Ranked choice is decent, but I would prefer STAR voting, Ranked Robin Voting, or Score Voting personally. I know this is an old community and post, but I think now is the best time to start a movement to move away from FPTP.
Ranked choice AKA instant runoff voting AKA the arrogantly branded "the alternative vote" is not a good thing.
Changing your ranking for a candidate to a higher one can hurt that candidate. Changing to a lower ranking can help that candidate. IRV fails the monotonicity criterion.
Changing from not voting at all to voting for your favorite candidates can hurt those candidates, causing your least favorite to win. IRV fails the participation criterion.
If candidate A is beating candidate B, adding some candidate C can cause B to win. IRV fails the independence of irrelevant alternatives criterion. In other words, it does not eliminate the spoiler effect.
There are strategic incentives to vote dishonestly.
Due to the way it works, it does not and has not helped third parties.
Votes cannot be processed locally; Auditing is a nightmare.
Et cetera.
If you want a very good and simple single winner election, look to approval voting.
If you're interested in making that even better in some ways, look to a modification called delegable yes/no voting.
Enacting IRV is a way to fake meaningful voting reform, and build change fatigue, so that folks won't want to change the system yet again.
How can a change from not voting at all, to voting for favored candidates, hurt those candidates?
2 voters are unsure whether to vote. 13 voters definitely vote, as follows:
6 rank C, A, B
4 rank B, C, A
3 rank A, B, C
If the 2 unsure voters don't vote, then B wins.
A is eliminated first in this case, for having the fewest top-rank ballots.
The unsure voters both would rank A, B, C.
If they do vote, then B gets eliminated first, and C wins.
By voting, those unsure voters changed the winner from their second choice to their last choice, due to the elimination method which is not as rational as first appears.
How can raising your ranking for a candidate hurt that candidate?