The development and maintenance of Reddcoin are carried out by a community of contributors and volunteers. Allen is a professional forex trader, blogger, and online enthusiast who spends most of his time testing and reviewing legit ways of making money online and is determined to help others succeed. The real-world heart of the project is the RED TOKYO TOWER, made by Tokyo eSports Gateway and opened on April 20, 2022.
This run has seen Bitcoin become legal tender in El Salvador, multiple publicly traded companies… Due to those reasons, we will say that RED Coin would probably safetradecoin make a poor investment. Granted, no one knows the future, but the hype surrounding the coin dissipated pretty quickly after the launch of the coin.
Some of the cryptos are offered as a payment option in certain countries and on several major E-commerce platforms. However, this doesn’t change the way that their legal status varies from one part of the world to another. In the RED community, RED Coin is a type of useful Coin that can be used as a tipping tool. A RED coin could be given as a tip to a worker who helped with an open-source project.
We have mentioned that ReddCoin has low to no fees earlier in the text. If you are looking to trade them on any of the exchanges for short-term profit you will encounter a trading fee of 0.75% on BitTrex. Other platforms also have trading and withdrawal fees when trading these tokens so just a heads up to remember that when choosing the right exchange platform.
Everything You Need To Know About RED Coin
The crypto community continuously uses the token and its wallet for transactions so it is deemed as safe enough. However, do keep in mind no crypto platform or network is completely secure. You should do some research on your own on ReddCoin before making your final decision if this is something you want to get yourself into or not.
Cashing out RDD tokens is possible through some exchanges that support them. You can also always utilize the peer-to-peer exchange by sending RDD tokens to a person and they would transfer an equivalent amount in fiat currency to your bank account. Using ReddCoin is possible through the network’s native wallet which you can download through here. There are 4 different wallet options available and you can choose the one you feel most comfortable with. You will need to set up your wallet and fund it with some RDD tokens before you can take advantage of all the features it offers.
This is an incredibly interesting project as over 50 countries are using RDD tokens. The fact that they have managed to partner with some of the most prominent social media platforms speaks volumes about how serious they are with their ideas which can help make the world a better place. With all that being said, remember that the crypto world can be extremely volatile so it is no large surprise that experts are divided on the future of the platform. If you want to invest in the ReddCoin, make sure you only invest an amount you are willing to risk. The top crypto exchanges that have Redcoin available for trading, ranked by 24h trading volume and the current price.
As of November 2020, the core members of the Reddcoin project are Jay Laurence, John Nash, David Faust and Michael Kirlew. Meanwhile, David Faust and Michael Kirlew handle operations and branding/development at Redd respectively. We try our best to be the world’s leading cryptocurrency market data provider.
Live ReddCoin (RDD) Price, Historical Chart & ReddCoin Market Cap
The token is built in a way which makes it easy to use as a payment option and it can be transferred for low cost within its native Redd Network. One of the goals of the project is to incorporate payments with social media through blockchain technology. ReddCoin (RDD) is a social currency that was inspired by Reddit and the desire to be able to tip community members and send microtransactions.
On top of that when sending or receiving money this way you are looking at zero fees. It allows holders to “tip” on social media which is similar to liking posts on Facebook or Instagram. Lastly this is not just an empty project as they have managed to incorporate their tipping system with come of the biggest social media platforms in the world right now. You can buy RDD tokens from some popular exchanges, but buying them for fiat currency might not be possible on all of them. If that is the case with your preferred exchange you will need to buy a token with better liquidity first and then swap those for RDD.
ReddCoins aims to be a coin for social media, meaning it allows holders to be paid for their social media postings in crypto currency. Later holders can trade RDD tokens for different items or products which include gift cards as well. The system for payments the project uses is a peer to peer transaction and it doesn’t make holders utilize their native network for monetary transactions.
- Traders need to do their own thorough analysis before attempting to invest.
- This is reflected in the price of $.007 per coin with a total market cap of approximately $971,000.
- In the RED community, RED Coin is a type of useful Coin that can be used as a tipping tool.
- With RED coins, people from all over the world can take part in events on the RED website.
Because ReddCoin can be integrated easily with all major social networks, it’s ideal for sending digital currency to fellow users as a reward scheme for posting good content. The ReddCoin blockchain is powered by a method known as proof of stake velocity that encourages individuals to both acquire coins and to use them. RDD tokens draw value from the fact that they give holders an opportunity to easily earn financial payments for their content. Also holders of the token can earn an interest rate on their RDD tokens by staking them. Lastly, like almost any other crypto it can be traded on a number of exchange platforms for long-term or short-term profit. ReddCoin differentiates itself from other cryptos as it can easily be integrated with a wide range of social media platforms.
As of December 2020, a total of 15.46% of RDD tokens were staked, representing an expected yield of 32.3% — though these figures are likely to change as the staked supply varies with time. RDD holders, on the other hand, can stake their tokens for a dynamic return, currently at approx 10% annually, to help secure the network and earn a yield while doing so. In extremely simple terms, RED Coin is a utility token that can be used as a sort of tipping tool in the RED community.
We will admit that a market cap of nearly a million dollars is not a particularly small market cap. The problem is in the trading volume – it’s abysmal at only $60,000 per day with most of that trading volume occurring on a single exchange (Gate.io). This article will cover everything that you need to know about RED Coin. This includes the purpose of the coin, the current price, market cap, and whether or not RED Coin is a good investment. Reddcoin is currently available to trade on just a handful of exchange platforms, the most prominent of which is Bittrex. As of November 2020, Reddcoin can be traded against Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC), or again fiat currencies like the Euro (EUR) and US dollar (USD).
- Allen is a professional forex trader, blogger, and online enthusiast who spends most of his time testing and reviewing legit ways of making money online and is determined to help others succeed.
- This is an incredibly interesting project as over 50 countries are using RDD tokens.
- Cashing out RDD tokens is possible through some exchanges that support them.
- For those that don’t know, a utility token does not have much value (nor utility) if the community it’s used for is not popular.
Players can use their RED coins to do things in the real world and the metaverse, in addition to participating in events. For example, they can take professional lessons to improve their skills, buy NFTs with special features in events, or save up RED coins to unlock limited features that give them better game terms. AVFX Trading HUB technical analysis reveals that RED Coin is literally a good investment opportunity at the moment based on the direction it is moving. However, this information is for informational purposes only, and not financial advice. Traders need to do their own thorough analysis before attempting to invest.