Hello there! Welcome to this guide to RDD Coin and Reddcoin price prediction. In the following article, I’ll be introducing you to a coin that was designed with micropayments and internet tipping in mind.
Price predictions for cryptocurrencies are an interesting concept. With cryptocurrencies being so new, it’s basically impossible to tell how they will perform. However, people will try. Which is why we have predictions. Sometimes they’re right, sometimes they’re wrong.
With that said, I’ll try to help you guide you through the various Reddcoin price predictions around in an as-honest-and-straightforward way as possible.
During this guide, I’ll cover the following:
- What is Reddcoin (RDD Coin)?
- A warning about price prediction websites.
- Some analysis of various shorter-term price predictions for Reddcoin.
- Some analysis of various longer-term price predictions for Reddcoin.
- A warning about using technical analysis to make long-term price predictions.
- A look at Reddcoin’s roadmap and how the team plans to take the project further.
- Some of my own thoughts about where the Reddcoin project is heading and whether it will be successful.
Before I begin, it’s important to stress to you that none of the following is to be considered as investment advice. It’s for educational purposes and to try to teach you how to go about judging your own investments. Also, this article is not about where to buy Reddcoin or how to buy Reddcoin – it’s not been written to pump the project for the author of the article or its publisher.
Introductions and warnings out of the way, let’s begin by briefly defining what is Reddcoin!
Table of Contents
- 1. What is ReddCoin?
- 2. A Quick Warning About Price Predictions
- 3. Reddcoin Price Prediction 2020?
- 3.1. A Wild Reddcoin Price Prediction
- 3.2. Another Reddcoin Price Prediction, Another “Forecast System”
- 3.3. Finally, Some Fundamental Analysis!
- 3.4. John McAfee and Reddcoin
- 4. Reddcoin Price Predictions 2020 and Beyond?
- 4.1. A Price Prediction Based on the Growth of Others?
- 4.2. Some More Fundamental Analysis to Finish?
- 5. The Problem with Technical Analysis and Price Predictions
- 6. Reddcoin Roadmap – How Could This Affect the Price?
- 7. Is Reddcoin a Good Investment?
- 8. Conclusion
What is ReddCoin?
Reddcoin has been designed to make online micropayments quick and easy. It’s trying to get itself integrated with the planet’s major social networks. This, they hope, will mean that tipping people for their content will be “cheap, fast, and rewarding for everyone.”
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Reddcoin boasts that their block time (the rate at which new blocks are added to the blockchain) is ten times faster than Bitcoin’s. This makes transactions go through as quickly as 60 seconds, rather than the ten minutes plus that it can take using the Bitcoin network.
At the moment, Reddcoin uses a traditional “proof-of-work” model to secure the network. However, there are plans to change this to a new system called PoSV (Proof-of-Stake Velocity). This system claims to be more environmentally friendly while avoiding some of the issues that have been reported about “proof-of-stake” systems.
Reddcoin has a truly international team of developers behind it. Unfortunately, they haven’t provided much information about them on their official website. However, a look at the CTO and lead developer John “Gnasher” Nash’s LinkedIn profile shows that he has experience as both a project manager and a technical officer for various companies. These include the Masstech Group Inc. and Techtel P/L.
A Quick Warning About Price Predictions
In this Reddcoin price prediction article, you’re going to see some pretty wild and wonderful calls for the price of a single unit of Reddcoin. It’s important to not take these figures too seriously. After all, no one truly knows how well a project will be able to deliver on their proposed roadmap or if the market even demands such a service to exist in the first place.
Cryptocurrency price predictions can be problematic for several reasons. These include:
- Regulatory issues – Is the project going to remain legal? If it is made illegal, will it instantly shut down or will it relocate? If it relocates, will this impact the price?
- Technological issues – Can the team even deliver what they are setting out to do? If they can’t and some fatal flaw in their code destroys the entire system, the price of each coin will likely hit $0.00.
- Competition – Will another project emerge that can do the job of the project you’re investing in even better? If so, is there room in that niche for two competing services?
Reddcoin Price Prediction 2020?
Now, I’ll get to the point of this article – Reddcoin price predictions. Unfortunately, since most cryptocurrency experts have better things to do than predict the prices of various digital assets, we won’t be able to use the most informed opinions around. You’ll find this out soon though!
A Wild Reddcoin Price Prediction
For the first Reddcoin price prediction 2020, I’ll start with what everyone in the cryptocurrency space wants to hear – an absolute moon shot. For this, I’ll look at a website called CoinLiker (although CoinLover might be more appropriate!)
As you can see from the graphic above, CoinLiker is particularly bullish (optimistic about the price) of Reddcoin. The unnamed author of this article believes that the current price of just over two-thirds of a cent will increase to almost $0.135. That would represent a growth of almost 20 times in just a year.
I’ll put it another way to illustrate this. If you invested $100 in Reddcoin today, you would be buying just over 14,556 RDD coins. According to CoinLiker, this will turn into a whopping $1,963.93. Not bad, eh!?
But just wait a second. Before you get too excited and head over to some altcoin exchange that stocks some Reddcoin, just consider how CoinLiker has arrived at this huge price gain for the year.
