What is RaiBlocks And How To Buy RaiBlocks Nano XRB
What is RaiBlocks XRB ?
RaiBlocks XRB is a cryptocurrency similar to popular cryptocurrencies like Bitcoin and Ethereum but also has a lot of differences. Unlike cryptocurrencies like bitcoin, Raiblocks are not mined, and the maximum available XRB units have already been released and distributed.
RaiBlocks uses a block-lattice structure in which a blockchain is attached to each account. It also makes use of a delegated Proof-of-stake system of voting through which it achieves consensus. This cryptocurrency does not require high-power hardware for mining like most popular cryptocurrencies meaning it is cheaper to run.
There are a few advantages of Raiblocks which include;
- High-speed transactions
- No transaction fee
- It does not require devaluing
- It supports the use of low power hardware
How does RaiBlocks work?
The structure used by RaiBlocks is a block-lattice structure which is different from the regular blockchain found in most popular cryptocurrencies. In the case of RaiBlocks, for each account and account history, there is a blockchain linked. The blockchain is also referred to as the account-chain, and it represents all the actions performed using the account including balance and transactions. Updating the blockchain on each account is done solely by the owner of the account. This makes it possible for transactions to be performed faster. Most cryptocurrencies require a transaction to be added to the blockchain before it can be acknowledged hence, in RaiBlocks, to transfer funds, the sender needs to create a send transaction to remove the funds from his account, and the receiver needs to create a receive transaction to add the funds to his balance.
RaiBlocks is still quite new in the cryptocurrency market so traders may not find it on all exchanges, but any exchange trading Raiblocks will do so using the $XRB ticker symbol.
For now, there are a few exchanges we are sure of that trade Raiblocks. These are;
KuCoin - Our Preferred choice
In the near future, the developers of Raiblocks hope to get the cryptocurrency on every major exchange to make it easy for investors.
Malicious Attacks on RaiBlocks
This is an important area that needs to be addressed. Like all cryptocurrencies, RaiBlocks are also vulnerable to attacks online. These attacks may be to gain a financial advantage or just to disrupt the network.
Using RaiBlocks wallets
To make use of RaiBlocks wallet, you need to use either an online or a desktop wallet. There is currently no mobile wallet available for RaiBlocks, but the mobile, as well as the light wallets, will be released soon.
To make use of the online wallet, simply visit www.raiwallet.com. For the desktop wallet, simply visit the official Raiblocks website to download the wallet.
Are there units into which RaiBlocks are divided?
Units are an important aspect of cryptocurrencies, and just as Bitcoin has the satoshi as its smallest unit, RaiBlocks also has different units.
The XRB is used to represent 1 million xrb (Mxrb).
The smallest unit is 1 raw
The largest unit is 1 Gxrb
It is important to note that 1 XRB is not equivalent to 1 xrb as 1 XRB is the current equivalent of 1Mxrb.
Consensus in RaiBlocks
Raiblocks uses a proof-of-stake system with a balance-weighted voting process. In this process, any vote that is cast holds more value depending on the account balance of a source account. A source account is an account that is selected by the representative node. This node is designed to remain online and set up to vote at any time.
Since the weight of votes depends on the value of an account, those with a higher balance are more likely to ensure there is no foul play. This is because any foul play is likely to render their account balance valueless which affects their investment.
In this system, any wallet can be selected as a representative regardless of the balance in the wallet.
How to Buy RaiBlocks XRB ?
Buying RaiBlocks like buying other cryptocurrencies isn’t a complicated process. To further simplify the process, we have written a step-by-step guide for any reader who is interested in purchasing RaiBlocks.
Step 1: Buy Bitcoin (BTC) or Ethereum (ETH)
To begin your journey to own RaiBlocks, first visit an online currency exchange. Here, you exchange your fiat currency for Bitcoins or Ethereum. However, as you do so, exercise caution.
The first step is to purchase the amount you wish to invest in Bitcoin or Ethereum from any trusted exchange available. Below is a list of some popular exchange where you can purchase bitcoin;
Not all exchanges are the same. Some are good, and others, bad. A good one, such as Coinbase.com, should stand out for the following four reasons - currencies, availability, history, and ease of use. Let’s look at each for a moment.
One, the exchange should let you exchange all the major currencies for Bitcoins or Ethereum and this through online transfers, credit cards, or debit cards. Two, it must be widely available in North America, Europe, Australia, and Asia. Three, it should have a long history and, therefore, a solid reputation. Finally, it should be easy to use, especially for first-timers. Once you sign up and verify your identity, you should be good to go.
