Hi Steemians! ;)
How to use your Reddcoins to stake (getting rewards)
First of all a small introduction into Reddcoin - More information @ https://www.reddcoin.com/
What is REDDCOIN?
Reddcoin is the social currency that enriches people’s social lives and makes digital currency easy for the general public. Reddcoin achieves this by integrating a digital currency platform seamlessly with all major social networks to make the process of sending and receiving money fun and rewarding for everyone.
You can TIP with Reddcoin for good content on Twitter, Twitch and other social media sites.
What is staking?
Staking (minting) is in the short term for a system called POS (Proof of Stake)
Proof of stake (POS) works different than Proof of Work (POW) because you need no CPU/GPU/ASIC power to mine coins and gain interest. A good example for a POW System is Bitcoin, where you need a lot energy and "work" to generate Bitcoins.
POS at Reddcoin means that you get money for securing the network for just being online. As a reward you get a 5% Interest rate back in return.
How does that work and what do I need to know?
First of all you need to know that the random generator does not work if you have a zero balance in your wallet.
Here is a list what you actually need to do:
Download and Install the Reddcoin Wallet on a computer you know you don't have to turn of. Here is the official Link to the Projekt Website: https://www.reddcoin.com/#Wallets
Buy Reddcoins on a Exchange or use https://Shapeshift.io or via https://changelly.com
Unlock your Wallet just for staking --> Settings - Unlock Wallet
You should be aware that when you have to unlock the wallet, you should have checked the checkbox: "Only for staking" - Otherwise a virus or a hacker can transfer your coins to another wallet without a password!Now the grey symbol at the bottom of the wallet turns after a few seconds from grey to green and you can see the statistics when your next stake might be.
What else do I need to know?
- Your wallet has to be online, in sync and unlocked.
- Its like a lottery pot - Every coin is ticket to stake.
- More coins means - more tickets - higher chance to stake
- Staking is a random process. There is no guarantee that you stake once every xx hours.
- Coins have a coin-age - Higher coin-age is better.
- Coins with old coin age will be spent first.
- Make sure if you read, ask, exchange that it is REDDcoin not REDcoin (Both coins exist)
Diving a little deeper
You can also activate a hidden feature called coin control where you can see the priority and the coin-age.
--> options - wallet - "Enable coin control feature"
You can access the feature via the send button: --> send - inputs
Here you can see all your coins stored in you wallet, the coin age and the block confirmations:
Useful links:
- https://www.reddcoin.com - Project Page
- https://wiki.reddcoin.com - Reddcoin Wiki
- https://agroff.github.io/posv/ - A very good article about Reddcoin staking
- https://wiki.reddcoin.com/index.php/Proof_of_Stake_(PoS) - About POS
- https://www.reddcoin.com/papers/PoSV_FAQ.pdf - The original FAQ from 2014
- http://coinmarketcap.com/currencies/reddcoin/ - Reddcoin Market Capitalization
Hope that helped you through the world of staking.
If you have any questions, just leave a reply.
Have a good staking day ;)
Roland
Tips are welcome
Rk9msicrCifaWvnuH5nziHgtRgPusrWN91 - Reddcoin 
1Avrg4mbnHfiGM8jvtGcvpkJdzY2VUxav8 - Bitcoin
Great job my friend, as additional information i can say that your rdd coins have to be matured to start staking. This means you have to wait for about 24 hours after sending the coins to your wallet to be player in this staking game :-)
thanks for this information. 🙏
Hey guys! Just wanted to share this. You can Earn while you Trade or Hodl at Btcpop.co!
If there are any lazy stakers out their Btcpop stakes deposits for you and gives you proportionate rewards
Solid blog. Really appreciate you bring this to our attention. Some people say it's a high risk market but if you're willing to hold your coins with a 2 to 5 year vision I bet the risk might not seem that high by then :-). An interesting website I found: https://www.coincheckup.com I'm using this site that gives in depth reports on every tradable cryto in the market. For example: https://www.coincheckup.com/coins/Reddcoin#analysis To see the: Reddcoin Investment analysis.
Useful, thanks for saving me a bit of research time.
Great info i had no idea about this now im even more pumped about RDD!!
So when you stake does it destroy any of your coins or it just generates new ones for you?
Staking does not destroy your coins, it just adds more to your pile.
Hey,
Reddcoin has been added to StakeUnited. Staking in a large pool enables you to get stakes much sooner than by yourself. This allows you to compound your earnings much faster. You don't need to need to do coin merges or have a computer running 24/7. All this for a 3% fee on the stake. It's well worth it, check it out at: https://stakeunited.com/Naz
Cheers!
I've seen you a lot in every site, Reddcoin its not on StakeUnited, stop lying!
Nice article ...
is there any connection with steemit and reddcoin?