What is Reddcoin? Is it a Good Investment? What is the Best Time to Invest in Reddcoin?
If you have any question about Reddcoin, this is the best platform for you to get an accurate answer. In this article, I will give you insights on what you should consider before investing in Reddcoin. Enjoy!
Short Review: Reddcoin is a decentralized cryptocurrency developed solely to be used on social media platforms like Twitter, Facebook, YouTube, and Twitch. It was geared towards making sending and receiving money on social media platforms fast, easy and efficient. Suppose you are on Facebook and you enjoy reading a post, you can send some Reddcoin to the lucky user at no fee! This will encourage users to create good quality content on social media.
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What Is Reddcoin?
Reddcoin was created from the need to create a cryptocurrency to be used on social networks. The technical details underlying Reddcoin are not complex as it relies on scrypt hashing algorithm which is still used in Litecoin. Reddocin also had a block time of 60 seconds which is similar to the other cryptocurrencies.
Reddcoin also has a high cap coin, with the total finally being 27.5 billion RDD. However, Reddcoin has released a new and updated algorithm known as POSV, that is totally unique and it is progressing well towards bringing in new features.
How Does Reddcoin Work? / Benefits of Reddcoin
Reddcoin is a social currency that enriches people’s lives and makes it easy for people to use digital currency. It has achieved this by integrating a platform for digital currency with nearly all the major social media platforms in order to make the process of sending and receiving money easy, fun and rewarding to every participant.
Reddocin has the Proof of Stake Velocity (POSV) algorithm that encourages both activity (velocity) and ownership (Stake). The POSV algorithm helps in solving the problems users experience when using the PoW (Proof of Work) and POS (Proof of Stake) algorithms. It also eliminates the wasting of electricity in mining process.
The Reddcoin decentralized Tip platform provides the users with a way of sending and receiving digital currency on social networks to anyone despite their location in the world and support creators of content via micro-donations. Reddcoin Redd-ID refers to a unique service provided by the blockchain for a user to associate a username with some rich information such as public keys and social network identities.
Reddcoin broadcast gives businesses crowd-sourced and powerful marketing tools and reliable Reddcoin income to people based on how influential they are on social media. Reddcoin ReddWallet is a modern wallet providing a number of social features as a way of increasing the engagement amongst users. These features are also good for improving the security of the decentralized network.
In Reddcoin, you earn rewards from staking rather than from mining. At stake, you are expected to keep the wallet unlocked and have some RDD in the wallet. The wallet participates in validation of the network transactions, and this is how you earn rewards. The more the amount of RDD you have in your wallet, the more often that you stake. The integration of cryptocurrency with social media is expected to drive the awareness of cryptocurrencies across the world.
Risks of Reddcoin
Most cryptocurrency lovers have been shocked by the low price of Reddcoin. Some individuals have taken advantage of this to buy and hold the amount of Reddcoin that they need. People have raised complaints about this low price of Reddcoin on the subreddit and the community. The popularity of Reddcoin has been rising without an increase in the market cap.
Semi-day traders or a few day traders have spotted traders with a huge amount of funds on Cryptsy and this is manipulation the price of Reddcoin. This has been caused by the low price of Reddcoin. By the use of a well-planned strategy, a smart trader may gain the control of a large portion of the Reddcoin market. This is risky to the other Reddcoin owners.
Most new members of the Reddcoin community are not investing their funds in Reddcoin. They just found themselves in the Reddcoin community after they were tipped, and their interest is only to tip or be tipped. These users will add value to Reddcoin, but not immediately. Their role is to only make the market attractive to those who need to invest in Reddcoin.
However, they don’t have an impact on the price of Reddcoin today, and they may lower the price of Reddcoin in case they sell the Reddcoin they were tipped.
Reddcoin has attracted some followers on social media platforms like Twitter etc. I think these are just random users who need to see Reddcoin grow. The number of subscribers on subreddit is always lower than that of other currencies. The rate at which the number of users increase is linear. This is uncommon as most cryptocurrencies have seen a spurt in terms of community growth.
