The Ren project is a relatively new protocol in the Defi market but has already managed to grab a lot of attention. The most unique feature of this technology is that it allows locking your coins, such as BTC and ZEC, and generating new ones (equivalent to those: RENBTC, RENZEC), which are compatible with Ethereum blockchain.
The project also launched an in-built cryptocurrency, REN token, with a maximum supply of 1 billion tokens. Initially offered at a price of 4 cents, REN has grown its value by more than 40 times and hit an all-time high in February 2021 reaching $1.83. Now, REN prices are slightly down, following the cryptocurrency market decrease.
So, how does the Ren project actually work, and is it worth investing? Should you buy REN right now? Follow up the article which covers all these topics and provides a step-by-step guide on buying REN coins online in the USA.
QUICK GUIDE: HOW TO BUY REN IN THE USA
- Open an account with a cryptocurrency exchange
- Verify your account
- Go to the deposit section
- Go to the platform and select Ren
- Enter how many Ren tokens you want to buy
- Check the details and confirm your purchase
Where To Buy Ren (REN) In The USA
Are you looking to buy Ren in the US? Well, there are hundreds of crypto exchanges and brokers in the US. This can make it hard to know which platform is right for you.
List of the best Exchanges to buy Ren (REN) in the USA:
Looking where to buy REN in the US right now? Below you will find 4 of the best brokers that allow you to buy REN in the US.
- Binance - Best exchange to buy Ren US for asset diversity
- Coinbase - Best exchange to buy Ren (REN) for beginners
- OKEx - Best broker to buy Ren US for low-cost
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Virtual currencies are highly volatile. Your capital is at risk.
What Is REN Coin?
Before we discuss the REN cryptocurrency and what it is used for, let’s make it clear what the Ren project is. Founded in 2017 by two software developers, and formerly known as the Republic protocol, Ren is an Ethereum-based project that addresses one of the basic problems of Defi - interoperability. The protocol allows coin holders to transfer them across various blockchains.
The problem is that BTC holders (or BCH and ZEC holders) sometimes find it difficult to use their coins for Ethereum projects, such as farming, staking, etc. Through the use of the special technology, called Virtual Machine, Ren tackles this problem. It becomes possible by locking your BTC and creating RENBTC coins which can be used on the Ethereum blockchain.
Apart from the newly created coins, the Ren project also issued its in-house cryptocurrency - REN. It is used within the network to pay for the transaction fees generated during the conversions but has other use cases too. REN holders can stake it to become a DarkNode runner and contribute to the project. By doing so, they also generate rewards which are paid in REN coins.
How Ren Protocol Works And What Affects Its Price?
The Ren project, by and large, is based on the RENVM technology which is responsible for creating or burning assets. If you want to create a new coin to use in the Ethereum ecosystem, you deposit your assets into the Ren network. After DarkNodes verifies your transaction, RENVM creates a new token that has the same value as your original asset.
It is crucial to note that you don’t lose your original coins. They are securely stored on the network and you can withdraw them any time you want and burn your new tokens. Still, you need to pay some fee to the network to get your original coins back. At the moment, the Ren network supports Bitcoin, Bitcoin Cash, and Zcash which can be converted to renBTC, renBCH, and renZEC respectively.
But Ren also has a native token that is unrelated to the previous ones and is created to power its network. At the time of writing REN token is traded at $0.39, but it's very volatile and can be influenced by some factors. The first one is obviously the cryptocurrency market. Generally, Bitcoin is the driver of the market, and if its value increases, other cryptos follow it. Similarly, when it loses its value, other cryptocurrencies get affected too.
The next factor that may influence REN price, is the popularization of Decentralized Apps (dApps). And eventually, it can be affected by the competition in the market. If Ren wants to win the market, it should work hard on its project development to surpass the others. Especially, great attention must be paid to its security mechanisms, as the network holds several cryptocurrencies, it must be able to store them safely.
Is REN Coin A Buy Right Now?
In general, the REN coin is not a speculative cryptocurrency. It was created to serve a project which aims to bring long-term solutions to one of the biggest market problems. Ren owners want to popularize not the cryptocurrency but the project and the popularity of the project is interconnected with the REN value. From this perspective, Ren seems to be a trustworthy asset and an excellent long-term investment.
The cryptocurrency launch was a success as more than 60% of the tokens were sold during the private ICO and public ICO stages. At that time the REN coin was worth 4 cents, but the prices increased quickly. In 3 years it hit $1. Its value was growing during 2021, but soon it crashed following the crypto market decrease.
REN tried to recover during the second part of 2021, but again experienced a drastic drop at the end of the year. The crypto asset opened the year with a price equal to $0.55 but gradually it dropped to $0.27 as the lowest. Now it has recovered slightly and is traded at $0.38, which seems to be a fairly good price if you have plans to invest in this coin for the long term.
How To Buy REN Coin Online Tn The USA - A Step By Step Guide
This part of the guide explains in detail how to buy REN coins online in the US using a cryptocurrency exchange.
