Reddcoin (abbreviated RDD) grew by about 57,000% between its launch in February 2014 and January 8, 2018. As an investor, this is the kind of growth that you should target for maximum return on investment (RoI).
Although the RDD price has dropped to $0.003 in early October 2018 from $0.02 recorded in January, the position was still 8400% above the opening price in 2014. Because Reddcoin works with many social media platforms, it is considered a better option in comparison to others such as SnapCash that only work in native platforms.
To take advantage of this potential, the first step is to acquire RDD coins. This post is a deep exploration of Reddcoin and explains how to buy its native coins.
What is Reddcoin?
Reddcoin is a social currency created to help enrich users social lives and facilitate faster adoption of digital currencies in society. It achieves this goal by integrating with social media channels to make sending value easy and fun for all.
The coin was launched in January 2014 through an IPCO (Initial Public Coin Offering) that raised $100,000. The coin is different from others that use proof of work (PoW) and proof of stake (PoS) by adopting a unique consensus model known as proof of stake velocity (PoSV).
PoSV is similar to proof of stake (PoS) but with major improvements to eliminate the need for high energy consumption. This means that you can mint RDD right at home with standard GPU and CPU devices.
When you get RDD, a unique identity referred to as Redd ID that syncs with other social media accounts is issued. This makes it easy to use with different social media platforms for secure and seamless payments.
Why is Now the Right Time to Buy Reddcoin?
When Reddcoin topic comes up, one question that runs through users’ minds is: “Should I buy Reddcoin?” Some have been wondering whether Reddcoin can withstand the rising competition from individual social media payment platforms such as Snapcash.
The following are some of the attributes that make Reddcoin unique.
- Reddcoin can be integrated with many social media platforms.
- Reddcoin is expanding beyond the social media space to e-commerce platforms. Overstock.com already has adopted Reddcoin as a means of payment.
- Reddcoin is a secure platform. In addition to the PoSV consensus algorithm that helps to promote even distribution of coins to lower the risk of a 51% attack, Reddcoin has a very aggressive team that looks for gaps and fixes them before attacks are perpetrated.
- The performance of Reddcoin in the market has been impressive since its inception. After the price of RDD hit growth of 8400% early in October 2018, the community expects it to grow even further on key features such as PoSV, Social Broadcast, Tipbots, Social Tip Platform, Redd ID, and Reddcoin Social Wallet.
Where to Buy Reddcoin
Reddcoin, like other cryptocurrencies, is traded on cryptocurrency exchanges. These are centralized
platforms created to operate like forex markets, but they deal with digital coins as opposed to fiat currencies.
As you set off looking for the best platform for buying Reddcoin, it is important to appreciate that they are the soft underbelly of the Blockchain niche. Because they are centralized, hackers have found them the perfect target for attacks, stealing millions of coins from users.
Take a closer look at the industry, and chances are that every major attack and loss took place on the exchanges. One of the most recent attacks took place on the South Korea-based exchange Youbit in December 2017.
The attackers made away with 17% of the assets worth $73 million, forcing the Youbit exchange to file for bankruptcy. It is therefore very important to make sure you only pick the most secure exchange.
Some of the exchanges that list and allow people to buy Reddcoin include:
- CoinSwitch: This is a cryptocurrency exchange that has made a name for listing more than 300 cryptocurrencies including Reddcoin and allows users to make deposits using other coins, credit cards, and wire transfers. The transaction fee for buying Reddcoin at CoinSwitch ranges from 0% to 0.75% depending on the volume under consideration.
- Bittrex: This is a US-based cryptocurrency exchange that has made a name in the industry thanks to its strict focus on adherence to law and scrutiny of coins being listed on its platform. Bittrex is a crypto-only trading platform that only allows users to buy digital coins such as RDD with other cryptocurrencies.
- The transaction fee of buying RDD at Bittrex is 0.25%. Bittrex also provides users with a robust trading platform with real-time metrics for easy decision making.
- Cryptopia: Cryptopia is a New Zealand-based cryptocurrency exchange that allows people to buy more than the 500 listed coins with other cryptocurrencies. If you want to use fiat currencies, the exchange only supports wire transfers using New Zealand dollars and US dollars.
How to Buy Reddcoin in the Exchanges
Once you have identified the preferred exchanges that list RDD, move on to the next step of buying the coins. Because the exchanges are centralized, you are required to join them by creating a user account. Here is a demonstration of how to buy Reddcoin using the exchanges.
- Start the process by acquiring an appropriate RDD wallet to store the coins after the purchase.
- Visit the exchange of choice and register for a trading account.
- Verify the account by providing additional personal information such as proof of address and phone number.
- Deposit funds into the account. These are the funds that will be used to buy RDD.
- Pair the funds with RDD (for example RDD/USD) and execute the transaction. Note that many exchanges will credit RDD in the account you have just created. Therefore, you will need to withdraw to your wallet.
The Final Take
Reddcoin has proven to be one of the high growth potential coins on the market because of its unique structure and social media focus. Experts argue that the price could explode further in the coming years, which makes it a worthy investment.
If you want to buy the coin, do not hold back. Remember that although there are slight differences in how to purchase Reddcoin depending on the exchange, the focus should be on picking a secure, reliable, and easy-to-use platform.
You also should follow the industry’s best practices such as buying when the price is low and moving RDD to your wallet immediately after the purchase.