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ReddCoin Creates a Social Media Economy

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ReddCoin
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Validation and ‘likes’ drive the social economy of the Internet. Everyone who posts regularly on social media wants to be seen as an influencer – someone who sways public opinion. These influencers are the ideal way to expand new brands. They create organic interest in products and engage the community in relevant conversations. As it stands, these influencers have the arduous task of monetizing their actions through soliciting payments or gaining ad revenue. ReddCoin intends to change that dynamic, providing a social media tipping system.

Their ReddCoin cryptocurrency aims to create real, monetary incentive for the sharing of ideas. The system provides for smaller content creators as well, allowing trade between users. While accumulating ‘likes’ may be fun, accumulating ReddCoin is fun and lucrative.

The Monetizing of Social Media

The original founders of ReddCoin had the vision to create a tipping ecosystem within the major social media sites. They saw the willingness of the average user to throw out ‘likes’ left and right – and saw an opportunity to add value. ReddCoin was created as a Proof of Work coin in 2014, using the Litecoin code base. This made it faster than the legacy Bitcoin blockchain, with a higher volume and lower fees. ReddCoin did not need to have a high price per unit, as the goal of the tipping campaign was microtransactions.

A user may be entirely willing to throw a few cents towards their favorite social media personality. They are much less likely to donate large sums. This microtransaction economy still adds up quickly for larger influencers, while providing a non-negligible amount to even smaller content producers. To help those individual users gain more of a stake in the coin, ReddCoin switched to Proof of Stake/Velocity soon after release. This randomized coin age-based distribution ensured that anyone with a portion of ReddCoin would gain more over time. These coins would then enter the ecosystem in the form of tips.

Social X and the Redd-ID

In order to make the system work, it was critical to make it as easy as possible. To this end, ReddCoin sought to eliminate a series of issues that made Bitcoin difficult for the average person. The first was the overly long and essentially impossible to remember wallet addresses. A Bitcoin address is a string of alphanumeric characters with no reference to one another. A deterministic wallet like ReddCoin uses a passphrase of randomized words instead. The combination of words is much easier to remember while maintaining safety from guessing.

To further this, they are also implementing the Redd-ID intra-blockchain social ID. Users no longer need their recipient’s randomized wallet number. Instead, names can be registered directly to the blockchain and used as an address for funds. This alleviates the difficulty of alphanumeric strings on both ends of the transaction. Although Bitcoin is inherently anonymous, ReddCoin is more transparent and social. As such, users can view the Redd-ID of anyone that has sent them currency.

A Road to Widespread Adoption

These alterations to the usual blockchain are tailor-made to make ReddCoin the coin of choice for social media. Users who would otherwise not adopt cryptocurrency will find it easy and accessible. Once they are in possession of a supply of ReddCoin, they will be that much more likely to use it for their own purposes. If ReddCoin can be successful, their user base could explode overnight – people are always looking for new social technology to adopt.

Recently the new ReddCoin development team formed the ReddCoin Global, LLC to further the goals of the cryptocurrency. This is a big step that adds some extremely valuable consistency to the platform. Their newly released roadmap shows an ambitious pathway to continued success. The cryptocurrency is already in use through social media bots – tips can be sent. Their ultimate goal of single button functionality could make them the undisputed leader in social media currency.

The Financial Future of ReddCoin

ReddCoin was never intended to have a high price point per unit. They want individual coins to be easily usable for microtransaction tips – and that gives investors an excellent opportunity. The current price of ReddCoin is floating around $0.007, which means even the smallest investors can accumulate a large sum of the currency. Their market cap is still relatively low in the scale of top cryptocurrencies, but they have proven in the past that the price per unit can reach as high as $0.025, nearly four times the current price.

This may be a rare opportunity to get a well known and established currency at a discounted price. As the functionality and adoption of the coin increase, the value will follow suit. In addition, the coin’s Proof of Stake/Velocity stats means that anyone who holds ReddCoin in their wallet will gradually mint additional coins. This is the cryptocurrency equivalent of dividends, offering a consistent return on investment.

We will be updating our subscribers as soon as we know more. For the latest updates on RDD, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of magicatwork via Flickr

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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