When investing it is true that we try to minimize risk while maximizing gains. It is also true that the higher the risk the higher the potential for a higher reward. These rules apply not only for the stock market but also to the crypto market an any free market in general.
An american saying reads "scared money does not make money" and its accuracy is on point. This is not financial advise but, as most investors would say: diversification is key.
Therefore, I must mention this undervalued altcoin which I believe has a huge potential in the short term. I do not know if Reddcoin will survive in the long term. It has a long way to go before it becomes a coin people really need. However, in this market and the recent market crash, I believe the upside potential for this coin is high. Reddcoin has lost over 62% of its value in the last month and over 80% since it peaked on April 21st.
REDDCOIN (RDD) PRICE MOVEMENT IN THE LAST 30 DAYS
WHAT IS REDDCOIN?
Redd is a digital social cryptocurrency created in early 2014, it first was known as "Reddcoin" and it is meant to serve as a way to tip and reward social media creators. Its goal is to become the to-go currency for social media tipping. Over the past six years, the project has gone through several evolutions of its network and technology and as of last year, 2020, network improvements have been made to improve network security.
Many people are unaware that Redd has been a 100% volunteer-based organization. This is a major achievement that shows not only the passion and belief everyone has in this project but also the their goals. Redd is now self-funded through the most recent POSV (Proof of Stake Velocity) v2, which in the Redd network is equivalent to POW (Proof of Work) of other cryptocurrencies.
FINANCIALS
Pricewise this altcoin currently trades for around $0.002279. Down about 80% from its all-time high of $0.013 on April 21st. and poses as an attractive investment for some of us. Reddcoin market capitalization is $65.3 million and trading volume is around $1.5 million with a circulating suply of 28.8 billion coins. We don't know if Redd has hit the bottom but I believe its upside potential is worth the risk as Redd is believed to reach $.01 per coin again, which could potentially generate a return of over 400% in the short term.
As an investor, alocating wealth on different assets in which we believe is a necessity. Some investments will not mature, some will remain stagnant and move sideways for a long time and some will grow exponentially. It is those few winners that could catapult our way to the financial stability many of us look for.
REDDCOIN WALLET & STAKING
Reddcoin wallet can be downloaded to any desktop computer running Windows or iOS from the Reddcoin website and be used to send, receive and stake your coins. Remember that initially your wallet may need to sync with the main network which might take hours. Once it is up to date, all your transactions will show up.
👉 https://www.reddcoin.com/#redd-wallet
Additionally, ExpressCrypto microwallet supports Reddcoin and allows you to stake your RDD at a reward rate of at least 21% annually which I think is an awesome interest rate with 0% risk. Minimum amount to be staked is 10 RDD and can be withdrawn at any time. On top of that you can use faucets to deposit directly to this microwallet so you can gather more RDD in one place. If you want to know more about ExpressCrypto, you may read an article I wrote about Microwallets HERE.
HOW TO GET FREE REDDCOIN
I have found two ways to claim free Reddcoin in case you don't want to invest directly. I am sure there are other alternative ways, if you know of any, feel free to share it in the comment section. The first is a faucet you can claim every 12 hours and gets deposited to your Reddcoin wallet address directly. The second one is an automatic faucet that pays about 0.9 coins daily, all you have to do is open a tab and let it run.
Good luck and happy mining everyone.
