Simple Guide to the Best Reddcoin Wallets in 2024
To trade, mine or store Reddcoins you will need a suitable wallet to assist you to manage your digital funds. Because I remember how hard it was for me to pick one at the beginning, I decided to simplify everything and provide you with my know-how. Furthermore, in this article in you will find a detailed explanation of the most common features of Reddcoin wallets and many other additional tips on how to pick one.
01.The Best Reddcoin Wallets
I’m sure that some of you are eager to find out the answer to which is the best RDD wallet, so that’s what I’ll begin with. When you take a closer look at the table you will find one representative of each type of wallets: mobile, web or desktop. You need to understand that the wallets must suit your needs and to do so, first you need to clear your priorities and think over when and how you are planning to use it. Have a quick glance over your options and I’ll continue with detailed explanations.
| Type | Name | Compatibility | Supported Coins | Pros & Cons | Get Wallet |
|---|---|---|---|---|---|
| Desktop Wallets | Full Reddcoin Core Review |
RDD only |
Official Reddcoin Wallet You Have to Download The Whole Blockchain |
Download | |
| Mobile Wallets | Full Coinomi Review |
119 Coins ERC20 Tokens |
Hierarchical Deterministic No Two-Factor Authentication |
Download | |
| Web Wallets | Full ReddID Review |
RDD only |
Official Reddcoin Web Wallet Less Secure Than Other Wallet Types |
Visit Website |
Complete List of Reddcoin Wallets
From an overall point of view, all wallets share the same goal but what makes them different is the user’s experience or otherwise said, the tools and features that they bring to the table. I always recommend exploring all possible options before making a final decision. I did not forget about the tips that I have promised above, indeed that’s what follows after the table with the full list of Reddcoin wallets.
| Name | Type | Compatibility | Supported Coins | Private Key | Blockchain | Key Features |
|---|---|---|---|---|---|---|
| Reddcoin Core | Desktop |
RDD only |
key Full Control |
Full Download Required |
Official Reddcoin Wallet You Have to Download The Whole Blockchain |
|
| CoinSpot | Web |
30 Coins 20 Tokens |
key No Access |
Not Needed |
Multi-Coin No Control Over Private keys |
|
| CoinVault | Web |
22 Coins |
key Full Control |
Not Needed |
Hierarchical Deterministic No Two-Factor Authentication |
|
| Coinomi | Mobile |
119 Coins 382 Tokens |
key Full Control |
Not Needed |
Hierarchical Deterministic No Two-Factor Authentication |
|
| Cryptonator | Mobile, Web |
18 Coins |
key No Access |
Not Needed |
Two-Factor Authentication No Control Over Private Keys |
|
| Reddcoin Electrum | Desktop |
RDD only |
key Full Control |
Not Needed |
Open Source No Two-Factor Authentication |
|
| UberPay | Mobile |
18 Coins 8 Tokens |
key Full Control |
Not Needed |
Hierarchical Deterministic No Two-Factor Authentication |
Now you are already aware of your options and it’s time to get deeper into the subject and explore the features and their side points. Just before that, I will tell you my golden tips on how to structure your main needs and choose the best wallet for Reddcoin. You should first consider how many different coins you are about to store there because some wallets support only RDD coins. Of course, you can see what specific coins are supported in each Reddcoin wallet review that we have prepared. Secondly, think about where and how you are going to use your funds because that will determinate the type of client you need- mobile, web or desktop. Another factor that could sway your decision is the number of digital assets you are planning to have because the security level of some wallets is way higher the others, for example, any hardware wallet. The last one is the frequency in which you are about to withdraw funds from your account because there’s always a threshold or a minimum value when you want to cash out.
02. Common Features of Reddcoin Wallets
Because Reddcoin is not widely accepted I cannot distinguish any common features apart from the mass usage of Tor as proxy, which is supported by all official RDD wallets. My advice is to stick with some of the native wallets because they will allow you to start staking your coins. I will clarify the staking option in a bit but before that, we will continue with the security and privacy of the wallets where you can store Reddcoins.
Security and Privacy
The below-mentioned features are the most noticeable and useful ones. From an overall point of view the official RDD wallet has a high level of security measures and since there are no reported major hacks, I consider them safe to use.
Tor as Proxy
Setting up Tor as proxy won’t allow any hackers or internet providers to associate your payments with your IP address, making transactions untraceable.
Open Source
It serves as double confirmation of the authenticity code and accessible for each user on the network.
Secure Reddcoin Wallets to Consider
Wallets for Reddcoin Staking
Proof of Stake Velocity (POSV) is the consensus mechanism of Reddcoin which is a replacement of the Proof of Work algorithm. The traditional POS stand in the foundation of the PoSV and the idea of Velocity of Money comes as a measurement of the economic capacity of a currency. Another goal of the conception is to increase the pro-activity of all coin holders. At this point, stacking is available only through the official Reddcoin wallet, but the team is planning on allowing more multicoin wallets to do so.
Transaction Fee Management
The fees with Reddcoin range from no cost to 0.1 RRD and that is only in cases of overloaded networks with small transactions (less than 1 RDD). With the Reddcoin Core wallet, you have the options to choose or adjust and set a fee on your own. Have in mind that most of the exchange wallets like Binance or Bittrex are coming with predetermined fees impossible to be changed manually.
| Fee Control | How Does It Work? | Supported By |
|---|---|---|
| Full control with suggested fees | The wallet shows the recommended fees and you can adjust them manually | Reddcoin Core |
| No Control | The fees are predetermined, and you can’t change anything manually. | Most of the Exchanges have no fee control. (e.g. Binance, Bittrex) |
03.FAQ
-
Can I mine Reddcoin?
After the acceptance of PoSV you cannot mine Reddcoin. Theoretically you can join a multipool and mine it indirectly which means that you will mine another coin, but the pool will pay you in RDD.
-
How do I backup my Reddcoin Core wallet?
Make a copy of your wallet.dat file and place in on a flash-drive or separate computer. To restore a backup, you need just to access the Reddcoin home directory on your computer while the wallet is offline and replace the wallet.dat and start the wallet again.
04.About Reddcoin
For the first time, Reddcoin was mentioned at the beginning of 2014 as a Proof of Work digital currency working with Scrypt hashing algorithm. It all started as an Initial Public Coin Offering (IPCO) on the Bitcointalk social network, promoted as a fully integrated cryptocurrency into social media. The result of the campaign was around $100,000 raised in less than 90 days. The official release was on the 2nd of February 2014, while 5.45 billion RDD were shared between ICO investors. One of the major selling points was to bring crypto awareness to the common public. Like every other social network, the goal is to provide the needed space for its users to express emotions, share images or opinions and just use the network as every other social one.
Imagine it as a perfect opportunity to learn more about cryptocurrency and enjoy the social network because we can all agree that the thematic of crypto is sometimes quite complicated and this is a simple way to get more people involved with it. Sooner or later Reddcoin will tip the major social networks and change the process of exchanging coins, making it more simple, pleasant and most of all well rewarded.