Reddcoin (RDD) is a currency used on the web for the purpose of sending small tips to favorite content creators or streamers.
I got to know this coin and everything behind the development of the coin. Its Twitter account has over 68,000 subscribers, and since 2014 developers have been building a small ecosystem around this coin. Currently on the official website there is a bot that allows you to send tips on different social platforms. The market cap of this coin in 2021 reached almost $ 300 million, and the maximum value it had to date is 0.2926 back in 2018. Currently its ranking is 789.
Why I like it
First of all, there is a small premise to make about the easy earnings that everyone wants and expects from cryptocurrencies: here if you are one of them, forget about being able to invest sums of money without really hurting yourself. Its current rating is CC, so it is not among the most recommended coins. However, what I like about this coin is the ability to stake, as it uses the POS (proof of stake) standard. In this context, both Stakecube and Mycointainer offer a very high interest rate (7/17%). A good staking percentage offered is ideal for setting aside some coins and waiting patiently for a simple upside and then making a good profit. The same thing I did for DIVI, which on Mycointainer I get a 36% interest. The ability to exchange this coin without commissions makes it a good candidate to "quickly move" your coins from one wallet to another, from wallet to exchange and then reconvert without incurring exaggerated fees as with ETH. In fact, this is a good reason to support this coin by HODLing the coins, while also getting good interest.
But beyond all this, what could this coin be used for? In these months in which we are witnessing the conflict between Russia and Ukraine, the devaluation of the ruble can seriously lead to change. In fact, if BTC is used as a currency by El Salvador, why can't RDD be used to send funds to Ukraine and as a currency of exchange between Russians among themselves and to the outside world?
The benefits of all this would be enormous for everyone:
- Transactions without fees
- Quick exchanges
- Possibility to dramatically expand the value of the coin, creating a special ruble / RDD pair.
- A small store of value is created
- Everyone who has RDD in their portfolio has a small economic return
- Developers will be encouraged to integrate the project anywhere
The current price of RDD is at its lowest, and now it can make a difference, as RDD / USD is currently up 13% in one day. By buying now you can take advantage of a leverage effect when the crypto market fills up with capital again.
How the project must go on
- What can really turn the project around is to create a system similar to that of crypto.com where their currency (CRO) is used as cashback, and is subsequently blocked to obtain other coins.
- Another collaboration that surely must take place is through the construction of a serious monetary reserve, since this coin has no supply limit. Having BTC, ETH and other coins (including USDT) as reserves can seriously benefit the currency's health. In fact, FIAT coins use the currency reserve to maintain credibility. In an environment like the crypto one, it is not only necessary to have credibility and a good team, but to maintain a project one must also evaluate the use of a currency reserve capable of maintaining a certain value for the currency. Otherwise it is likely that in the long run there will be problems in maintaining a certain value.
- The creation and use of ATMs in states with a high rate of poverty, would allow an exponential increase in the use of money, allowing for real-time exchanges of money.
- An exchange of RDD for precious materials (gold, silver, diamonds, oil) in emerging countries would lead to a serious increase in the value of the currency.
- The development of an NFT project with cross-chain possibility between ETH / MATIC and RDD, as the transactions in RDD are very cheap.
Final conclusions
I am continuing to support this project by staking around 10000 RDD. There are not many, but currently the crypto market is not very charged, as happened in the past years. Today there is a lot of speculation on NFTs, products that in my opinion are not worth the cost incurred. The interest of speculators is currently on the other side of the market, and when the ETH bubble bursts (high fees even after ETH 2.0) many projects in the top 1000 of crypto will benefit. For those who continue to do RDD HODL, sooner or later we will all earn something together, because soon everyone will throw themselves into the crypto world, trying to avoid traditional coins like the plague. There will be so many exchanges that a single currency will not be enough to face this enormous change.
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Cover image: cryptomag_com
