Ravencoin is loosely based on the design ideas of Bitcoin, the world's first decentralized cryptocurrency. Cryptocurrency is a medium of exchange backed by cryptography. A decentralized cryptocurrency keeps track of all transactions by all addresses on a peer-to-peer shared record. The main innovation of Bitcoin is the Blockchain, which breaks up the record of transactions into blocks, each one crypographically connected to the previous. Ravencoin is traded on bitni.com.
Blockchain based cryptocurrencies like Ravencoin work by grouping transactions together in data blocks, then linking the blocks cryptographically. The chain of blocks is stored across a decentralized network of nodes, and distributed as peer-to-peer shared files. The Ravencoin blockchain can also be used to transfer assets. Quantities of Ravencoin are stored at addresses, cryptographic sequences paired with a private key used to spend the amount at the address. The user's wallet keeps track of all their Ravencoin addresses and adds up the balance.
Ravencoin was created by Bruce Fenton and Tron Black as an attempt to technically improve Bitcoin, by increasing the generation of new blocks to once every minute instead of 10, and using X16R as the hash function. The first tweak makes transaction times faster. The second makes mining more accessible to those without specialized hardware. Ravencoin is maintained by a decentralized collaboration of developers, and is released as open source.
The primary intended use Ravencoin is transferring assets over the Blockchain. Ravencoin is used for anything money is used for - buying, selling, donations. But Ravencoin can also be used for even more things than fiat currency: A means of accepting donations or facilitating commerce that cannot be shut down by governments or the banking system. Also storing up wealth that cannot be confiscated.
Ravencoin has more value than Fiat Currency because it's more useful: It's anonymous, decentralized, irreversible, cannot be devalued, cannot be confiscated, can be sent over the internet to anywhere in the world in minutes. Things that are very useful and scarce tend to be valuable. One reason Ravencoin has value because it fulfills all of the requirements of money: Store of Value, Medium of Exchange, Unit of Account.
The maximum supply of Ravencoin is limited to 21 billion. The reason is halving - the reward for mining is reduced by half every 3 years. 2,100,000 transaction blocks are processed every 3 year halving cycle. The first block reward to miners was 5000 coins per block, after halving they were 2500, then 3 years after that 1250, and the series keeps reducing by half. All the block rewards that will ever be add up to 10000, so 2,100,000 times that is 21 billion.
A Ravencoin transaction is a transfer of value from one address to another. The transaction spends the outputs of previous transactions as it's input. The entire value of an output is spent, so any remainder may be sent back to the sending address - this is called the "change". A transaction is created by a user on their Ravencoin client software, then broadcast out to all the other nodes and becomes part of the Blockchain.
The blockchain is a public record of all transactions by all addresses. However, an address is just a number - it doesn't reveal anything about the identity of the one using it, like a street address can. As long as this number is never linked to an identity, the Ravencoin user is safe. There is no way to "trace" a Ravencoin address to the person using it - unless they leave clues connecting their Ravencoin address to their physical identity. bitni.com has maximum anonymity - we don't ask for personal details.
Ravencoin mining is the computational process of adding new blocks to the blockchain. New transactions are grouped together in a block. New blocks must cryptographically connect to previous blocks with a proof-of-work hash function. Mining hardware is designed to the hashing function as quickly as possible. Miners are paid a small transaction fee for including new transactions in blocks. Mining also creates new Ravencoin coins, which go to the miners.
Ravencoin was not designed to be taxed. If no one reports their Ravencoin gains, there is no way an authoritarian regime can know who gained what. However, centralized exchanges with accounts and IDs do report their user's Ravencoin balance to tax authorities. If you want privacy from authoritarian regimes, you need an accountless exchange that doesn't ask for your ID - bitni.com is the best exchange in this regard.
Ravencoin ATMs allow a customer to buy Ravencoin by inserting physical cash, like a vending machine, or send Ravencoin to receive physical cash. (The former are called "1 way" ATMs and the latter are called "2 way".) If the Ravencoin ATM is from a trusted manufacturer and operator, it should be safe to use. Different Ravencoin ATMs have differing AML/KYC requirements.
Ravencoin has scaled to handle millions of transactions per month. Ravencoin is software, and it can evolve to scale - the code can be modified with better algorithms and the network then upgrades to the more advanced version. Ravencoin was modified from Bitcoin as an attempt to help to solve scaling issues, by creating a new block every minute instead of 10, which allows transactions to be processed faster.
Anyone who knows the private key can move the coins from an address. If the private key is not known, it's not possible to spend the coins at an address. Ravencoin stored in the wallets of a centralized exchange can be stolen - it happens all the time. At a Non-custodial exchange like bitni.com, you are in charge of your wallet at all times.
A small bug in Ravencoin was exploited to mint almost 6 million dollars worth, but quickly fixed. If the Ravencoin network could be hacked, it would have already happened. The blockchain is decentralized across thousands of independent nodes - the more nodes on the network, the higher the security. If any one node is compromised, it will not compromise the others. However, centralized Ravencoin exchanges are hacked all the time! That's why you need a non-custodial exchange like bitni.com.
The data of all Ravencoin transactions is stored in a public ledger (blockchain) distributed as peer-to-peer shared files. Each node has a complete copy of all transactions ever made - the blockchain. So the blockchain is stored in the cloud - not on a centralized server, but on thousands of independent nodes. Each user's Ravencoin balance is also kept track of in their wallet.
