I found reddcoin last month while browsing the new links on reddit. Someone had made a post about a twitter tipping campaign, using this currency I’d not heard of. To be fair, at that point few people had.
In the past few weeks though, as a result of the twitter campaign and other tipping events on reddit, the number of people talking about and using reddcoin has grown. Evidence of that can be seen in the number of subscribers on r/reddcoin. From a little under 7000 users in March when I first came across it, to over 14,000 in April so far. In fact, we might even see 15,000 by tomorrow. That’s a lot of people who want to find out more about the plucky little altcoin that wants to be the tipping coin of choice.
When people have been tipped by these awareness-raising campaigns, a few questions keep recurring.
What is reddcoin? What makes it different to other cryptocurrencies?
The difference with reddcoin is that its primary purpose is not a currency intended for purchasing goods and services,. It is, first and foremost, meant for tipping in very small amounts.
Further, reddcoin is about more than just itself. It is about supporting and fostering a greater awareness of cryptocurrencies in general. What they are, how easy it can be to spend them, how many different sorts of people can find them useful. While other altcoins are pushing to be the new bitcoin, reddcoin is happy to work alongside other coins. It is purpose built for the goal of allowing people to cheaply try out how cryptocurrencies work.
So how can I get reddcoin and how can I spend it?
Well there is a link to various exchanges on the reddcoin page. Cryptsy, coinedup, bittrex, and allcrypt offer RDD on their exchanges. If you want to spend the money, it is incredibly cheap to buy. At the risk of being outdated, the current price is about 5 satoshis. That’s 0.0000005 of a bitcoin. In fiat terms, we are talking fractions of cent.
And that right there is the genius – as the price of BTC rose, it became harder to make smaller payments accurately. The difference a zero or two makes could be costly. Reddcoin’s low value means that small amounts can be expressed as whole numbers, much easier for the lay person to comprehend intuitively.
Which brings me to spending. At the moment reddcoin is much more a coin to use for tipping than spending, but if you’ve made a really excellent post, or your twitter went viral and you find yourself rolling in the redd, my buddy Drew from Cryptocoin Chronicle has a website that sells paracord accessories (think keychains, lanyards and DIY kits) for redd and other coins.
Of course the best way to use reddcoin is to tip with it. Alongside the tipbots used on reddit, twitter and twitch, we now have reddcoin vouchers, enabling tipping on any platform.
Recently the reddcoin API was released as well. This means that developers can start implementing support for reddcoin and the ways to spend and earn reddcoin will only increase.
If you’re having trouble, hit me up on twitter @bunnymacey or checkout the Reddheads website.