The ultimate beginner's guide to trading Reddcoin
Once You Buy Reddcoin, Where Can You Use it?
We’ve all made purchases on social media platforms like Facebook, even if we’re just talking about in-game content for Farmville. There are other ways to make simple purchases on popular platforms like Twitch, Snapchat, and Instagram. However, users frequently have to use expensive third parties, or find sketchy workaround methods to make payments. Reddcoin aims to change all this.
Rather than paying a third party for the use of a payment channel they alone control, Reddcoin is both payment channel and currency, all by itself. This reduces costs for everyone involved.
Reddcoin also cuts out much of the difficulty of sending cryptocurrency payments. You can send money directly to your recipient’s name/user ID, rather than messing with cumbersome public keys.
Reddcoin isn’t formally integrated with many social media platforms…yet. You can still use it though, and once one major social media service takes it on, we really think that the sky’s the limit for Reddcoin.
Why is Now a Good Time to Buy Reddcoin?
Reddcoin (RRD) is currently trading at just $0.01. That’s right, one cent. Price and value don’t correlate predictably in crypto, but pretty much everyone agrees that a digital currency that can be used right now is a deal at this price. This is not to mention, of course, the massive potential upside to the Reddcoin price. Here are some reasons we think this Reddcoin price may rise in a big way in 2018:
- Reddcoin has a large social media following already. On Reddit alone, more than 30,000 people subscribe to the Reddcoin sub. Reddcoin was started in 2014, so the coin’s follower base has been developing for a long time.
- Reddcoin was just adopted by Overstock.com as a payment solution. Expect more ecommerce sites to follow! Overstock.com was one of the first major retailers to accept Bitcoin, proving that they can spot future winners!
- There are currently large community pushes to get Reddcoin accepted by Wikipedia and Apple. If one of these or a similar initiative is successful, it will boost the Redcoin price significantly.
- The Reddcoin price recently rose because it was advertised by John McAfee. This has raised awareness of Reddcoin significantly, and seems to be spurring much larger conversations about the currency.
- Reddcoin is a working product. The Redcoin price is much lower than that of many other currencies which don’t have working products.
- If Reddcoin is adopted by a major social media platform, its use will grow by more than 100X at the very least. This will have an incredible influence on the Reddcoin price, which could multiply dozens of times in 2018.
If you’re feeling excited about Reddcoin and want to buy Reddcoin to to use as a currency or to invest in Reddcoin, we’ll cover the basics of how to buy Reddcoin below.
How to Buy Reddcoin – Buy Reddcoin With Bitcoin
In order to buy Reddcoin, you’ll need to buy Bitcoin first. Refer to our Bitcoin guide for the USA
to find out how that works.
Buying Reddcoin on Bittrex Exchange
Bittrex is where 90% of the world’s Reddcoin is bought and sold. However, due to overwhelming demand, Bittrex isn’t allowing new users at the moment. This can make it challenging to invest in Reddcoin, but we hope and expect Bittrex’s scaling issues to be resolved soon. Therefore, we’ll show you how to create a Bittrex account.
Step 1: Go to Bittrex.com and sign up for the service using a unique username and password.
Step 2: Respond to the registration message sent to the email you provided.
Step 3: Activate 2-Factor Authentication. This is an important step in preventing anyone but you from being able to use your account or access your money. Google Authenticator is a great option.
Step 4: Verify your account and respond to the verification message sent to the email address you provided. Upgrading your Bittrex verification will allow you to withdraw more money on a given day, as well as other useful features.
How to Buy Reddcoin on Bittrex With Bitcoin
If you’ve used large exchanges like Bittrex to buy cryptocurrencies in the past, then this step will be second nature to you. However, we understand that the first couple of times you make trades in this way, the process can be very confusing. We’ll show you how it works step by step below.
Step 1: Log in to your new Bittrex account. On the homepage, you’ll see dozens of coins that can be traded with Bitcoin, Ethereum, and Tether. You can’t trade Reddcoin with Ethereum or Tether, so don’t worry about those fields. If you want to see the Bitcoin/Reddcoin trading pair, just type “Reddcoin” into the text box to the right of the “Bitcoin Markets” menu, and you’ll see that big pile of trading pairs reduce to exactly the pair you’re looking for.