In the US we recommend using Coinbase
These exchange sites accept credit/debit cards as well as online bank transfer with major currencies such as GDP, EUR, or USD.
Step 2: Open an account with an exchange that trades RaiBlocks
After you buy Bitcoin, Ethereum, or any other crypto-currency from an online exchange, you are now ready to buy RaiBlocks. This sounds like a simple, straightforward process, right?
Wrong. It is not. Why, you ask? The answer to this question is simple: Some exchanges do not trade in RaiBlocks. So before you rush to exchange your Bitcoins at the first exchange crossing your path, first do your homework.
Ensure that - like Coinbase, Kucoin, BitFlip, Mercatox, or BitGrail among others - the exchange actually trades in RaiBlocks. Even when you do, you still have one more thing left to do – open an account in that exchange.
We have compiled a brief list of exchanges trading XRB below. They include;
KuCoin - Our Preferred choice
Step 3: Get your Bitcoin address
Your bitcoin may be either one of a "receiver" or "deposit" address, and it is usually a string of random characters. Getting the address is quite easy, but you may need to follow a specific process on a particular exchange. Once you have followed the correct process, a unique address is generated which you should copy.
The account you signed up for at the RaiBlock Exchange is not enough to start trading in the currency. You still need to sign up for one more - a Bitcoin Wallet address. It is to this address that you send money with which to trade.
There are a few details you should note about the wallet, though. First, how to open it varies depending on the exchange. Nevertheless, the process is usually simple and straightforward, so this should not worry you.
Second, be keen when getting the address, and ensure your obtain a deposit and receiver address. As their names suggest, one allows you to deposit funds, and the other, to receive them.
Third, the address looks intimidating when you first see it. It consists of be a long string of alphanumeric characters, which you copy and use in the next step.
Step 4: Send Bitcoin to your new wallet address
The next thing to do is to fund the receiver BTC address which you have copied. This fund will come from the personal bitcoin account into which you bought the bitcoin in step 1.
To help you understand this step better, we must revisit a few things. Earlier, we discussed how to exchange fiat currency for Bitcoins. We then moved to how to open an account at an exchange trading in RaiBlocks. And just now, we have looked at how to get a Bitcoin wallet address.
Here is where they all come together. Start by logging into the exchange account, and from there, send the funds you bought earlier to your wallet’s receiver address. After a few minutes, the funds are securely in your wallet. Now, you are ready for the final step – buying RaiBlocks.
Step 5: Trade BTC for XRB
And finally, we arrive at the last and most important step. You have the funds in your wallet, so now all that remains is to exchange it for RaiBlocks. However, keep in mind the buying process varies from exchange to exchange.
Even so, look for the RaiBlock/Bitcoin trading pair, and you will never go wrong. Next, use your Bitcoin balance to place an order for RaiBlocks. Although the order usually fills immediately, you sometimes have to wait for a short while as the exchange finds a suitable match for your order. That’s it.
As soon as the account receives the BTC, you can go on to trade it for XRB. You will also need to follow the process particular to the exchange you are using in order to trade currencies. In most exchanges, the trading pair usually appears as XRB/BTC. You will need to place an order for this pair which means you are buying the pair.
Depending on how much RaiBlocks you intend to buy, you may have to wait a bit to get a matching trade.
RaiBlocks has left a lot of tongues wagging. Many people want to know what it is. Even more want to know how to buy it. Buying the currency is easy if you first buy Bitcoins, and then open an account at an exchange trading in RaiBlocks. Next, get a Bitcoin Wallet address, and deposit funds in it. And last, use the funds to buy RaiBlocks.
In the future, the goal of the developers is to make RaiBlocks a cryptocurrency which will be managed by people with different backgrounds and living in various parts of the world. There are also prospects that an IPv6 multicast will be included to the transaction broadcasting system. All these is to drive towards the main goal of making the currency an acceptable means of exchange which will be able to rival fiat currency in use in all part of the world.
DISCLAIMER: Cryptocurrencies like Bitcoin and Ethereum are highly volatile and risky. We cannot give you advice about what to invest in or how much to invest. You should take the information we provide in our courses and blog posts, do your own additional research on specific cryptocurrencies, and plan to decide what kind of investments work for you. We highly recommend talking to a financial advisor to understand the level of risk that you are comfortable with.
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