Ravencoin vs Bitcoin
Cryptocurrencies have been around for over a decade now, and the space has seen a lot of innovation and growth in this short period. Among the thousands of cryptocurrencies out there, Bitcoin remains the most popular and valuable, with a market cap of over $900 million USD as of December 2021. However, new cryptocurrencies are emerging, and one of them is Ravencoin.
In this blog post, we will compare Ravencoin and Bitcoin, highlighting their key differences in terms of features, functionalities, pros, and cons.
What is Ravencoin?
Ravencoin (RVN) is an open-source, peer-to-peer blockchain designed to enable the creation and transfer of assets. The network is based on Bitcoin's codebase, but it has unique features that distinguish it from Bitcoin. One of the most significant differences between Ravencoin and Bitcoin is that Ravencoin focuses on asset creation and transfer, while Bitcoin is focused on being a digital currency.
In terms of mining, Ravencoin uses the ProgPoW algorithm, which is ASIC-resistant, making it possible for users to mine with conventional graphics cards. According to CoinMarketCap, Ravencoin has a market cap of over $2 billion USD as of December 2021.
What is Bitcoin?
Bitcoin (BTC) is the world's first cryptocurrency and remains the most popular and valuable. It was created in 2009 by an anonymous person or group known as Satoshi Nakamoto. Bitcoin's blockchain is designed to facilitate peer-to-peer transactions without the need for intermediaries such as banks or other financial institutions.
Bitcoin uses the SHA-256 algorithm for its Proof-of-Work consensus mechanism, and its mining process is dominated by ASICs. As of December 2021, Bitcoin's market cap is over $900 billion USD.
Ravencoin vs Bitcoin: Key Differences
Focus
As mentioned earlier, Ravencoin's primary focus is on asset creation and transfer, while Bitcoin's focus is on being a digital currency. This difference in focus has led to different use cases for both cryptocurrencies.
Mining Algorithm
Ravencoin uses ProgPoW, an algorithm that is ASIC-resistant, while Bitcoin uses SHA-256, which is ASIC dominated. This makes it easier for the average person to get involved in mining Ravencoin using a standard GPU.
Transaction Speed
Bitcoin transactions take about 10 minutes to confirm, while Ravencoin transactions take 1 minute. This faster confirmation time makes Ravencoin better suited for users who require faster transactions.
Block Size
Bitcoin's block size is limited to 1MB, which limits its transaction processing capacity. Ravencoin, on the other hand, has a block size limit of 2MB, which allows it to process more transactions per second.
Pros and Cons:
Ravencoin Pros:
- Faster transaction speeds
- Lower fees
- ASIC-resistant mining
Ravencoin Cons:
- Limited adoption compared to Bitcoin
- Volatility of its value on exchanges
Bitcoin Pros:
- High adoption and liquidity
- Strong brand recognition
- Robust security
Bitcoin Cons:
- High transaction fees
- Longer confirmation times
- Centralization of mining power
Conclusion:
Ravencoin and Bitcoin are both valuable cryptocurrencies with unique features and functionalities. While Bitcoin remains the most popular and valuable, Ravencoin represents a promising alternative for users who require faster transactions, lower fees, and ASIC-resistant mining. Ultimately, the choice between Ravencoin and Bitcoin will depend on the user's specific needs and preferences.