Complete guide to staking ReddCoin, how to earn passive income with ReddCoin
What is ReddCoin?
ReddCoin is a cryptocurrency that is specifically targeting social networks. Their goal is to become the Social Currency that will allow content viewers to tip the content creators, without hoping the exchange owners will share revenues in a fair way.
As a coin that can really be used anywhere, it alleviates the fear of purchasing credits that are only good for a single site.
How much can I earn from holding ReddCoin?
Staking reddcoin will earn returns between 5-6%. Since the rewards are paid out in a non-specific order or frequency, the rewards can vary from month to month.
How do I stake my ReddCoin tokens, and how do I earn rewards?
ReddCoin is slightly different than simply holding your coins in a wallet as most Proof of Stake coins require.
Since ReddCoin is a PoSv (proof of stake – velocity) coin, you must keep your wallet online and synchronized to the blockchain in order to earn rewards.
This page on the ReddCoin wiki explains the staking system in more detail: https://wiki.reddcoin.com/Proof_of_Stake_(PoS)
How to stake ReddCoin:
- Download the ReddCoin wallet from the official ReddCoin site https://reddcoin.com
- Buy ReddCoins. I used Bittrex as they had the highest volume for RDD at the time I bought them
- Open your wallet and let it sync up to the network – when I opened the wallet app, it said it was 5 years behind and started syncing up. It took less than a day to sync up the wallet.
Next, transfer your ReddCoins to your wallet. This is a quick video showing how (in some other language, but you can see how it’s done).
After you transfer your coins to your wallet, mouse over the arrow in the lower right, and you’ll see that your coins aren’t staking because your coins haven’t matured. Maturity takes 8 hours once the coins are confirmed to be transferred.
The last step is to protect your reddcoins by encrypting your wallet. Under the ‘file’ menu, click on Encrypt wallet. Enter a passphrase – write it down somewhere! – and then create a new backup as well.
IN ORDER TO STAKE from an encrypted wallet, please make sure to unlock the wallet – you can leave the checkmark checked that says ‘only unlock for staking’ which still protects your coins from being withdrawn by a hacker.
Happy staking reddcoin!