Reddcoin is known as the ‘social currency’. This cryptocurrency combines a digital currency platform with the biggest social media sites around today. This enables people to send and receive payments easily and securely. It uses Proof of Stake Velocity (or PoSV) to generate ownership as well as activity. Unlike many cryptocurrencies that make mining available to those who want to do it, Reddcoin is different. It also ‘mints’ coins automatically. This occurs when you first download your wallet. The longer you keep the coins in the wallet, and the longer you stake those coins for, the better.