The price of Reddcoin (RDD) has doubled in the last few weeks following the announcement of the release of ReddCard and ReddPay. We take a look at what Reddcoin is, how you can make money from it and if it is a good idea to stake Reddcoin or not.
What is Reddcoin?
With Reddcoin, you can tip people for posting or sharing content that you like with the token. It is also known as the “social media coin.” It is unique in the sense that you can tip content creators over a wide variety of platforms and not just one platform. For example, you can only tip content creators with Steem Tokens on the Steemit platform. With Reddcoin, you can tip them on Facebook, Reddit, Twitter, and others. The best is that this tipping has no transaction fees. If you were on the receiving end of a Reddcoin tip, you can use it to buy products or gift cards etc.
The coin was released in January 2014 and uses a Proof-of-Stake-Velocity (PoSV). The project raised $100 000 during its ICO stage. Reddcoin was initially a Proof of Work (PoW) which made the transition to PoSV later in 2014. Amongst its team members are Leonard Simonse, John Nash, Bradley Ploof and James Tweeg. They are all Reddcoin developers. The rest of the team consists of Samuel Gosling, Ryan Colditz, Daniel Platte, Jay Laurence, Jason Brink, Thomas Van Engelen and Eric Wursteisen.
In the news
During the end of April 2018, the price of Reddcoin doubled from $0.003 to more than $0.007. This hike might have been triggered by the announcement of the up and coming ReddCard and ReddPay. This is Reddcoin’s new WebID wallet which is said to take the industry by storm! The company announced that the wallet will make it easier for Reddcoin holders to deposit, gain access and send funds to other wallets. It is interesting to note that the new wallet will also provide a staking platform. This is great news as it will save a lot of energy. However, the official launch date has not been released yet. It is evident that things are moving fast for Reddcoin.
Trading with Reddcoin
The price of Reddcoin today is $0.008 according to Coinmarketcap. It is currently listed on major exchanges such as Bittrex, Cryptopia and Upbit. The token has a market cap of more than $234 million. Currently, you can store the tokens on the mobile wallet Coinomi or a Reddcoin wallet on their website.
Staking is a great and safe way to benefit from a large number of coins. Reddcoin is a staking coin. If you stake Reddcoin, you will automatically mint it as well. This is an automatic feature on the official wallet. There is no cap for staking Reddcoin. Hodlers can look forward to an annual return of approximately 5%.
Bitmart currently stocks the StakeBox. It is a device that consumes low energy and runs 24/7. You can leave the handy device connected to the Internet and earn whilst going on your day. For more info, click here.