You won’t find much information about Ravencoin in cryptocurrency news articles, but this digital currency is worthy of attention. Here you can get news about Ravencoin in South Africa.
Read this article to find out what Ravencoin is, and how crypto investors from South Africa can buy and use it.
What is Ravencoin (RVN)?
The cryptocurrency was introduced to the world in 2018. Although three years have already passed from the day of its launch, Ravencoin is still at its early stage and, in general, is considered as an experiment.
Ravencoin is a cryptocurrency built on the most successful technologies, namely peer-to-peer. In addition to this, it uses the BTC code fork. Its platform has a network, which allows the effortless transfer of tokens as well as their creation. To make a long story short, it can be used for instant payments.
The platform users can create their own token and add any features, which they want, to them. For example, they can name their tokens or limit their number. The created assets can be applied for NFTs or, for instance, the part ownership of something valuable, or for any other purposes. What is more important, Ravencoin doesn’t charge users for utilizing it.
The functions of the platform are the following:
- Creation of assets based on a decentralized blockchain.
- Function allowing receiving dividends.
- Availability of secure transmission, which ensures confidential messaging between users.
How does Ravencoin work?
As has been mentioned above, Ravencoin is a proof-of-work blockchain tooled for decentralized mining and efficient transfer of assets. It is worth mentioning, that Ravencoin has been created based on BTC code, however, it doesn’t mean that it has the same features as the leading cryptocurrency. Here is the list of differences between Bitcoin and Ravencoin:
- The period of creation of a new block is shorter than BTC has. With Ravencoin, it is built for one minute.
- The cryptocurrency also has a bigger amount of coins supply – twenty-one billion in total.
- An innovative mining method makes mining more decentralized.
- Function for messaging and voting.
How to create a new token with Ravencoin?
To create a new token, users should have a Ravencoin wallet, which is a file that they should download and install on their computer. The next steps are to synchronize with the network and create a special address, which will be used for assets. To add a new asset, it is necessary to click the button “Create Assets”. Users also can add a logo for their newly created assets.
It is worth mentioning that, if you want to introduce your own asset, be ready to have some tokens in your wallet as you will need to pay transaction fees.
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How to mine Ravencoin?
It goes without saying that the process of the Ravencoin token creation isn’t the easiest one, although it is considered quite intuitive and fast. Mining coins of cryptocurrencies often seems a more interesting and effective procedure for those who are obsessed with blockchain solutions. How to mine Ravencoin is one of the frequently asked questions.
In the case of Ravencoin, it has already attracted much attention of crypto enthusiasts, and many of them want to know how to mine it. Read a detailed and complete guide to mining the Ravencoin tokens below.
The first and most important step is finding the right hardware for the mining process. Experienced crypto miners understand that mining requires very powerful computer machines with suitable cards. A graphics processing unit (GPU) will be the best choice for mining Ravencoin tokens. This electronic circuit ensures an efficient token production process. Unlike GPU machines, GPU cards, as well as ASICs, aren’t a good solution for this type of mining. Besides, some websites offer a ranking of miners where users can find out which of the tools will be the most effective for Ravencoin mining. Here is a more exact list of all software and hardware recommendations:
- 3 GB of RAM;
- Windows or Linux operating systems;
- Nvidia drivers.
The second step is to get the suitable software and set it. Miners can install one of the available options from this list:
- Kawpowminer;
- T-Rex;
- GMiner;
- NBMiner;
- TeamRedMiner.
The third stage is only for those who haven’t got a wallet and its address earlier. In this case, a user should create an address by downloading the crypto’s official wallet or should get it on a cryptocurrency exchange. Don’t forget to synchronize your wallet with the Ravencoin system.
The fourth step is to choose Ravencoin pools. A mining pool is a group of crypto miners.
And the last 5th stage is the beginning of the mining process.
How to buy Ravencoin?
If both mining tokens and creating them is a too tiresome process for you, one of the solutions is to simply buy Ravencoin tokens. The procedure of purchasing this cryptocurrency is easier in comparison to obtaining other digital assets. Only a few steps are required to become an owner of the Ravencoin tokens.