Step 2: If you already own Bitcoin, send it over to your Bittrex Bitcoin wallet using the address that appears when you click “+” (for deposit) on your the Bittrex Bitcoin wallet. This process may take half an hour or longer, because each deposit needs to be confirmed several dozens of times before Bittrex will accept it. Once you have your Bitcoin in place, you’re ready to buy Reddcoin!
If you don’t have Bitcoins yet, head on over to Coinbase
where you can buy them with United States Dollars. There are few exchanges where this trade of digital currency for fiat currency is possible. It will take several days for your coins to arrive once you’ve purchased them, but at the end of this period you’ll be able to transfer them to Bittrex and start buying Reddcoin.
Step 3: Head back to the trading screen pictured right after Step 1. Click the BTC-RDD trading pair, and you’ll be taken to the market portion where Reddcoin can be bought and sold. It’s important to remember, this is one of the only places in the world where you can buy and sell Reddcoin, so you’re very unlikely to find a better price anywhere else.
Step 4: On the righthand side of the previous image, you’ll see “Bid” and “Ask” prices. The “Bid” price is the highest price at which a Bittrex user is currently willing to buy Reddcoin. The “Ask” price is the lowest price at which a Bittrex user is willing to sell Reddcoin. If you want to buy Reddcoin right away, copy and paste the current “Ask” price into the “Bid” section of the “Buy Reddcoin” section. It’s important to remember that this is the price you want to pay for 1 Reddcoin
, not for the your entire order!
Above this in the “Units” text box, fill in the number of Reddcoin you would like to buy. Once you’ve selected this number, you’ll see how much your order total will be, in Bitcoin, in the “Total” section below. Now all you have to do is hit “+ Buy Reddcoin”, and Bittrex will start connecting you with sellers who are willing to part with their Reddcoin for the price you’ve offered.
You can also choose to buy Reddcoin at a lower price than the price currently offered by sellers. This is called a “Limit” order. If and when the price falls to your selected price, your order will be filled. This could take minutes, days, or never occur at all, but it’s a great way to get the best price on a coin if you’re willing to wait.
Once your order is filled, you’ll see it in the “Wallets” section of your Bittrex account. But don’t stop here; you’re not done yet!
Storing Reddcoin Securely in a Personal Wallet
It is never
a good idea to store crypto coins on the exchange where they were purchased. This is because exchanges are a target for hackers who would love nothing better than to steal your money. The best place to store your coins is on a wallet you control, which lives securely on your personal computer. Personal wallets aren’t absolutely secure, but they’re easy to use and much safer than keeping your coins on Bittrex. We think they’ll work well for most people.
Step 1: Go to Reddcoin.com
and download their wallet, for Mac, PC, or Linux.
Step 2: When you open your wallet it will have to sync in order to have up to date information. This means that it has to download the entire Reddcoin blockchain. This will take awhile, so be patient. However, you can go ahead and send Reddcoin to your wallet, even if it’s not synced. You just won’t see it until the process is complete (which can be unnerving!).
Step 3: Click on “Request” and then click the “Request Payment” tab you see. Your Reddcoin Address will appear on the window that pops up. Copy and paste this address and let’s head back over to Bittrex on the Wallets page.
Step 4: Click the “-” beside your Reddcoin wallet. The minus sign is your signal to Bittrex that you wish to withdraw your Reddcoin. On the window that pops up, paste your address into the address bar (always double check!) and indicate how many Reddcoins you would like to send to your Reddcoin wallet. Click “Withdraw” and the transaction will be initiated. It’ll take a few minutes for your Reddcoins to arrive in the wallet, but when they do, they’ll be much safer than on Bittrex. You can now save or spend your Reddcoin!
Final Thoughts on Reddcoin
We can’t predict the future, but we wouldn’t be at all surprised if Reddcoin is one of the big crypto stories of 2018. Reddcoin has received a great deal of attention in the past couple of months, and the Reddcoin price reflects that. Still, at just 1 cent, there is great opportunity for growth when and if Reddcoin becomes more widely adopted.
Since Reddcoin has been steadily growing since 2014, the community surrounding this useful crypto is well established. Furthermore, the coin’s primary function (sending money across social media platforms) is only going to be more relevant as social media becomes ever more enmeshed in our daily lives.
If you’re interested in Reddcoin, we think now is the time to buy. Don’t wait until it gets added to more exchanges! Don’t wait until it gets added on a prominent social media platform! If the price moves the way we think it will, we’ll look back at this time in Reddcoin history as a major must-buy moment!