A Ravencoin wallet stores all of the user's Ravencoin addresses. The sum value of all of the addresses in a wallet is automatically added up - this is the total balance of a wallet. Centralized exchanges store the user's wallet, which is risky. Non-custodial exchanges like bitni.com do NOT store user's wallets, which is much safer.
Millions of people everywhere in the world use Ravencoin for all the same things as any other money is used for - buying, selling, and donations - and the number of users is growing rapidly. Anyone needing to transfer wealth internationally, especially outside the grasp of authoritarian regimes, for ridiculously low cost, will find Ravencoin useful if they are not already using it. Ravencoin is also used as an investment and a hedge against inflation.
Many merchants, especially online, accept cryptocurrencies as payment. Charities like Wikipedia accept donations in crypto. Web Hosts and Domain registrars often accept crypto. Large brick and mortar stores are starting to accept crypto payment. Some local restaurants are also coming on board. bitni.com accepts Ravencoin to convert to other currencies, of course.
The reason why a cryptocurrency is the future can be summed up in 3 words: Because it's better. Ravencoin is a huge improvement over fiat currency. It is also an improvement over precious metals - they can't be wired over the internet. If central banks continue destroying the value of fiat currencies, cryptocurrencies will become even more important to the future of money.
If Ravencoin were going to crash to zero, it would have probably done it already. There have been wild price swings - because it's new and there's a lot of speculation, like the internet when it first came out. But there are wild price swings with other commodities like oil. Ravencoin's low after it's all-time high of almost a dime is still several cents. For Ravencoin to crash to $0, demand would need to be zero or supply would need to be infinite - a highly unlikely scenerio.
The Original Bitcoin has gone from pennies to thousands and thousands of dollars in less than a decade, utterly blown away the stock market, even gold and other precious metals, and far outperformed pretty much any other investment. While Ravencoin has not reached Bitcoin's high, it has performed relatively well, going from pennies to over double that at it's high - a pretty good investment.
Exchanges are where Ravencoin is bought and sold, however there are several types: Centralized Exchanges store the user's coins like a bank and require ID. Decentralized Exchanges (DEX) facilitate peer-to-peer buying and selling between users - and these can be done locally in-person or online. Non-Custodial exchanges like bitni.com are a quick and easy way of swapping cryptocurrencies without signing up.
Many Centralized exchanges have rigorous requirements for identification, such as uploading a scan of passport or other government documents. Decentralized exchanges usually have less stringent requirements for identification, especially if the transaction is in-person. Non-custodial exchange bitni.com does not require identification for crypto-to-crypto swaps. If you want Ravencoin without SSN, you've come to the right place.
KYC stands for Know Your Customer. Many regimes have become increasingly authoritarian towards cryptocurrency and seek to crack down on anonymous trading, by requiring the customer to upload documents proving their identity. Many exchanges have caved in to the pressure and now have KYC policies. Centralized exchanges almost always have KYC, some Decentralized exchanges do as well. bitni.com does not require KYC for crypto-to-crypto swaps.
In many ways, Ravencoin is technically superior to Bitcoin. It has much faster transaction times. It can be mined on home computers without specialized hardware. However, Ravencoin doesn't have the massive publicity that Bitcoin has (not all of Bitcoin's publicity is good, but apparently there's no such thing as bad publicity). And that's why Bitcoin is priced much higher. Many more people know about Bitcoin than Ravencoin.
Most Ravencoin trading is done by buying and selling coins directly by individual investors. However, there are cryptocurrency funds listed on stock markets. A Cryptocurrency Exchange Traded Fund (ETF) holds assets in single cryptocurrencies or a basket of them. It may be more convenient to buy into one basket fund instead of manually managing dozens of different cryptos and their respective wallets. In the case of Ravencoin, it is probable some Cryptocurrency ETFs are holding it.
A dollar, tens of dollars, or even hundreds of dollars for a Ravencoin coin may seem speculative, but Ravencoin's high is already a nickel. Ravencoin started out at practically nothing and rose in a parabolic curve to it's high three times higher than the starting price. $1 is only about a dozen times higher than the all time high. If the long term trend continues, Ravencoin could reach new highs orders of magnitude greater.
A new block on the Ravencoin blockchain is added every 1 minute. The number of transactions in each block is limited to several thousand. Transactions paying higher fees are given priority over those paying lower fees, which must sometimes wait to be included in future blocks instead of the current one. A Ravencoin transaction time can be as short as the generation of one block in 1 minute. However, 6-100 levels of blocks is needed for irreversibility, thus the safe transaction time is 6-100 minutes.
A Ravencoin transaction can be tentatively completed in as little as 1 confirmation in 1 minute. However, the latest blocks in the blockchain are changeable until more blocks are added after them. For irreversibility, 6-100 levels of blocks and thus 6-100 confirmations are needed. The latest block in the process of being added to the blockchain is changeable. Not till several more blocks have been added after it is that part of the blockchain considered immutable.
A Ravencoin transaction fee is the cost of having transaction data included in blocks added to the blockchain permanent record, which fluctuates under market supply and demand. The average fees are generally fairly low, often in the pennies. Lots of factors affect Ravencoin transaction fees, such as the cost of electricity, the hardware capacity and competition between miners, the number of simultaneous transactions competing to be included in a block.