A Beginner's Guide To Investing In Ravencoin

Ravencoin (RVN) is a digital peer-to-peer network that facilitates asset transfers. It is an open-source fork of the Bitcoin code with faster block reward times and aims to provide censorship resistance, transparency, and privacy. With its focus on asset transfer, Ravencoin is designed to efficiently handle the transfer of assets from one party to another. In this article, we will discuss how to invest in Ravencoin, including the different payment methods and exchanges available.

Where to buy Ravencoin

Ravencoin (RVN) is available on 46 cryptocurrency exchanges across 61 trading pairs. The most popular exchanges for trading Ravencoin are HTX (Huobi), Binance, KuCoin, and Bybit. Binance is the largest cryptocurrency exchange in the world and is considered the best choice for trading Ravencoin with fiat currencies and stablecoins.

Other exchanges that list Ravencoin include AscendEX, Bibox, Tapbit, Binance Futures, Coinbase Pro, Zengo, OKX, Kraken, Gate.io, and BingX. When choosing an exchange, it is important to do your own research and consider factors such as trustworthiness, trading volume, and security.

You can buy Ravencoin using various payment methods, including bank transfer, debit card, wire transfer, PayPal, Apple Pay, Google Pay, and credit card. It is important to consider the processing time and fees associated with each payment method. For example, bank transfers typically offer lower fees but can take several days to process, while credit card purchases are usually faster but may incur higher fees.

After purchasing Ravencoin, it is important to secure your assets using a crypto wallet such as ZenGo, which offers a user-friendly design, broad cryptocurrency support, and asset recoverability.

Setting up an account

To invest in Ravencoin, you'll need to set up an account with a crypto exchange that supports it. Here's a step-by-step guide to setting up your account:

• Find a Reputable Exchange: Start by finding a reputable and trustworthy crypto exchange that offers Ravencoin (RVN). Research multiple exchanges, considering their security, fees, and ease of use. Check reviews and ensure they have a good track record.
• Register an Account: Visit the website of your chosen exchange and look for an option to sign up or create an account. Provide your basic information, such as your name, email address, and choose a secure password. You may also need to verify your email address by clicking a link sent to your inbox.
• Enable Security Measures: After registering, enhance the security of your account. This could include setting up two-factor authentication (2FA), which adds an extra layer of protection. You may also be able to set up security questions or notifications for login attempts and transactions.
• Verify Your Identity: Most exchanges will require you to verify your identity before you can start trading. This process is known as Know Your Customer (KYC) and usually involves submitting proof of identity, such as a driver's license or passport, and sometimes proof of address, like a utility bill.
• Link Your Payment Method: To buy Ravencoin, you'll need to fund your account. Link your preferred payment method, such as a bank account, debit card, or credit card. Each exchange will have its own instructions for adding payment methods, so follow the on-screen prompts.
• Deposit Funds: Once your payment method is linked, deposit funds into your account. The process will vary depending on the payment method, but it usually involves entering the amount you wish to deposit and following the prompts. Some payment methods may take a few days to process, while others are instant.

Remember to do your research before choosing an exchange and always follow the platform's instructions for setting up your account. This will ensure a smooth process and help protect your personal and financial information.

Funding your account

Once you have registered or logged in to your account, you can use one of the following funding methods to buy Ravencoin:

• Bank Transfer (ACH) – This method takes 3-5 business days to process.
• Debit Card – Instant processing time.
• Wire Transfer – This method takes 1-3 business days to process.
• Paypal – Instant processing time.
• Apple Pay – Instant processing time.
• Google Pay – Instant processing time.
• SEPA – This method takes 1-3 business days to process.
• EFTCAD – This method takes 3-4 business days to process.
• Interac – Instant processing time.
• SGD Transfers – This method takes 2-3 business days to process, or you can pay a fee for same-day processing.
• 3D Secure Card UK – Instant processing time.
• Easy Bank Transfer UK – Less than 2 hours processing time.
• Faster Payments UK – This method takes 1-3 business days to process.
• Instant Card Cashouts UK – Instant processing time.
• PayPal UK – Instant processing time.