Firstly, they state that they:
“… wrote a custom algorithm to hopefully predict future prices.”
Whilst they may well have created some form of algorithm to predict prices, it would be a very poor decision to base an investment on this sentence without any real proof.
The article is then followed up by a set of questions and answers. Each of them claims that the future looks bright for Reddcoin. However, there is literally no effort made to perform any analysis of the fundamentals of Reddcoin – what it will do, who the team is, how capable they are of delivering on their promises, or whether the market needs or wants such a currency.
They do tell you where to buy Reddcoin and how to buy Reddcoin, though — how convenient!
Another Reddcoin Price Prediction, Another “Forecast System”
Another website that frequently appears at the top of Google rankings for cryptocurrency price predictions is called WalletInvestor. This service claims to use its own “Forecast System”. Unsurprisingly, this system is a closely-guarded secret. In any case, it must be entirely different from that of CoinLiker because the one-year price prediction they give for Reddcoin is very different too.
According to WalletInvestor, the price of ReddCoin will be 0.00887 in one year’s time. Again, there is no fundamental analysis contained within these price calls and, as such, they should be regarded with just as much skepticism as those over at CoinLiker.
During the text at the top of their price prediction article, they claim that they use technical analysis to come up with their RDD price predictions. I’ll get back to why this is potentially problematic later in the article. For now, a quick look at the graphs shows that they provide shows no analysis of trend lines or patterns to indicate price moves.
In all honesty, it looks like somebody has just drawn whatever they wanted to see to illustrate the bullish price calls they have made. Look for yourself:
Finally, Some Fundamental Analysis!
Next, I’ll look at a ReddCoin price prediction 2020 article that at least has a go at fundamental analysis. David Hay (not the British heavyweight boxer) is something of a YouTube star. His videos get many thousands of views because people in this space are hungry to learn which altcoin will “moon” next.
To be fair, his content is actually pretty good. I’ve sat through quite a few of his videos!
David approaches his subjects logically and pays attention to the kinds of things that have the potential to make a project a success or failure. During his article on ReddCoin, he analyses several of these.
The prediction David makes is that Reddcoin “could reach $0.25 and stay at that level”. At the time of writing, the price was around $0.10, however. It has since fallen dramatically. Ultimately, David concludes:
“… in my opinion for the long-term, it’s not a good investment. Short-term? Maybe.”
David is probably as close to an expert as there is that has had a go at Reddcoin price predictions. However, that isn’t really saying much. In all honesty, I don’t think he understands (or at least he doesn’t discuss) the deeper concepts of game theory that could make proof-of-stake coins a spectacular flop.
However, that said, his article is MUCH better than the likes of CoinLiker’s or market investors. Whilst I don’t advise using it as investment advice, it could be a useful starting point for one’s own research.
John McAfee and Reddcoin
Now, I’ll look at a Reddcoin price prediction by John McAfee. McAfee bitterly divides opinion for his price predictions. His social media presence has the power to make a coin explode overnight — or at least it used to until it emerged that he was being paid around $100,000 to promote them.
Despite this, McAfee is very bullish about cryptocurrency in general. He actually thinks that Bitcoin will hit $1 million before 2020. Since there’s no company behind Bitcoin, it’s unlikely that he was paid to say this either. This makes it very difficult to tell if he is being sincere when he announces a project. On the one hand, he is a very gifted computer programmer and developer. On the other, he gets paid to shill projects…
Anyway, here’s the Tweet about Reddcoin that he published in December 2017. You can decide for yourself what you make of it.
Reddcoin Price Predictions 2020 and Beyond?
If making an end of the year or 12-month price prediction is problematic, then making one for two years or more is even more so. That being said, it doesn’t stop websites from creating them!
Let’s look at a few together and try to work out if there is anything to their guesses.
A Price Prediction Based on the Growth of Others?
Firstly, I’ll show you the Reddcoin price prediction made by a website called CoinCheckup. This is quite a curious prediction because rather than looking at the demand for the service, or the team that created it, or the platform itself, it looks at how other technological innovations have performed since they were created.
Of course, there is absolutely nothing to suggest that Reddcoin will grow in accordance with Google, Facebook, or the internet itself. However, at least it’s obvious where the actual figures have come from!
As you can see below, CoinCheckup is basing their 2020-2024 price calls on the performance of various other innovations. Could Reddcoin perform as well as Facebook or the internet? Yes, of course, it could! Will it perform as well as Google or the mobile phone? Who knows!?
One thing that is good about the price predictions on the CoinCheckup website is that they very clearly state they are not to be used as investment advice. Their disclaimer reads:
“Predictions are no guarantees for the future. Use any data on CoinCheckup for informational purposes. Information should not be considered investment advice.”
Again, as with other sources for Reddcoin price predictions, literally zero effort has been made to relate any of these prices to any form of fundamental analysis. In fact, under the “sources” tab that is pictured, instead of finding information about why these particular innovations have been picked or why Reddcoin might follow their growth, there is just a crude definition of Moore’s Law. This has been interpreted by CoinCheckup as “the price might double every year”.
