What is Ravencoin?

When it comes to cryptocurrencies, there are thousands of variations in the market, also known as altcoins,  that you can choose from. If you are caught in a dilemma as to what digital currency best suits you, this article might enlighten you a bit. 

You might have already heard of Bitcoin, Ethereum, Ripple, Litecoin, Dogecoin etc.  These are just examples of well-known cryptocurrencies. With the popularity of this industry, several coins and altcoins have also emerged. This article will discuss the less-talked-about digital currency, the Ravencoin. Here, we’ll find out more about its features and how it differs from the top-ranking cryptocurrency, Bitcoin.

Bitcoin vs Ravencoin: What are the similarities and differences?

Bitcoin is the earliest and still the leading cryptocurrency up to this day.  Created by a person under the pseudonym Satoshi Nakamoto in January 2009, this digital currency is decentralised and not controlled by the government or institution. It offers faster online transactions with lower fees as compared to regular online banking systems. 

Ravencoin is considered as the hard fork of the Bitcoin blockchain, which uses the same type of technology. It copied and modified Bitcoin’s code, added more features, and is designed for different purposes.  It was launched by Medici Ventures, a subsidiary of Overstock.com, in the year 2018. Like Bitcoin, Ravencoin is a proof-of-work network whose block times and total coin supply are 10x and 1000x of the Bitcoin equivalents. Its token is called RVN. Ravencoin works by burning or destroying a certain amount of RVN coins and providing a unique name for the specific token in order to create a new crypto asset. Though it is created and designed to carry on transactions faster than Bitcoin, it is not considered a better alternative or option of the parent project. One of the advantages of using Ravencoin is that you can tokenise asset ownerships such as gold, real estate, and even intellectual rights property. It offers easy transfer and management of the mentioned assets. Some say that Ravencoin has better fork price predictions compared to other altcoins out there. A lot of changes and features have been added to Ravencoin since it was first launched. Now, it already has one minute block time compared to Bitcoin, which has 10 minutes,  a maximum supply of 21 billion RVN in contrast to Bitcoin, which has 21 million, and a block reward of 5000 RVN, whereas Bitcoin has only 6.25 BTC as of the year 2021. Another distinction is that instead of using specialised computer hardware to solve algorithms and mathematical problems, you can become a Ravencoin miner by simply using your CPU.

Due to its specialised nature and the main purposes it serves, Ravencoin may not be as big as Bitcoin or Ethereum, but the important role and function, sooner or later, as crypto becomes mainstream,  may gain popularity to digital currency users.

Is Ravencoin a good investment?

Are you willing to gamble for the less popular altcoin in the market? Before you take the risks of investing in Ravencoin, let us discuss some points that you might want to consider.

When you plan to invest in cryptocurrency, big names like Bitcoin or Ethereum may come first in your mind. Ravencoin might be the last on your list since it is yet to become publicly known.

However, if you want a diversified altcoin portfolio, this altcoin may be worth a spot. As Bitcoin and other cryptocurrencies become more popular, Ravencoin will also benefit from the mainstream,  and more people may soon embrace altcoins as alternatives.

On the other hand, if you are a realist, you probably want to invest in or trade with top cryptocurrencies like Bitcoin. In trading and investing, you must also know that cryptocurrency can be incredibly volatile, and like other businesses, risks always come along with it. There are hundreds of cryptocurrencies to choose from. You probably wanted to equip yourself with knowledge and ideas about how each one works before deciding where to invest.