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Invest in ReddCoin in 2022

Last updated 26th Sep 2022
Disclosure

ReddCoin is a decentralized cryptocurrency specifically developed for use on social media platforms, such as Reddit and Twitch.

This project was developed with the goal of creating a coin that would allow people to easily send and receive money.

The main cryptocurrency coin, RDD, is mined by the ReddID wallet through what is known as a Proof-of-Stake-Velocity (PoSV) algorithm, specifically created to increase a user’s odds of mining a valid block through their RDD balance.

If you are thinking about investing in ReddCoin yourself, it is essential that you commit the time and do research on this project first.

On this page, we will discuss everything you need to know about ReddCoin, from how it functions and even the platforms through which you can invest in the coin.

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What Is ReddCoin?

ReddCoin (RDD) is a decentralized, open-source cryptocurrency specifically designed for usage through social media. It was officially released on February 2, 2014.

The platform uses a peer-to-peer (P2P) payment system, making it simple for social media users to donate their RDD coins to content creators by utilizing micro-transactions.

The native cryptocurrency coin used to send tips or payments for social content is the RDD coin, and it can be mined through the usage of the ReddID wallet.

The ReddID wallet allows users to send tips to each other and invite other friends to join the network.

Aside from the seamless coin transfer, the system also has a high level of speed, with a block time ten times faster than Bitcoin's (BTC), for example.

ReddCoin was first valued on February 10, 2014. Its price has increased more than 6000% since the coin got listed.

Pros and Cons

Pros

Transaction times are ten times faster than those of Bitcoin.

ReddID wallet streamlines sending payments or tipping.

Implements the Proof-of-Stake-Velocity (PoSV) algorithm, which Is unique to ReddCoin.

Cons

The ReddCoin community is relatively small.

How does ReddCoin work?

When it first launched, ReddCoin used Proof-of-Work (PoW) as its consensus algorithm, which required miners to contribute computing power in order to validate blocks on the blockchain.

This was mostly due to the fact that it launched based on a fork of the Litecoin codebase, which means that it shared some of its code.

However, on August 1, 2014, ReddCoin transitioned to Proof-of-Stake Velocity (PoSV), which was a brand-new algorithm specifically designed to secure the ReddCoin network.

The main goal behind this new algorithm was to secure the ReddCoin blockchain and encourage active participation and transactions across all of its users.

That said, ReddCoin is designed for tipping content producers on social media platforms and uses the ReddID wallet to streamline this entire process.

Ways to buy ReddCoin

When you decide to buy ReddCoin, you will essentially own all RDD coins in your cryptocurrency wallet. You can use them for anything that you want, and it is recommended that you store them in an off-exchange wallet for the highest level of security.

ReddCoin (RDD) can be bought through the usage of many different methods.

With that in mind, the primary methods you need to look out for include exchanges, peer-to-peer (P2P) marketplaces, and in-person trading.

  • Cryptocurrency exchanges: These exchanges will allow any person to buy RDD coins on the open market. What this means is that, as a potential buyer of the RDD coin, you will need to find a cryptocurrency exchange that fills your needs and supports the coin and has fair fees alongside a high level of liquidity so you can make the purchase seamlessly.

  • Peer-to-Peer (P2P) marketplaces: These marketplaces are created with the goal of directly connecting you with a seller of the RDD coin, which means that you can transact directly with them.

  • In-person trading: In-person trading refers to a process where you essentially arrange a meeting with the seller of the RDD coin at a local, physical location, where you can transact on the spot after agreeing with each other.

When you are ready to buy ReddCoin (RDD), you will need to follow a set of steps.

Step 1: Find a cryptocurrency exchange, like CoinSwitch where the RDD coin is listed.

Step 2: Complete any required Know-Your-Customer (KYC) checks. You will need to submit a copy of your ID, such as your passport, alongside proof of your home address, such as your utility bill.

Step 3: Once your account has been verified, you will have to fund the account with FIAT currencies.

Step 4: Buy your RDD coins and put them in a secure cryptocurrency wallet.

How To Trade ReddCoin

Trading ReddCoin is a process where you buy the underlying assets with the end goal of profiting, which is directly based on the market's movements. However, you do not have direct ownership over the RDD coins outright.

The goal here is for you to buy the coin while it's at a lower market price and sell it when its value goes up.

You can utilize short-term and long-term trading. Advanced users can use margin and leverage trading strategies, and can set entry orders, stop losses, profit-limit orders, and risk-management methods.

You can trade ReddCoin (RDD) through a cryptocurrency brokerage.

This is the go-to option for a lot of beginners as the process itself is streamlined tremendously through a simple-to-use user interface.

To trade ReddCoin, you’ll need to follow a different set of steps, and we are here to guide you throughout each one.

Step 1: Find a broker that lets you trade ReddCoin assets.

Step 2: Pass any of the Know-Your-Customer (KYC) checks to successfully verify your account.

Step 3: Fund your account using your preferred payment method.

Step 4: Choose how you want to trade.

Step 5: Buy the RDD assets on the brokerage.

Is it safe to invest in ReddCoin right now?

If you buy ReddCoin (RDD) at a reputable platform, then it can be safe to do so, leaving you with little to worry about.

However, you need to keep in mind that cryptocurrencies are popular targets of hackers, scammers, and other cybercriminals. This means that you will need to ensure that you take extra precautions to keep yourself as safe as possible.

That said, you can achieve this by following these steps:

  • Enable Two-Factor Authentication (2FA) – Through enabling 2FA, you will have an added layer of security. Each time you log in to your account, it will prompt you to enter an additional piece of information, such as a code sent through an SMS, a call, or email through which you can verify the account.

  • Research Common Scam Types – Knowledge can take you far in the world of cryptocurrencies, so knowing what to look for and how to identify potential scams will protect you in the long term.

  • Read Platform Reviews – It is recommended that, before you select an exchange or brokerage to conduct your RDD coin activities, you start reading some reviews about the platform in question and get an estimation about its trust level based on real-user experiences.

  • Store Your Coins in a Private Wallet – While keeping your coins on an exchange is convenient for quick transfers, it is not entirely secure. In order to have full control over your cryptocurrencies, you will need to have your own private wallet and store your coins there.

  • Be Careful Where You Request Assistance – There will come a point in time where you will need some help when it comes to buying or investing in the RDD coin, and as such, only ask for information on reputable and official websites, and remember to always double-check links before you end up clicking on them.