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Where to buy Reddcoin (RDD) in Australia
All about Reddcoin. How it works, and where and whether to buy.
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Reddcoin is a social coin, specifically designed to tie into existing social media platforms. There it can be used for tipping, gifts and a monetary way of showing appreciation for high-quality content. Reddcoin is defined by a unique proof-of-stake velocity mining system and by using a Chrome extension for integration with social media platforms.
Quick guide: How to buy RDD
- Register for an account with a cryptocurrency exchange like CoinSpot.
- Enable 2-factor authentication.
- Verify your account.
- Click “Deposit AUD”.
- Transfer funds into your account.
- Click “Buy/Sell” at the top of the screen.
- Search for the cryptocurrency you want and click “Buy”.
- Enter the amount you want to buy, or the amount of AUD you want to spend.
- Review the transaction details.
- Click “Buy”.
This is our quick guide to just one way to buy RDD. Compare some other options in the table below.
Where to buy Reddcoin
RDD is available on a number of popular cryptocurrency exchanges, including:
A step-by-step guide to buying Reddcoin
Here's how to buy Reddcoin:
Step 1. Create an account on a cryptocurrency exchange that allows you to trade RDD
Depending on the exchange you choose, RDD can be traded with Australian dollars (AUD), Bitcoin (BTC) or Ethereum (ETH). You'll need to provide your email address and create a password to register for an account, while it's also recommended that you set up two-factor authentication to provide an extra level of security.
Step 2. Deposit funds into your account
Many cryptocurrency exchanges only allow trading between cryptocurrencies and don't allow the direct deposit of fiat currency, such as AUD, so you'll usually need to own or buy BTC or ETH first.
The exact process for depositing funds into your account varies depending on the exchange you choose.
Step 3. Buying RDD
The final step is to trade your chosen currency for RDD on the exchange. Once again, the exact process you need to follow may vary slightly depending on the exchange you choose.
How does Reddcoin work?
Reddcoin was designed to be used on social media platforms like Facebook, Twitter, Reddit and anything else. It takes the form of a Chrome extension rather than any partnerships. This is so that it can be used almost anywhere, and so that Reddcoin remains independent and decentralised.
To properly facilitate microtransactions, Reddcoin can be used with zero transaction fees.
Appropriately, the Reddcoin development team conducted some social engineering to help get its currency off the ground.
The coin first launched on 2 February 2014 with a standard proof of work mining system, a hard cap of 109 billion coins and only a few billion in circulation.
Then in April, it surprised its users by switching to a proof of stake velocity (PoSV) system, as planned all along. It also announced that it would actually have no coin limit and a 5% annual inflation rate.
- Proof of stake. Coin mining is known as staking. It’s automatically done by having users hold coins in a suitable online wallet.
- Velocity. The staking rewards will change based on the age of a coin, with higher rewards being given for coins in a certain age range. This incentivises users to keep transacting, to promote a healthier economy.
The surprise switch was done to prevent the coin hoarding that often goes with proof of stake systems, and start with a more egalitarian economy.
“The mere knowledge of the eventual adoption of PoSV or PoS will lead to people hoarding from the very beginning. To achieve a fair and wide distribution, an element of surprise… [is] indispensable” the whitepaper explains.
The plan was largely successful, and Reddcoin started off with a relatively equal wealth distribution at the time, compared to other cryptocurrencies.
Should I buy Reddcoin?
One of the main problems with cryptocurrencies, which makes some of the most popular look a lot like bubbles, is that they're simply being hoarded as collectables rather than actually used. The PoSV system is an exceptionally clever way of overcoming this, and it works well in combination with Reddcoin's exceptionally easy and accessible staking system.
While this might seem like bad news for its prices, the Reddcoin ideal is that a lively economic system will create more value in the long run. If you subscribe to that theory, then this free accessibility probably looks like a major advantage.
There's potential for abuse within the Reddcoin ecosystem, and it's not clear whether people could skirt the coin age measurements by just transferring them back and forth between multiple people, or multiple wallets of one's own.
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