Post Menu and Details.
- What Is Reddcoin?
- How Does Redd Coin Work?
- Where and How To Buy Redd Coin?
- Price, Market Capitalization, And Transaction Volume
- Investment Advantages Of RDD
- Is Redd Coin A Good Investment?
- To Sum It Up
Reading time: ~4 minutes
Redd Coin is a relatively novel cryptocurrency that was initially launched in January 2018, just before the first big boom and bust cycle of initial coin offerings. And although Redd Coin never really took off like it was planned, the coin still exists and represents a fine investment opportunity for “high-risk, high-reward” crypto investors.
It’s only natural to mention that Redd Coin had a bit of bad luck along the way. For one, it was introduced just before the ICO meltdown. Many people seem to have forgotten about this cryptocurrency because it never really took off following a reasonably successful ICO, yet it’s still here and might be worth possessing if you’re someone who follows the crypto markets day in and day out.
This article will teach you all you need to understand this cryptocurrency token. This contains the coin’s purpose, current value, market cap, and if Redd Coin is a potentially viable investment.
What Is Reddcoin?
Redd Coin is a decentralized cryptocurrency that aims to become the social currency of the Internet. It’s an open-source project that uses proof-of-stake algorithms to achieve consensus.
Redd Coin’s major innovation is the introduction of Redd ID, a new service that allows users to create their own online identities based on their social media profiles. Redd ID has many potential applications, including making it easier for people to access services, automatically crediting tips and payments made on social media platforms, and more.
The project’s main goal is to build a system where users can tip each other for sharing interesting content on social media or offering valuable information or advice. This way, anyone who contributes to the community will be rewarded for their efforts.
How Does Redd Coin Work?
Redd Coin works like most other cryptocurrencies: It uses proof-of-work (PoW) mining algorithms as its consensus mechanism for confirming transactions on its blockchain network. However, unlike other PoW networks like Bitcoin (BTC) or Ethereum (ETH), RDD doesn’t use ASIC miners but rather CPU and GPU miners instead because they’re cheaper than ASICs.
Redd Coin’s main feature is the ability to send money in 104 different currencies, including USD, EUR, JPY, CNY, and GBP. To send money in one of these currencies, you need to convert your RDD into USD or another supported fiat currency via an exchange service like Changelly or Shapeshift.
Where and How To Buy Redd Coin?
Since Coinbase doesn’t support Redd Coin, you have to look for other sources or platforms if interested to invest in this cryptocurrency.
Following the 3 easy steps below, you can purchase Redd Coin:
- Visit CoinMarketCap and look for “market pairs” from the menu. Click on it and you’ll find a list of options where you can purchase the Redd Coin.
- Go through the list and pick up a few options looking at the second currency available to purchase the Redd Coin. For example, if you want to purchase it with US dollars, go for the platform offering RDD/USD purchase.
- Finally, choose the platform with the highest credibility and security and create an account to make a safe purchase.
Price, Market Capitalization, And Transaction Volume
Redd Coin has a market capitalization of $26,553,417 with a price of 0.00000001265 BTC and a total supply of 30.8 billion RDD tokens. The average transaction volume of RDD per day is $78 million according to CoinMarketCap data.
The price of Redd Coin has been experiencing steady growth since February 2019 when it reached its all-time high of 0.0014 BTC per coin, which was over a 300% increase from its previous price at the beginning of the year ($0.0005). The recent trend shows that there have been several attempts at breaking out from this range but none have been successful yet, so we will have to wait for another opportunity for an upward breakout before we can establish any new levels of support or resistance around this area.
Investment Advantages Of RDD
Redd Coin offers three primary advantages over other cryptocurrencies, which can serve as your get-go if you dwell on the opportunity to invest in this cryptocurrency token:
- Low fees. Reddcoin’s block reward decreases with time, which means that transaction fees are always low. This makes it perfect for micro-transactions between friends or family members.
- Fast transactions. Reddcoin uses proof-of-stake mining (PoS) to create new blocks instead of using expensive hardware as Bitcoin does. The PoS algorithm rewards users who hold coins by awarding them with a percentage of newly minted coins each year rather than mining blocks. In this way, mining becomes less competitive as time goes on because it takes longer to find new blocks and earn rewards from them.
- Social awareness. The coin’s blockchain keeps track of all transactions made by its users so that they can see how many people use the coin and where they spend it most often.
Is Redd Coin A Good Investment?
Reddcoin has increased significantly, gained more than 200% in value, and has attracted a lot of attention from investors. There are several reasons for this sudden price increase:
- It was created to be used as a social currency by users on social media platforms like Reddit, Facebook, and Twitter.
- It has great potential for growth as it focuses on increasing its reach among users by integrating with social media platforms.
- The overall market cap of RDD is only $15 million which means that it has lots of room for growth as more people start using it as a payment option.
- The community behind RDD is very active and supportive which means that they will always be able to help any new users who might need assistance.
To Sum It Up
Although it isn’t the biggest or most important cryptocurrency, Redd Coin is proving to be a worthy contender. If you’re interested in cryptocurrencies and would like to learn more about Redd coins, definitely check out our article. We’ve done all the hard work for you, and you’ll find everything you need to know about Redd Coin in one easy-to-understand place.
Thank you for reading!