Setting up a wallet for Ravencoin

The primary piece of software that RVN holders use to communicate with the network is a Ravencoin wallet. From their Ravencoin wallet, users can receive, store, or transmit RVN. Remember that investors frequently experience the Ravencoin pocket not syncing problem. You must constantly ensure that the wallet and blockchain are in sync.

A diverse array of Ravencoin wallets has emerged in the market, presenting users with a multitude of choices to effectively secure and protect their funds. A wide array of Ravencoin wallet types is available, catering to diverse preferences.

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Types of Ravencoin wallets

It is advisable to start by realizing how Ravencoin works in comparison to other digital assets. The two most popular types of Bitcoin wallets are custodial and non-custodial. When discussing custodial wallets, we mean Ravencoin wallets that are overseen by a third party.

Custodial wallets are devices where you hold private keys. They often utilize hardware ledgers, but various options exist. Safeguarding private keys ensures the security of your funds in this diverse market.

Moreover, enthusiasts have the flexibility to access hardware wallets, software wallets, desktop wallets, and mobile wallets within the spectrum of choices. Although a Ravencoin paper wallet can be part of the equation, it might not be the most optimal solution for ensuring the security of your funds.

Setting up a Ravencoin wallet

These are the step-by-step instructions on setting up an account

Step 1 

Explore the GitHub Ravencoin Release page for the newest wallet iteration. The recent version, Raven Core v0.15.99.0, has discontinued mining support. In earlier versions, during low difficulty, CPU mining was active, demanding the input of “set generate false” in the command window to halt mining. However, this step is now obsolete in the updated release.

Step 2 

Upon completion of the download, proceed to extract the wallet to the designated location.

Step 3 

Upon setup, Raven Wallet guides you to specify a storage destination for your blockchain and files, alleviating the requirement to relocate the wallet from the C:/ directory.

Step 4 

Upon completion, the wallet should initiate and start syncing with the network. If not, consider augmenting the nodes for a potential solution.

Step 5 

Subsequently, generate a fresh Ravencoin wallet address by navigating to File >> Receiving address.

Step 6

Next, you need to encrypt the wallet for security reasons. 

Use your Ravencoin wallet

Utilizing your RVN account, Ravencoin transactions can be sent and received. Initiate a transfer by clicking “Send” for Ravencoins. Subsequently, input the recipient’s address and determine the amount to be sent. Label the recipient’s name for reference. The added recipient will be listed in your address book. Next, determine the transaction fee. Two choices exist: the default recommended option provides a preset, equitable fee, while the personalized option allows you to set your fee structure. Keep in mind that opting for personalization might lead to slower transaction processing with lower fee contributions.

To facilitate the reception of Ravencoin transactions, choosing “Receive” is imperative. Occasionally, completion of a form may be necessary. This form encompasses three inputs: a label, the desired amount, and a concise message. While optional, this form proves beneficial for soliciting transactions or maintaining address organization. Upon selecting “Ask a Payment,” the application generates a wallet address. This address can be conveniently copied through a QR code or a click-to-copy button. Access to your address is attainable via the “Receive” table or by navigating to “Folder” and subsequently “Receiving address.”

Additional tips

Consider these additional steps when setting up your Ravencoin account: 

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