- Choose a crypto exchange. Unlike BTC, Ethereum, Dogecoin, or other popular and widespread cryptocurrencies, which are available “at every corner”, Ravencoin can be found on a few exchanges. For example, investors can find this digital coin on the following platforms: Binance, Huobi, Gate.io, Upbit.
- If you want to keep your crypto more securely, you will need a wallet, which is optional but still very recommended. The range of digital wallets for storing cryptocurrencies is quite big, so it won’t be difficult to find the one suitable for you.
- The last step is the process of purchasing itself. It may differ across various platforms. If you choose Binance, for example, the process of purchasing RVN will be the following:
- To buy Ravencoin, create a Binance account.
- Provide documents, which prove your identity. It can be an ID card. This stage is required by the crypto exchange to avoid money laundering and other financial crimes.
- Add money to your account. To be able to make a purchase, you will need to have a replenished balance on Binance. The amount depends on the number of coins you are going to buy. In addition to this, you can buy Ravencoin for other cryptocurrencies, for instance, Bitcoin or Ethereum.
- Find and buy Ravencoin by specifying the amount of crypto you want to buy.
Where can you buy RVN in South Africa?
Speaking about the availability of Ravencoin across various countries, the situation is different, but the digital asset can be purchased in most regions. According to the latest data, it is very popular among investors in South Africa. To buy Ravencoin there, users should follow the general guide.
The number of crypto platforms where investors from South Africa can buy RVN won’t disappoint you. The most popular and reliable websites for investing in the cryptocurrency in this country are as follows:
- Binance;
- Kraken;
- Kuna;
- Changelly;
- EXMO;
- Coinmama;
- OKCOIN;
- CEX.IO;
- Poloniex;
- Huobi.
Things to know before buying Ravencoin in South Africa
The first thing to know is that not so long ago, South Africans had official permission to invest in crypto assets. This opportunity was included in the so-called “pension fund” where crypto enthusiasts could use the “other assets” category.
The situation has changed with the implementation of the new law, according to which cryptocurrency doesn’t fall under this category. The South African government tightened the regulations because of weak points of the previous rules. Several scams, which took place in the country, confirmed the necessity of stricter regulations. One of them was the case when the founders of the crypto investment platform Africrypt disappeared with a great sum of money with them. This moved the government to the decision to pay more attention to the legislation applicable to digital assets and websites connected with them. The country’s politicians have been insisting on the need for a clear regulatory framework, which will be aimed at controlling the digital currency vertical. This could also ensure the understanding of risks connected with the cryptocurrency market.
This has become the beginning of changes for those South Africans who are interested in investing in crypto as well as businesses involved in this vertical. The main bank of the country – Standard Bank – started to stop the operation of accounts belonging to cryptocurrency trading websites, which offered arbitrage services. South Africa Reserve Bank became another supporter of clamping down on digital assets.
The financial institution blocked the payments for cryptos done on the international exchange platforms, which indicated its attitude to the vertical. The bank representatives have commented on the situation, explaining that the state’s citizens have the legal right to purchase cryptocurrencies on national exchanges but buying them on offshore websites is illegal.
The regulations and banks’ policies have contradictions that complicate investors’ understanding of dos and don’ts. It is still unclear what is allowed and what isn’t, which may create difficulties when South Africans buy any crypto, including Ravencoin.
Ravencoin price prediction
The price of Ravencoin in the South African rand at the time of writing is 1.81. However, it isn’t a problem to find the websites offering conversion from USD to ZAR.
According to the recent prognoses, RVN has all chances to be traded at $0.126 at the end of this year. Crypto analysts also predict that the cryptocurrency can increase by more than two hundred percent in several years, reaching the price of $0.516.
It is a decision of each investor whether to buy or not to buy Ravencoin. There are still many questions about the profitability of this digital asset. At the same time, considering some of its competitors, there were cases when emerging cryptocurrencies, which weren’t taken seriously at the beginning, experienced an unbelievable increase in demand.
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