What is RCN?
A Guide to Understanding, Buying, Selling, Sending & Mining RCN
An In-Depth RCN Guide by Americas Cardroom
New to RCN? We’re here to walk you through everything. In no time, you’ll understand RCN’s storied history, how to mine the cryptocurrency, and how to start purchasing it. Read on.
What is RCN?
RCN stands for Ripio Credit Network. It’s a worldwide peer-to-peer credit network with a cosigned smart contracts foundation, designed to facilitate connections between borrowers and lenders all over the planet and in any currency. With RCN, people all over the world can gain access to credit or provide loans.
Since RCN is a typical ERC-20 token, it has the intelligent contract technology that’s embedded into the Ethereum blockchain. If you’re new to that, it facilitates peer-to-peer lending without any of those large transaction fees that you might find with traditional banking.
How secure is RCN?
RCN is based on the ERC-20 standard, so you know it’s safe and secure. If you’re new to ERC-20, here’s what you need to know. Essentially, with ERC-20, there’s a common set of rules that tokens must adhere to, including how tokens can be transferred, how transactions get approved, the total supply of tokens, and how users are able to access a token’s data.
Many popular cryptocurrencies use the ERC-20 standard, so you’re in good company. Just one heads-up here. If you are planning to purchase RCN or any other ERC-20 crypto, make sure that your wallet is compatible with the standard. Since ERC-20 is extremely popular, you shouldn’t have much trouble finding a solid solution.
Is RCN a private cryptocurrency?
Yes, RCN is private and anonymous. That means if you buy RCN tokens from another person, the transaction will be anonymous and private from end to end. With no middlemen involved in the process, RCN is incredibly discreet.
Who is backing RCN?
Ripio was launched during TechCrunch Disrupt back in 2016 by Sebastian Serrano. Along with a team of tech experts, developers, and analysts, Serrano designed the concept and its website with a focus on democratizing the digital economy in Latin America. It should be noted that at the time of launch, 65% of people in the region did not use a bank. With a focus on offering a digital payment alternative that’s within everyone’s reach, Ripio was born.
The Ripio team includes David Garcia (Senior Vice President & Board Member), Antonio Ceraso (Chief Technology Officer & Lead Blockchain developer), Eugenio Cocimano (Data Scientist), Agustin Aguilar (Smart Contracts Developer), and others.
How will RCN gain value?
There’s no shortage of cryptocurrency excitement, with people wanting to find the next big thing in crypto and make some serious cash. So, will RCN make money? While no one knows for sure, many experts agree that you can expect a short-term decline, followed by a steady increase by over 922% into 2023. While that number seems impressive, at the current value, we’re looking at a price of about $0.447097 in 2023.
How do you mine RCN?
You’ll need mining software along with a compatible wallet to mine RCN. What’s more, you’ll also need a computer with enough processing power to handle mining. If you mine RCN alone, the results are greater profitability. But mining in a pool results in faster mining times, particularly because you have greater computing power at your disposal.
Where can you buy RCN cryptocurrency?
Right now, RNC tokens can’t be swapped for fiat currency. However, you can purchase them by exchanging other cryptos, like Bitcoin. Just use an exchange like Binance or CoinExchange. CoinSwitch is another good choice, since it supports over 300 cryptocurrencies.
How do you buy RCN cryptocurrency?
As mentioned, you’ll need a crypto wallet to get going. Once you’ve got one, you’ll have support for storing RCN tokens. Remember, RCN is ERC-20 compliant (clearly, we can’t stress this enough). With your wallet all set up, you can purchase RCN using a credit or debit card on any of the popular cryptocurrency exchange networks. For this example, we’ll use Coinsquare. Once you’ve got a verified account, fund the account using fiat currency. Then, use the fiat currency to purchase another crypto, like Bitcoin or Ethereum. Next, withdraw your crypto to your wallet, or to an altcoin exchange. From here, you can trade your crypto for RCN.
How do you set up an RCN wallet?
There are a number of wallets you can use to store your RCN tokens. Hardware wallets are the safest and among the most convenient options to secure your RCN crypto. Because they don’t connect to the internet, these wallets are considered safer than a virtual wallet, especially because they can’t be tampered with remotely. That said, there are a number of wallets available to choose from. And as long as they’re ERC-20 compliant, you’re good to go.
New to RCN wallets? Simply put, they’re a lot like real wallets, but in an app or device form. They’re used to review your transaction history, and send and receive funds.
My Ether Wallet is a good option to use, particularly since it supports the ERC-20 protocol. Simply go to the My Ether Wallet website and follow the instructions to create your wallet. The website is extremely well-designed, and before getting started, you get a detailed explanation of how wallets work, along with the importance of security.
How do you send RCN to a wallet?
Sending RCN to your wallet varies based on what kind of wallet you’re using. But let’s use My Ether Wallet as an example. To send RCN to the wallet, go to Send Ether & Tokens. Then, unlock your wallet. Once unlocked, click Add Custom Token. You’ll then need to enter the RCN smart contract address. Next, type RCN (the token symbol) and enter the decimals of precision (18). Finally, click Save.
Remember, while the process differs based on what wallet you’re using, it’s more or less the same across the board.