cryptocurrency has very limited availability on PayPal. First of all, it’s only available for customers with personal accounts in the US (except Hawaii). Second of all, you can only hold the funds that you buy through PayPal, no transfers between accounts are allowed. Finally (and perhaps most importantly), Ravencoin is not among the four supported cryptocurrencies - Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
You may see RVN coin in the list in the future. But as far as PayPal’s priorities go, the service is mostly focusing on expanding the geographic reach, not the crypto range.