What is Reddcoin?

An explanation of Reddcoin, what is Reddcoin? How will Reddcoin be used? Where can you buy Reddcoin? What is an explorer?

Posted 3 months ago in Education.

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Matthijs de Vos
74 Followers
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Hello, 

First of all, I will explain what Reddcoin is and what you can do with Reddcoin. Afterwards I will go into more detail, like the explorer and where to buy Reddcoin.


What is Reddcoin?

Reddcoin (RDD, Ɍ) is a type of cryptocurrency. A cryptocurrency is a digital peer-to-peer medium of exchange with no central authority or banks managing its transactions, unlike fiat money that derives its value from government regulation or law (e.g. The U.S. Dollar, Euro, etc.). You do not need a bank or any central authority to use cryptocurrency. Reddcoin is powered by its users. With Reddcoin, you are essentially your own bank.

Reddcoin is dedicated to one thing – tipping on social networks as a way to bring cryptocurrency awareness and experience to the general public. Social networks are now part of our everyday lives. They give every person on this planet a fair chance at showing the world how awesome they are. Getting an upvote, like, or retweet for your well-received comment or picture is fun, but unfortunately, they have no real value. Fortunately, there is now something better than imaginary internet points – Reddcoins. 

The price of Reddcoin is based on supply and demand. If the demand increase, the price of Reddcoin will also increase and if the demand decrease, the price will decrease. 

Cryptocurrencies are complicated. Let’s face it – the average person has no idea how cryptocurrencies works. They would like to get involved, but usually have no idea where to start. Reddcoin's objective is to fill those voids by integrating a seamless cryptocurrency tipping system with all major social networks to make the process of exchanging coins simple, fun, and rewarding both for the giver and the receiver.

In the video below you can see how Reddcoin works. 

 

How will Reddcoin be used?

Reddcoin was conceived to be a full-fledged social network coin - or as we like to say, The Social Currency. The developers are currently building a hub that will manage the various social media tipping accounts that will be created on Facebook, Instagram, YouTube, etc. The plan is to make Reddcoin into a hybrid of e-currency/crypto, reward points, etc. Basically, Reddcoin will be internet points with actual monetary value. Already, tipping has been enabled on Twitter, Twitch, and Justin.TV, as well as here on Reddit.

The idea is to have a system that makes it easy for people and businesses to auto-tip people, re-posts, etc. Then people can use their Reddcoins on websites to purchase items or use them in games like Freemium games in place of purchasing in-game credits. This would benefit businesses, developers, and users alike. If you buy credits in-game or for a specific site, you're stuck to using them in only that place. With Reddcoins, you could potentially use them any number of places, helping ease fears over purchasing game or site credits.

The plan for Reddcoin is to essentially be the internet's official "like" button. Can you imagine being tipped on Instagram for your picture upload, on Facebook for your location check-in, on YouTube for a silly video you uploaded, on Reddit for your witty comment, etc.? Now imagine being able to exchange those Reddcoins instantly for physical goods or gift cards. Or even transferring all your Reddcoins to a game you love playing. You would be getting paid for things that take zero effort that you are probably already doing for free anyway.

 

Where to buy Reddcoin?

You can buy Reddcoin in different markets. The markets where Reddcoin has beed added: 

  • Bittrex.com (BTC)
  • Yobit (BTC)
  • Cryptopia (BTC/LTC/DOGE/XMR)
  • BlueTrade (BTC)
  • Bitsquare
  • Shapeshift
  • Gobiw.com (CNY) 
  • WeSellCrypto.com (Paypal)

I prefer to buy Reddcoin on Bittrex, because it is one of the top 10 exchange markets, so in my opinion it is the safest way to buy Reddcoin. First you have to buy Bitcoins and then you have to transfer your bitcoins to one of het markets, so you can buy Reddcoins. 

 

Reddcoin Explorer

The safe link to the explorer is: live.reddcoin.com.

On the surface, you shouldn't know what to do with an explorer, but it could be very helpfull for you. You could namely check up any block, transaction or address of the Reddcoin users. 

 

Sources

 

 

 

 

If you have any questions, please let me know.

With friendly regards,

Matthijs de Vos

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