Is Ravencoin Worth Investing?

Last Updated February 7th 2022
14 Min Read

After the success of Bitcoin, a plethora of other cryptocurrencies based on its technology have been launched. The list includes a large number of digital tokens such as XRP, LTC, DASH, BAT, IOTA etc. In May 2018, a cryptocurrency called Ravencoin was introduced with the aim to create a decentralized platform for asset transfer.

Ravencoin is a Bitcoin fork mined on common GPUs and ASICs that provides a platform where users can create tokens of any kind and easily transfer them to other people.

A fork of a cryptocurrency is when part of the blockchain network splits off to form an entirely new branch. This has happened many times in Bitcoin's history, but as far as Ravencoin goes, it's very much an isolated incident. There have been no forks from the original chain.

The team behind the project was set up in 2017 with a singular goal of creating a blockchain that can be mined using common PC GPUs. The developers wanted to create a token that could be mined by regular people and used as an alternative currency without having to buy an expensive mining hardware.

Whether you are new to cryptocurrency investing or trying to diversify your portfolio to include more crypto-investments, Ravencoin might be worth a closer look.

Let's take a closer look at the project to see if it's something you should consider investing in.

What Is Ravencoin (RVN)?

In the original Bitcoin white paper written by Satoshi Nakamoto (the pseudonymous creator of Bitcoin), he describes a peer-to-peer electronic cash system. This is a payment method that allows transactions to be carried out without an intermediary such as a bank. A blockchain is a technology that underpins Bitcoin and other cryptocurrencies, acting as a decentralized public ledger of all transactions on the network.

The original white paper describes how a cryptocurrency can be mined using ASICs, computers specifically designed for the Bitcoin network. As more people have entered the market to mine Bitcoin, it has become increasingly hard for individual users to make a profit from mining.

Due to this large number of miners (and miners using expensive ASICs), the original chain is now only profitable if you can solve complex mathematical problems at an exceedingly fast rate. This is the reason that Bitcoin mining has become so centralized, with most of it controlled by large companies with access to better hardware.

It would be beneficial if a currency could be mined using an average PC, and Ravencoin has set out to achieve this goal. The idea behind the mind of Ravencoin is to make mining more accessible to everyone: making ASICs unnecessary and allowing anyone with a computer (even smartphones) the ability to be involved in the mining process.

The Ravencoin project was started by Bruce Fenton (a Bitcoin advocate, investor, and financial consultant ), Tron Black, and James Lovejoy.

The team behind the project has a fairly extensive background in cryptocurrencies. They have been involved in the blockchain industry for some time now and seem to be passionate about Ravencoin being open-source and community-driven. There is also an active Discord group for people to interact and discuss various aspects of the project.

Unlike most other cryptocurrencies, Ravencoin did not have an ICO or pre-sale. The team behind it believes that an ICO would lead to a concentration of wealth and power in the hands of a few investors, something they want to avoid as much as possible.

The project is, however, backed by Medici Ventures, a subsidiary of Overstock.com.

Read Also: Could Ravencoin Be A Millionaire-Maker Coin?

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

How Ravencoin Works

There are a few differences between Bitcoin and Ravencoin, mainly relating to its consensus mechanism. This is the method by which transactions are officially added to the blockchain (a historical record of all transactions ever made). The original chain uses proof-of-work (PoW) as its consensus mechanism.

Ravencoin is a proof-of-work blockchain that originally relied on the X16R algorithm but now uses an improved mining algorithm known as KAPOW. This uses a randomized algorithm to determine which mining software to utilize, making it almost impossible for malicious actors to manipulate the system.

This method means that miners are rewarded proportionally with their contribution in terms of computing power. Even those with low-cost hardware such as mobile phones can be a part of this process. This is another way in which Ravencoin is similar to the original Bitcoin blockchain.

Apart from this, Ravencoin also differs from Bitcoin in several other ways.

Transaction fees are not handled by miners: they are destroyed instead.

The total number of coins is capped at 21 billion compared to Bitcoin's 21 million. Ravencoin also reduces block time to 1 minute from Bitcoin's 10 minutes with block rewards of 5,000 RVN instead of 50 BTC.

Ravencoin Price History 

Ravencoin was launched in 2018. While it did not carry out an ICO or a pre-sale, the project was funded by Medici Ventures, which is a blockchain subsidiary of Overstock.com.  

During its launch, the coin was trading at $0.027857 around March 2018. There we several spikes that saw the price jumping to $0.054 then $0.055. However, towards the end of 2018, RVN failed to sustain above $0.05 and started dropping to $0.014. 

At the start of 2019, Ravencoin continued to trade at the same level it closed 2018 with. This continued for some time before the price started rising again rapidly. By June 2019, it was trading at $0.07162. 

Unfortunately, it adopted a downtrend momentum, and by the end of 2019, it was trading at $0.023. 

In 2020, Ravencoin was noticeably less volatile and recorded minimal fluctuations throughout the year. And while the coin saw a couple of spikes, the price was mostly low for the rest of the year. 