Some More Fundamental Analysis to Finish?
Finally, we have a little bit more fundamental analysis. A cleverly named website called PricePrediction has had a shot at making a call on the future price of Reddcoin. They’ve actually bothered to analyze some news coming up with it too.
PricePrediction has looked at the roadmap and pulled out some positive news and some negative news. Nothing that they have produced would take more than a five-minute browse around the project’s site itself. However, like David Hay’s Reddcoin price prediction piece, it would make a decent start for some investment research.
Not everything is good about PricePrediction’s Reddcoin price call though. Look at the technical analysis chart below. To someone who knows absolutely nothing about technical analysis, this probably looks great. Look at how the arrows point upwards!
That said, if you know anything at all about technical analysis you will quickly spot that these are just half a dozen lines drawn on a chart. Since it’s a real chart from a site like TradingView, it carries some legitimacy. However, the arrows added later do not.
The Problem with Technical Analysis and Price Predictions
That leads us neatly onto my next section – the problem with technical analysis when used to predict prices for investments.
Technical analysis is a skill that involves using the past performance of an asset to judge its prospects. For those who have become skilled at technical analysis, it can be used to make some seemingly telepathic trading decisions. However, because cryptocurrency is a market that never stops trading, for technical analysis to be successful it requires constant watching of the charts.
What looks like a bullish trading signal can turn bearish (pessimistic) in a matter of hours. Trying to use technical analysis for long-term price predictions is therefore foolish unless you can do it yourself or are receiving constant updates of the analysis in real time.
As you can see, the chart from PricePrediction (as displayed in the previous section) is very out of date now. In fact, a more recent chart would show that the lines drawn on were not accurate Reddcoin price predictions at all!
Reddcoin Roadmap – How Could This Affect the Price?
The Reddcoin roadmap is something of a mystery. The closest thing to a current version of it is below. The official website doesn’t give any indication of how the team is working towards making Reddcoin a success either. Even on the section talking about PoSV verifications, there are no indications as to when it will come to Reddcoin.
With this scant information, the only conclusion that can be drawn is that the current Reddcoin roadmap won’t have any effect on the price.
Is Reddcoin a Good Investment?
After looking at the marketing of Reddcoin, the roadmap, the team, and the idea itself, it’s hard to love the Reddcoin project. It’s been built for micropayments and tipping. This means that even if it is mass adopted, who is going to want to hold more than a few dollars of it to tip their favorite YouTube celebrity or Cryptocurrency writer (hint, hint!)?
There seems to be little in the way of active development occurring on Reddcoin and if it’s just for internet tipping, it will be its partnerships that are the deciding factor in its eventual price. With the right partnership – Facebook, YouTube, Spotify, etc. – the project could be successful. However, this doesn’t mean that the price will automatically go up.
Think about the business model. As a successful internet personality, you decide to accept Reddcoin. Your legions of fans tip you in Reddcoin – brilliant! Now what? Do you sit on it for a rainy day? No, you sell it for a cryptocurrency with an exciting roadmap, a proven store of value, or even plain old dollars to buy your groceries with. Although there might be some buying pressure to drive the price up, there will also be considerable selling pressure as people want to switch their Reddcoin for a currency with more functionality or chance of becoming more valuable.
Of course, this is just my gut feeling about the project. I don’t know if Reddcoin will eventually become as popular as Bitcoin or as widely used as the dollar itself. I also don’t know if the team will eventually abandon it for some other project entirely.
If you like the idea behind Reddcoin then go do some hard research about it – join the forums dedicated to it, the Slack channel, and the Telegram channel. Only after learning a lot about it should you look up where to buy Reddcoin. Above all, remember that cryptocurrency investments are always a high risk with a potentially high reward. Be as informed as you can before parting with any money and never invest more money in than you can afford to lose.
So, that’s it. That’s my Reddcoin price prediction guide. Hopefully, you learned something about this cryptocurrency, as well as how to decide for yourself if a certain coin has a chance to make substantial gains.
Before I sign off, let’s have a quick recap. What have we learned today?
- What is Reddcoin?
- The dangers of blindly following a Reddcoin price prediction
- Some analysis of Reddcoin price predictions for the next twelve months.
- Some analysis of Reddcoin price predictions for the next couple of years.
- Why using technical analysis for a Reddcoin price prediction (or any price prediction) is problematic.
- The Reddcoin roadmap (or lack of it).
- A few of my opinions about the Reddcoin project.
Like any cryptocurrency investment, it’s important to be as informed as possible about Reddcoin before putting any money in. Only then should you look up how to buy Reddcoin. Digital currencies are incredibly volatile and part of such a new asset class, it’s difficult to know which projects will be successful and what are a lot of talks dressed up as a great idea.
Ultimately, the golden rule of cryptocurrency investment is to never invest more than you can afford to lose. If Reddcoin went to absolute zero overnight, you must be able to continue living the life you want to live. If you cannot, that is too much of an investment.
That’s all we’ve got time for today. Now that we’re done, what do you think? Will you be investing in Reddcoin? Do you have a Reddcoin price prediction of your own? Let me know in the comments!