The Reddcoin team is made up of many members of the community that are working together towards developing the coin. The current team consists of members from more than 6 time zones Europe, Asia, Australia, and North America.
Below is a list of Reddcoin team members:
- John Nash (Gnasher)- Lead Developer
- Henry- Developer
- Stuart (reddibrek)- Communications & Reddheads Chief Editor
- Eric- Community Manager
- Leonard Simonse- Core Developer
- Samuel Goslin- Tipbot Guru and Physicist
- Ryan Coldtz- Art Director and Designer
- Jay Laurence- Advisor
- Daniel Platten- Social Media Coordinator
- Jason Brink- Marketer
- Thomas Van Engelen- Marketer
Reddcoin is active on a number of social media platforms. You can visit their pages and contact them if you have any query. You can also participate and contribute to their forums. Reddcoin is available on the following social media platforms:
- Twitter- Their page has 95K+ followers
- Facebook- Their Facebook page has over 27K followers
- Pinterest- Currently, their Pinterest page has not gained popularity as it has only 60 followers. In general, Pinterest isn’t usually the most common channel for marketing cryptocurrency projects.
- YouTube ~1k subscribers.
- Reddit – They are active on Reddit with discussions sprouting nearly every day.
As you can see, Reddcoin is active on a number of social media platforms. This shows that the team is serious about the project. To show how committed they are in the project, they have a social media manager responsible for growing the social media community.
Is Reddcoin Worth Buying?
Personally, I have been observing Reddcoin for a long time and I have noticed that its price does not fluctuate much. It seems a bit hard to predict how Reddcoin will do in the market. However, the idea and technology behind Reddcoin is very great. However, for the value of Reddcoin to rise, we have to see a wide adoption of the cryptocurrency.
I think this will happen. Some social media platforms have tried to develop a cryptocurrency for tipping but they have failed. A good example is Facebook. However, Reddcoin has a number of features that may make it survive the market. It is not targeted to only one social media platform, but to a number of social media platforms.
Also, Reddcoin uses the Proof of Stake (PoS) algorithm. With this algorithm, no mining is needed, hence the consumption of electricity is low, and no power computing power is needed. This can lead to a widespread adoption of this coin.
More so, everyone is on a social media platform. Most individuals are not active on only one social media platform, but on a number of them. I think will orchestrate a widespread adoption of this coin.
From my own analysis, I think Reddcoin is the coin to watch and it is Worth Buying!
Reddcoin Price Prediction for 2018
The price of Reddcoin exploded recently. It rose from 0.002$ to above 0.20$ in one week, showing an 800% gain. The coin now trade at about 0.010$ after correction of the price. It is very easy for the price of this coin to explode again, recording a huge gain in value. However, this price will go down again after the explosion.
In long-term, I think the price of Reddcoin will increase to reach 0.25$ or even higher, but it will maintain that level for a long time. After that, the price will be fluctuating within a small range.
Where to Buy Reddcoin?
There are several options where you can buy Reddcoin. You can find a full list of exchanges on CoinMarketCap but our recommended exchanges for buying Reddcoin are Bittrex and Cryptopia.
Conclusion – Is Reddcoin a Good Investment?
Personally, I think Reddcoin is a good investment. The value of the coin is expected to rise. After this, the price will fluctuate within a small rage. If you place a trade, it will be possible for you to earn profits on a regular basis. It is hard to get a cryptocurrency from which you can earn profits regularly, making Reddcoin a good investment.
It is expected that there will be a widespread adoption of Reddcoin. This would increase the price of Reddcoin further.
But as always, we advise you to learn the skills before investing lots of money into cryptocurrencies. Many people have lost tons of money because they didn’t educate themselves before investing. Basically, they are just throwing money away to more skillful investors.
Even though you would have learned the skills, any investing includes risks. You can lose money by investing in cryptocurrencies, the stock market, real estate or anywhere. If you are looking for guaranteed ways to earn money online, we recommend taking a look at the step-by-step training below.
What Are Your Thoughts About Reddcoin?
Do You Think It’s a Good Investment?
What Can You Say About Its Future Price?
Let’s discuss in the comments below!
(Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice.)