To put this into perspective, RVN started trading at $0.2284 at the start of 2020, but by the end of the year, it was back to $0.02.

There wasn’t much activity at the start of 2021, especially the whole of January. However, at the start of February, Ravencoin began gaining momentum and quickly set on a bullish trend. 

The price began rising parabolically, and on February 20, 2021, Ravencoin attained its current all-time high price of $0.2854. 

However, shortly after,  the coin began plummeting again. This was also around the time that Bitcoin was dropping following the economic lockdown. 

Towards the end of February,  RVN was trading at as low as $0.1400 then quickly jumped to $0.2201 in mid-March before dropping again to less than $0.1800 in early April. 

It then started rising again, and around mid-April, it went back to $0.2359. After that, Ravencoin set for one of its biggest price declines since it was launched. The price plummeted so quickly that by mid-July, it was trading at $0.0500. 

In the last quarter of the year, RVN's value was around $0.11-0.12. RVN finished 2021 with a price of $0.098 and since then has slightly dropped due to the market drop that started in December.

As you have seen from the price history, this coin is notorious for huge price fluctuations, especially this year. 

With the current price, Ravencoin has lost almost 73% of its peak value and has a low ROI of 192%, according to CoinMarketCap. 

Ravencoin price prediction for 2022

For 2022 Ravencoin forecast, the RVN price is predicted to cross $0.14 by the end of 2022. The predicted high for 2022 might be around $0.16 and on the downside, the low might be around $0.10. 

Ravencoin price prediction for 2023

As per experts, the price prediction of Ravencoin (RVN) might continue the gradual upward trend. And as per our data, by the end of 2023, it would be able to cross the $0.25 mark. The predicted high for 2023 might be more than $0.3, and on the downside, the low might be around $0.11.

Ravencoin price prediction for 2024

As per the Ravencoin price prediction for 2024, the price might reach $0.45 by the very end of 2024. As per our prediction and price forecast, the predicted high for 2024 might be around $0.46, and on the downside, the low might be around $0.1.

Ravencoin price prediction for 2025

As per our Ravencoin price prediction 2025, the coin might be able to touch the $0.55 price mark on the upside, while on the downside, it might fall up to $0.14. As per our RVN price prediction and forecast update, the currency price might trade around $0.50 by the end of 2025.

Ravencoin price prediction for 2027

The top price predictions for Ravencoin in 2027 foresee RVN dominating above $0.8 for most of the year.

Ravencoin price prediction for 2030

As per our Ravencoin price prediction 2030, the coin might be able to touch the $0.90 price mark on the upside, while on the downside, it might fall up to $0.30.

How Much Will Ravencoin Be Worth In Five Years?

According to the RVN price prediction offered by WalletInvestor.com, Ravencoin is set to rise to $0.16 in 2022, to soar all the way to $0.55 by December 2025.

Based on Ravencoin projections from CoinLiker, the RVN coin price is expected to rise significantly in the coming years, trading at $0.33 in 2021, $0.42 in 2023 and $3.84 in December 2025.

Conclusion: Ravencoin Price Prediction Forecast

The below prediction figures outline some of the Potential high and low of Ravencoin price prediction forecasts in 2022, 2023, 2024 and 2025 offered by technical analysts and industry experts.

Year High Low
2022 $0.16 $0.10
2023 $0.30 $0.11
2024 $0.46 $0.10
2025 $0.55 $0.14

 

Although it is a Bitcoin fork, the Ravencoin team has set out to differentiate it from Bitcoin in several ways. The main focus is on making mining more accessible: something that will likely attract a lot of people who are interested in investing.

Ravencoin price prediction is difficult to make, though, because the market continues to be highly unpredictable. There are, however, some indications of what we might see in the future and how Ravencoin could fare compared to other cryptocurrencies:

The total supply of 21 billion is significantly higher than that of Bitcoin, which will likely attract investors looking to make a short-term profit. This type of market often experiences large price fluctuations as it becomes overbought and then quickly crashes before recovering again.

But based on the predictions we have looked at, Ravencoin could have a significant price increase in the coming years. Whether or not this will be enough for it to overtake Bitcoin is another question and would require a significant jump from its current position of 96 on CoinMarketCap's list.

Check Out: Will Ravencoin Make Me Rich In 10 Years 

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Different Ways To Invest In Ravencoin

There are several ways to invest in Ravencoin. In this guide, we are going to focus on three of the most effective methods. These are:

  • HODLing
  • Trading
  • Mining

Note that you cannot profit from Ravencoin by staking since it uses a PoW instead of a PoS consensus mechanism.

Method 1: HODLing

Holding a cryptocurrency is the most common way to invest in it because HODLers believe that the coin will gain value over time as more people discover and adopt it. Despite recent market trends, which have been mostly negative, there are still plenty of HODlers out there who refuse to sell their coins for fear of missing out (FOMO).

Ravencoin investors can expect to see growth in the years to come. It has been around for less than a year, and it is already in the top 100 coins by market cap. In addition, the development team behind Ravencoin is working hard to fulfil its promises of making it easier for miners to participate in this activity.

