Redcoin (RED) is a digital currency that isn’t controlled by a central authority but rather by Redcoin users worldwide. Termed as the ‘fun coin,’ Redcoin is a cryptocurrency that can be heavily used for gaming online as several gambling sites accept it as a form of wager. But besides its fun nature, this altcoin is designed to provide quick transfer of funds online all over the world. Reddcoin (RDD, Ɍ) is a type of cryptocurrency. A cryptocurrency is a digital peer-to-peer medium of exchange with no central authority or banks managing its transactions, unlike fiat money that derives its value from government regulation or law (e.g. The U.S. Dollar, Euro, etc.). You do not need a bank or any central authority to use cryptocurrency. Reddcoin is powered by its users. With Reddcoin, you are essentially your own bank.
Interested users can begin experiencing the features Redcoin (RED) boasts of by downloading the client to their computer. Through the Redcoin Wallet, you can instantly trade and mine coins as this allows you to store any amount of Redcoins. But if you don’t want to install a digital wallet on your computer, you can opt to have an online Redcoin Wallet. However, you have to make sure that you protect this as it can be more prone to online threats like hacking.
Nevertheless, either wallet will give you the green light to buy, sell, or even mine coins. And the best part here is that you can load it up without even paying. Simply head on to a Redcoin Faucet online and collect your share of the free coins available for all Redcoin (RED) users.
Redcoin Mining
Miners may never run out of blocks to mine as this cryptocurrency plans to release an estimate of 329 million coins. Moreover, miners will be paid at least 50 coins and at most 150 coins for every block they mine. Keep in mind that the block reward will be paid randomly.
Additionally, Redcoin mining features a one-minute block time and a Redcoin Difficulty that retargets every 20 blocks or 20 minutes. There will also be six confirmations for every transaction while 50 confirmations for minted blocks.
Furthermore, you can make the most of mining by joining a Redcoin Mining pool, where you will receive a share of the total collections the pool has mined. This, however, involves paying pool fees, which is why mining solo is preferred if you have a computer with great performance. To help you decide which method of mining will benefit you better in the long run, use a Redcoin Calculator online.
Redcoin Exchange
Redcoin (RED) is traded on three exchanges online. Trade RED with BTC on the Coins-E exchange while buy or sell it using LTC on the Cryptsy and Bter exchanges. However, it should be noted that the Redcoin Price/Value is stronger when it’s traded with Litecoin than when it’s traded with Bitcoin. That’s why before buying or selling, you have to make sure that you pay close attention to the Redcoin Exchange rate.