1. Register for an Online Account and Deposit Funds
REN is supported by many popular crypto exchanges, so buying this cryptocurrency is not rocket science. Just check the listed crypto brokers to find the one that supports REN and operates in your country. Then you can jump to creating an account, which is a matter of 10-15 minutes. After creating and verifying your crypto account, use one of the payment methods to transfer funds on it.
2. Buy REN Coin
If you are sure that you have successfully deposited funds into your account, you can start purchasing REN coins. To do so, select the order type and write the amount you want to purchase. You can make not only a standard order but also a limit order (if the exchange allows) which means that you can tell your broker to complete the buy only if REN decreases to a particular level. If your broker verifies the transaction, you will see the amount of REN coins on your exchange account.
3. Transfer Your Funds to a Hardware Wallet
The last step is not a necessity at all, but if you find it relevant, you can buy a hardware wallet and keep your coins on it. As REN cryptocurrency is an ERC-20 token, all the hardware wallets designed for ETH crypto, are compatible with REN too. Still, if you find this option not a budget-friendly choice for you, you can leave your coins on the exchange account or use a good software wallet that can be downloaded even for free.
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Virtual currencies are highly volatile. Your capital is at risk.
How To Trade REN Coin In The US - A Step By Step Guide
REN prices fluctuate too often meaning that you can make good earnings by trading this cryptocurrency. But before you start, there are some essential factors to take into account. First and foremost, you need to find a good and reputable trading platform. It should be functional, easy to operate, offer a competitive pricing structure and have good safety mechanisms.
Besides, you need to get acquainted with the fundamental and market analyses of this cryptocurrency to more correctly understand when its value will rise and when it will decrease. If you will use short-term trading strategies, you need to spend some time of your day reading news, developments about the Ren project, announcements, etc.
If you are a beginner in cryptocurrencies, you can also feel free to follow the experts in this field, read their analyses, consider what they think about REN prices, and how this crypto asset will behave in the near future. The crucial thing is to have a basic understanding of the market so that you can correctly guess the market trends and buy or sell signals.
Check Out: How To Trade Ren With $100
REN Coin Advantages And Disadvantages
Below we have rounded up the most crucial advantages and disadvantages of the REN cryptocurrency and Ren network that can significantly affect your decisions about investing in it.
Advantages:
✅ Ren developed a unique protocol that enables the transfer of cryptocurrencies between different blockchains.
✅ The protocol safely stores your coins on the Ren network.
✅ The project raised $34 million during the ICO stage.
✅ Supports already three coins - BTC, ZEC, BCH.
✅ REN is a cheap and affordable investment.
✅ You can stake your REN to get rewards.
Disadvantages:
❌ Involves high investment risks.
❌ REN does not have versatile uses.
What Is REN Coin Price Prediction?
REN coin price predictions significantly vary between the platforms. All in all, the predictions are positive and indicate that REN price will grow over the years. Starting from the Digital Coin Price predictions, we notice that the REN coin won’t hit $1 in the next 4 years. The platform suggests that REN will be traded at $0.6, $0.7, and $0.8 in 2023, 2024, and 2025 respectively.
The value of REN will decrease during 2026 and it will eventually break $1 in 2027.
Wallet Investor market analysis shows that REN can grow up to $0.7 in one year. Moreover, according to the predictions, it will be traded above $2 in 2027. Gov Capital introduces the most bullish predictions, according to which REN will not only be traded above $1 in this year but will grow significantly over the years and even hit $6 in 2025.
Don't Miss: Ren Price Predictions
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Virtual currencies are highly volatile. Your capital is at risk.
How Do I Mine REN Coin In The USA?
To mine new REN coins you need to stake them as the REN blockchain is based on the Proof of Stake mechanism. For this purpose, you can use the yield farming option and stake your REN tokens in a liquidity pool. Or you can start running a DarkNode by staking 100,000 REN coins in the DarkPool.
DarkNodes are responsible for the Ren protocol operations and provide bandwidth, storage capacity and computing power to its network. So, becoming a DarkNode runner, you can also power the Ren project. You can find more information about operating a DarkNode on Ren’s website.
What Is The Total Supply Of REN Coin?
The Ren network has a fixed supply of 1 billion REN tokens and 997,764,051 REN tokens are already in circulation. With its circulating supply, the cryptocurrency has a market cap worth almost $390 million and is currently ranked #154 on the Coin Market Cap chart. In 2018 Ren team conducted a private and public presale during which it sold more than 60% of its coins, raising $34 million together.
Things To Consider Before You Invest In REN Coin In The USA
On the whole, Ren seems to be an exceptional project and is on the edge of bringing new quality to the interoperability of blockchains. The project has several competitors in the market but works on its products to offer more advanced and unique features. Plus, it has worked on its privacy and security systems and has improved them significantly over the years. Currently, Ren supports only 3 cryptocurrencies, but this number will grow gradually in the near future.
With all this being said, in our view, Ren can certainly be a good long-term investment. Still, investing in cryptocurrencies involves high risks meaning you should only put in the project what you can afford. To invest in REN, choose a good cryptocurrency platform and follow our guide that thoroughly explains how to buy REN coin in the US.