The method to receive free ReddCoin is referred to as “staking”. As an old Bitcoin miner, I prefer to refer to it as ReddCoin mining. The key difference is ReddCoin doesn’t need to run your CPU and/or GPU in order to mine/stake. To stake ReddCoin you simply need to leave you ReddCoin Core wallet online and have it unlocked (Although it is unlocked it is encrypted and safe from threats.).
You can unlock your ReddCoin wallet by selecting the “Settings” menu and clicking the “Unlock Wallet…” option in the dropdown menu.
You will now be asked to enter your ReddCoin wallet passphrase. Enter it and press OK. Make sure the box that says “For staking only” is checked. This will ensure your wallet stays secure.
You are now staking ReddCoin. You can check your progress by hovering your mouse over the little green cirlce in the bottom right of your ReddCoin wallet. You can see in the screenshot above my total weight is 303,569 and I am expected to earn a reward within 9 days.
When you first begin staking it the “Expected Reward” will say something crazy like 1,000+ days. It’s kind of like when you synced you ReddCoin wallet for the first time. You need to let it set. The expected number of days for you to earn will drop quickly the longer you leave your ReddCoin wallet open and connected to the internet.
I opened my ReddCoin wallet three days ago and it initially said I’d earn a reward in 1,000+ days. Since then it has dropped to 9 days and my total weight has grown gigantically.
This is my first time staking. I will follow up this article the moment my first reward is released into my ReddCoin wallet. It will be interesting to see how many ReddCoin I receive. Im hoping the time it takes for me to “stake” ReddCoin goes down after the initial reward is received. ReddCoin rewards someone about every 60 seconds and the majority of the community is not staking.
Well guys, I told you I’d check back in when I successfully staked my first ReddCoin. It has been six days since I posted this article and I just now finally staked aka minted some ReddCoin. I got 149.060586 ReddCoin for my trouble. It says I can expect to stake again in 17 days, however I noticed the number is dropping dramatically. Im hoping now that I got the initial stake done I will be able to do it once every or every other day.
I created ReddCoinWiki.com to create a resource that was missing. I’d go on YouTube and find people asking how different parts of ReddCoin works. After seeing many people on camera completly confused I knew I had to do something. That’s when I created ReddCoin Wiki. The website is made possible by donations from viewers like you.
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