Top Cryptocurrencies

A Beginner’s Guide To Redcoin

Redcoin is a decentralized cryptocurrency that is not controlled by any single entity. Instead, its global users are always in control. It has been dubbed the fun currency due to its popularity in the gaming industry. Several online gambling sites accept it as a form of a wager. However, besides being used for fun, the cryptocurrency is designed to offer a quick transfer of funds online around the globe.

The coin came to existence in June of 2013. It uses the proof-of-work and the scrypt algorithm.

To enjoy the benefits that the Redcoin cryptocurrency boasts off, users need to download the client to their computer. The Redcoin wallet allows users to mine and trade coins instantly and also offers a way to store any amount of coins.

However, for those that don’t want to download the client to their computers they can opt for the online Redcoin wallet. But, one has to ensure they have all the safety measures in place as these type of wallets are prone to hacking and many other threats.

How To Mine Redcoin

There are an estimated 329 million coins that will ever exist for Redcoin. So miners of the cryptocurrency have plenty of coins to mine. For every block that is mined, there is a reward of 50 coins. Sometimes there is a reward of 150 coins however these rewards are at times random.

The platform features a one minute block time, and the mining difficulty level readjusts after every 20 blocks have been mined. Also, for every transaction, there are six conformations and fifty confirmations for minted blocks.

To make the most out of mining the crypto-coin, one can join a Redcoin mining pool and receive a share of the total rewards that have been awarded. However one has to pay pool fees and for this reason, its advisable for anyone who has a computer with great performance to mine solo. To know how much you stand to gain by engaging in the activity there is a Redcoin calculator online.

The platform also features some incredible bonuses that ensure it stays true to its ‘fun coin’ tag. There is a bonus block which appears after every 500 blocks. And also a superblock that appears after every 20,000 blocks. The bonus block rewards 500 to 1,000 coins however the superblock rewards 5,000 to 10,000 coins.

Exchanges That Support Redcoin

Currently, there are three exchanges where Redcoin can be traded online. One can trade the coin with Bitcoin on the Coins-E exchange. Also they can buy and sell the coin using Litecoin on Bter exchange and Cryptsy exchange. What users should know is that its value/price is stronger when it’s traded against Litecoin as compared to being traded against Bitcoin.

Latest Interesting Developments Around Redcoin

Vertpig, an upcoming crypto exchange recently announced the support of Redcoin on the platform. This came as the platform rebranded as they saw it as the only way to cater for additional coins. An official statement from the officials of the platform read:

“Without access to your account, users can use the latest integration of Redcoin (RDD) into Vertpig for our swap services. This is readily available for the users to use as of this moment.”

“Rebranding is the right choice for us to accommodate the additional coins we have already and are planning to support going forward. We have some big plans going forward, and this is the first step. More details will be released over the next few days.”

Features That make Redcoin An Interesting Buy

  • Since being launched in 2013, the platform has been growing in popularity over the years. So far it has an active social media following with more than 30,000 subscribers on Reddit alone.
  • Overstock recently adopted Redcoin as a payment option. Overstock was one of the first retailers that accepted Bitcoin payments and if anything they have proved their ability to pick future winners.
  • The price of Redcoin is expected to receive a massive boost once Apple or Wikipedia accept the currency following a strong push from its community.
  • The coin has received increased attention following an advertisement recently that featured McAfee who is a major crypto influencer of our time.
  • The price of Redcoin is naturally expected to rise given that the platform has a working product. Many other currencies cost way higher than the coin and yet they don’t have working products.

However, as we always say do your own due diligence before investing in any cryptocurrency.

coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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