What is ReddCoin?
Reddcoin is a cryptocurrency specifically dedicated to tipping on social networks. Reddcoin as forked from Litecoin back in 2014 but the developer team has made a lot of improvements on the code and the network is now complete with the Redd ID, the Reddcoin Core Wallet and PoS.
The Reddcoin API works on all social platforms like Twitter or Twitch. Users can tip RDD coins to creators or use them to buy Bits on Twitch, Reddit Gold and other features. Reddcoin is available on major exchanges. The coin has no supply cap.
Types of Wallets
Reddcoin has been losing a lot of popularity over the last year and the trading volume has been declining significantly. However, before that, RDD was one of the most popular altcoins and received a lot of support from many wallet platforms.
All Cryptocurrencies usually use 5 types of wallets.
This type of wallet is for PC or laptop devices. The desktop wallet will only be accessible from there. These are generally safe wallets but not the safest option as your PC could easily get infected by a virus or hacked.
This is generally simpler and easier to use. It’s available on any device as long as it has internet access. This is a very convenient but risky method of using cryptocurrencies as your private keys are stored online and controlled by the third-party in question.
Similar to online wallets, these are generally easy-to-use and have to be downloaded on a smartphone. They also have fewer features as they are much lighter and don’t require as much space as the desktop model. It’s generally a safe method of handling cryptocurrencies although one could easily lose the phone and private keys.
This type of wallet stores private keys on a hardware device, usually a USB. A hardware wallet can support multiple cryptocurrencies and it’s fairly easy to use but can be costly. This is one of the safest wallets available as it helps users transact easily without much risk. Even if the user loses the hardware wallet, he will still have the ability to recover his wallet by recovering the seed.
This wallet provides the highest level of security and it’s fairly easy to use and understand. In essence, a paper wallet is a physical copy of both the public and private keys and it can be printed on a piece of paper. The only real danger or downside of this type of wallet is losing the physical copy. Other than that it’s virtually impossible for someone to ‘hack’ your paper wallet.
The official ReddCoin website offers a desktop wallet but it’s not 100% completed. The team is also planning to build a PoS app with the help of PlusBit.
The Official ReddCoin Core Wallet
The Reddcoin Core Wallet allows anyone to store, send or stake RDD coins. It is a very secure wallet and it’s available for Windows, Mac OS and Linux.
According to the official website, the Core wallet synchronizes 3 times faster than the average QT wallets and comes with a very intuitive interface that is easy to use. Additionally, the developer team is working on adding a more modern user interface, news and updates feed and a chat functionality in the near future.
ReddCoin Paper Wallets
There are a few websites and platforms that can easily create a ReddCoin paper wallet. These wallets are extremely secure if created properly, they require a wired printer that has a hard drive.
While paper wallets are great for storing your ReddCoin, they are not so great when it comes to spending the coins and encourage address reuse.
Redd-ID Browser Extension Wallet