What is Reddcoin (RDD)? | Should you invest in it? | How much will the price grow in 2018?
In this post, we'll exclusively look at the 69th largest cryptocurrency right now, Reddcoin. We'll briefly explain what Reddcoin is, then we'll talk about the future of it and our price predictions for 2018.
What is Reddcoin?
It's basically a newer and upgraded version of Dogecoin.
Its main use is as a social tipping system. And just like Doge, there is a REALLY big supply of coins. This is done intentionally because the creators wanted to have a huge amount of coins in circulation. The reason behind it? It’s cool! Think about it, wouldn’t it be cool to say “I just sent you ten thousand Reddcoins!” or “I just sent you hundred thousand Dogecoins!”.
Yea, It’s cool. But at the same time the huge supply of coins is one of the downsides of Reddcoin. The huge supply will make it unlikely that Reddcoin would follow the same kind of trajectory like bitcoin.
The huge supply of coins also means that if Reddcoin reached the 1$ mark, it would have a market cap of 28 billion, which is over double the market cap of Litecoin (5th cryptocurrency in the world). So that means, that it’s unlikely Reddcoin could reach 1$ anytime soon.
Reddcoin has many of the same features that Dogecoin has. It has a loyal community, although it is a lot smaller because it’s a more recent coin than Dogecoin.
One of the biggest differences in these coins is that Reddcoin uses Proof of Stake instead of Proof of Work.
Proof of Work algorithm is the old technology that uses GPUs, CPUs and specialized mining equipment to solve complex math problems.
Proof of Stake algorithm is a newer technology which is a lot more efficient, because it doesn’t require any electricity or computing power. Instead of people having mining hardware, they basically just own some of the coin and stake it. When they have staked the coin, they will receive interested on the amount of money they have staked. That completely removes the need for mining.
For a more in-depth explanation check out this video from Ivan on Tech
Is this a big deal for currency focusing on social tipping? We don’t know. Only time will tell if Reddcoin will pass Doge.
How to use Reddcoin?
It’s simple, just buy some Reddcoin, transfer them to your wallet and you are ready to start tipping people.
If you'd like to see Reddcoin in action, you should check out David's video on this topic. He will show you how simple and easy it is to use.
The future & Price predictions
It’s hard to predict the future of Reddcoin. Is a coin focusing on social tipping really needed? I don’t think so.
Of course, I might be wrong, but I really don’t see a big future for Reddcoin. Don’t get me wrong, the idea and the technology behind Reddcoin is great, but it would need to get mass adoption to really become a big thing and I don’t see that happening. Therefore, I don’t see Reddcoin as a good long-term investment. Still if I had to choose between Reddcoin and Dogecoin, I would choose Reddcoin just because it’s a newer coin and it uses PoS instead of PoW.
Does this mean Reddcoin is a bad short-term investment?
Not necessarily, the price of Reddcoin could still easily double or even triple if some big news come out, or the community grows a lot and hypes the coin. I personally invested in Reddcoin when it was around 0,07$ and sold around 0,17$, I over doubled my money in few days. That’s why I believe it’s still possible to make a nice profit with it. Especially if they release some big news, like a new partnership.
My price prediction for 2018
The price of Reddcoin has absolutely exploded in the past few weeks. It went from ~0,002$ to over 0,20$ in a week, that's over 800% gain. Now, after the price correction, Reddcoin is trading around 0,010$. This was mostly because a new partnership and a lot of people (like John McAfee) hyping it everywhere.
Do I believe that something like this could happen again? Definitely, the price of Reddcoin could easily explode again, BUT it would most likely drop back pretty soon after the explosion.
In long-term I think that Reddcoin could reach 0,25$ and stay at that level, but I don’t think it will ever go further than that.
Conclusion
Reddcoin is definitely an interesting project and it’s hard to predict the future of it.
Is Reddcoin a good investment?
I’m not a financial advisor, but in my opinion for long-term it’s not a good investment. Short-term? Maybe.
Here is a little list of Reddcoins pros and cons:
| Pros | Cons |
|---|---|
| +Proof of Stake | -Big supply of coins |
| +Easy to use | -Not great for the long-term |
| +Loyal Community | -Nobody really knows the team behind it |
Your opinion?
I hope this helped you understand little bit more about Reddcoin. If you still have questions, be sure to comment them down below!
Also, we would love to hear your opinion on Reddcoin! Comment it down below too!
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I'm really skeptical about this coins, I think there is way better project out there with all those utility tokens and more interesting technologies that solves more important problems. For me there is some red flags: high supply because its cool, price hyped by McAfee. Not investing.
Redd-ID and the new upcoming multi platform Wallet are both game changers. And have the ability to attract new people to crypto. The new Reddcoin wallet coming out is going to be so easy to use, and highly innovative. Even a baby will be able to use it.
Hey David,
I REALLY appreciate your work. I also like your thoughts about steemit, especially that you only want to share content with us here if there is a text/blogpost added to your video BUT if you've already shared your video on YT I'm (my personal experience) not interested to watch it again... I'm a quite new member to steemit, so it's probably me but why don't you wait for videos until you have a great article. Of course there are a lot of videos you can't wait to publish because they have really great news and thats good. Publish them as soon as you can... but I know there are some posts your really could wait a few days until a nice article has been written to publish.
Just some thoughts of a random fan, keep up the great work!
Chris
I'm one of the writers working with David on steemit posts. We are totally planning to post steemit exclusive content! Right now our goal is to use some of the preexisting content on Youtube to build up a following here so there is more financial incentive for the content creators and David to post here first/exclusively. Thanks so much for your input!
Cardano ADA price 1$ few days later of this article, I Think that Reddcoin 1$ 2018 sure sure
Reddcoin is a great project, I am involved from the beginning. Great article, thanks for sharing! I love crypto & chronic!
Always good to get familiar with all this coins👍🏼👍🏼👍🏼
I'm following you here. I've also been watching all of your youtube videos.
You have great information and I value your opinion.
JGV
Thank you for your amazing in-depth videos, and for not hyping every new coin that gains popularity. I owe all my initial success to watching your videos as well as following your research tips and advice.
Nice to see you on steemit :)
I have been following your content for some time now, it's about time it got a decentralized upgrade. Looking forward to seeing you on d.tube and maybe the chronic live can go on dlive.io :)
Cheers, Lish
I also like doge, it doesn't take itself too serious, fast and cheap to use. Started as a joke and has become a great tiping service. Redd or doge needs to partner with, or better yet replace Patreon.
Do I miss something: "The price of Reddcoin has absolutely exploded in the past few weeks. It went from ~0,002$ to over 0,20$ in a week, that's over 800% gain."
When did the coin got traded for 0,20 Dollar?
It never went up more than 0.027$. I doubt it will reach 1$ ever, but maybe 0.1 in a couple of years it could be realistic!