The main drawback with HODLing is that you are likely going to be exposed to fluctuations in the market.

There are also risks of the project being abandoned, although this is unlikely to happen because it has a strong development team that will want to see it succeed. The risk of government regulation and legal issues might be significant barriers, however, especially if people start using Ravencoin for nefarious purposes.

To HODL Ravencoin, all you need to do is store it in a wallet and wait for the price to go up. You can either use a hardware or software wallet for this; While hardware wallets are more secure, they are less convenient compared to software wallets.

You will have to decide which is the best option for you, between convenience and security, since both types of storage have pros and cons.

Method 2: Trading Ravencoin

Trading allows investors to profit from price fluctuations by buying low and selling high. While HODLing provides exposure to long-term growth, trading is more suited for those who are looking for short-term gains.

This method is especially easy to do with Ravencoin because of how much it has increased in value over the past months.

Ravencoin price prediction shows that it could be a lucrative investment option for those who are willing to take the risk. The current price is still affordable and provides ample room for growth, but you will need to have an in-depth understanding of the market and also have plenty of time to monitor its progress.

There are different ways you can trade Ravencoin. The first thing you will need to decide is whether you want to do your trading on an exchange or through a crypto broker.

Crypto exchanges are the best option if you are looking for a wide selection of trading options. There is a good chance that Ravencoin will be listed on more exchanges in the future, which would make it easier to trade.

Brokers usually have fewer altcoins available for purchase, and they also tend to have higher fees. They might be the best option for new traders who are learning the ropes, however.

You will also need to choose whether you want to use a fiat-based exchange or an alternative with only crypto pairs. Using fiat exchanges such as Coinbase is convenient because it allows users to purchase cryptocurrency quickly and easily using their credit cards. But there are some downsides, particularly the fact that you will have fewer payment methods to choose from and higher fees.

Method 3: Mining Ravencoin

Mining involves using your computer's processing power to solve complex puzzles so that the network can verify transactions and add them to the public ledger.

Ravencoin makes it easy for anyone to mine the coin with their own equipment.

Bitcoin is difficult for hobbyists to mine because of how powerful and expensive mining hardware has become. This means that you will have a hard time creating your own Bitcoin mining rig or even finding a cloud mining provider that accepts credit cards.

Ravencoin, on the other hand, uses the memory of your computer to mine, meaning that you can mine it with just a PC. This means that anyone has the opportunity to mine Ravencoin without having to invest in expensive equipment.

Bitcoin mining uses a Proof of Work (PoW) consensus mechanism, but Ravencoin employs a more efficient proof-of-work algorithm called KAPOW. This is better than Bitcoin's PoW because it contributes to faster transactions.  It is also ASIC-resistant, meaning that it is impossible for companies to create specialised mining hardware that are 100x more powerful than regular PCs.

Is Ravencoin A Good Investment?

Ravencoin is still very much in its infancy, but there are reasons to think that it could be a good investment. For one thing, the number of Ravencoin users is increasing steadily. In fact, it has almost 8 times as many active addresses as Dogecoin, which was created around the same time and also uses PoW mining.

Ravencoin is also one of the few cryptocurrencies that is relatively easy to mine. This gives it an advantage over Bitcoin because hobbyists can participate in mining and potentially earn a decent amount of money.

The fact that its creator kept the supply limited compared to other PoW coins means that Ravencoin could have significant long-term potential. There will only ever be 21 billion coins in circulation, which is less than a third of Bitcoin's supply.

Profitability will also vary based on which investment strategy you are using. For instance, if you are holding for the long-term, then you will need to determine whether the price is going to increase in the future and how much it would have to grow in order for your investment to be worth more than what you paid.

And finally, Ravencoin was designed to make it easy for people to create and issue their own tokens. This means that there could eventually be a wide variety of custom tokens available for use on the network, which will provide plenty of opportunities for Ravencoin's value to rise.

Don't Miss: 14 Reasons To Invest In Ravencoin 

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Conclusion: So, Should I Buy Ravencoin?

The biggest factor to consider when deciding whether or not to invest in Ravencoin is how much you have already invested into other cryptocurrencies. For example, if you own Bitcoin and have been buying altcoins as well, it would make sense to look at investing some of your money into mining equipment.

For anyone who has bought into multiple cryptocurrencies and is looking to diversify their portfolio, mining equipment might be the best choice. If you are only buying Bitcoin and Ethereum, then you should probably just buy a couple of Ravencoin tokens instead (or wait for it to go up in value).

It could take some time for Ravencoin's value to rise significantly, but that does not mean that the investment is a bad one. As cryptocurrencies become more popular around the world, there will be more and more people creating tokens to use on Ravencoin's platform. It is entirely possible that this would significantly raise the value of Ravencoin over time.

This means that it could be worth investing in Ravencoin regardless of whether or not the price rises in USD.

And finally, it is important to remember that while mining equipment and tokens could go up in value over time, they can also go down too. Nothing is guaranteed with cryptocurrency, so make sure that you invest only what you are ready to lose.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.