Buying Ravencoin

After registering and funding your account, you should be able to buy Ravencoin after your deposit finishes processing. Remember to follow best security practices to avoid losing your Ravencoin to scams or hacks.

Buying Ravencoin

Step 1: Compare Crypto Exchanges

Firstly, you'll want to compare the different crypto exchanges that offer Ravencoin (RVN). Some popular options include Uphold, KuCoin, Binance, WazirX, and Gate.io. Each platform will have different levels of security, reliability, and liquidity, so be sure to do your research before choosing one. It's also worth noting that some platforms may not be available in your country, so check each website for availability in your region.

Step 2: Create an Account

Once you've chosen a platform, you'll need to create an account. This usually involves providing your email address, verifying your email, and setting up a password. Some platforms may also require you to verify your identity by providing a photo ID.

Step 3: Add a Payment Method

The next step is to add a payment method to your account. Most platforms will allow you to use a credit or debit card, or a bank account. However, it's important to note that some platforms may have specific requirements or restrictions on payment methods, so be sure to check with your chosen platform.

Step 4: Buy Ravencoin

Now you're ready to buy Ravencoin! Simply use your chosen payment method to make the purchase on your selected platform. Keep in mind that the process for purchasing Ravencoin may vary slightly depending on the platform you choose. Additionally, if you're purchasing Ravencoin with another cryptocurrency, you'll need to create a crypto wallet that supports Ravencoin before making your purchase.

Tips:

• It's recommended to use a non-custodial or self-custodial wallet to store your Ravencoin, as this gives you complete control over your private keys.
• Ravencoin is not currently supported on Coinbase or PayPal.

Keeping your Ravencoin safe

Official Ravencoin Wallets:

The Ravencoin team offers official wallet options for desktop and mobile devices. The desktop wallet can be downloaded and installed on Windows, Linux, or Mac OS. It is easy to use and provides a backup seed for reinstallation on other devices. While it takes time to fully synchronise by downloading the entire blockchain, it contributes to securing the Ravencoin network. The official wallet will have broad community support and is constantly updated by the core developers to incorporate the latest Ravencoin features.

The official mobile wallet, developed by Medici ventures, is available for iOS and Android. It features a sleek design, full encryption, and PIN protection, making it secure and convenient for accessing your RVN on the go.

Hardware Wallets:

Hardware wallets, such as Trezor, offer a highly secure option for storing your RVN. Trezor has recently released firmware that supports Ravencoin, and it uses open-source firmware, a feature that sets it apart from some competitors. It also supports over 1,000 coins and requires device authentication and a security code to access your funds. The Trezor Model One retails for €69, while the Trezor Model T, which supports a wider range of coins and has an RGB LCD screen, is available for €149.

Paper Wallets:

A paper wallet is an offline storage method where you write down your private keys on paper. Ravencoin paper wallet generators can also print your private keys and a QR code to facilitate transfers. This method is highly secure since it isn't connected to the internet, protecting your RVN from hackers. However, you must physically secure the paper from theft, fire, or liquid damage. It is common to print multiple copies of a paper wallet and store them in different secure locations.

General Security Tips:

• Keep your computer secure: Ensure your computer is free from viruses or malware, and only download the official Ravencoin wallet from the Ravencoin website or GitHub repository.
• Backup your wallet: Store your wallet.dat in encrypted pendrives or a fireproof safe, especially if you plan to move significant amounts of money through Ravencoin.
• Password protection: Enable password protection for your wallet, such as the "Encrypt Wallet" feature in Raven Core, to add an extra layer of security.
• Recovery phrases: Write down your recovery phrase and store it securely. This will allow you to recover your funds if your hardware wallet is lost or damaged.
• Safe computer usage habits: Keep your computer software updated, use strong passwords, and avoid risky behaviours such as opening suspicious emails or downloading cracked applications.

Remember, when it comes to keeping your Ravencoin safe, it's best to use a combination of different wallets. You can store most of your RVN in an offline hardware wallet or paper wallet, while using the desktop or mobile wallet for regular transactions. Always follow best practices for wallet security and keep your private keys and recovery seeds secure.

Frequently asked questions