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Reddcoin (RDD) aims for the penny mark with its new WebID Wallet launched

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Most analysts predicted a bullish momentum in the cryptocurrency, and that is taking place currently as there is an increase in total market capitalization by more than 30% in the past 24 hours. Reddcoin (RDD) is among the coins on the rise as it has doubled its price by 130% (from $0.003 in the past two weeks to $0.007 currently).

From the general point of view, Reddcoin increased in price just like the other coins in the market; but then last week’s announcement could have played a major part in the hike. On Tuesday last week, the company announced the release of ReddCard and ReddPay, which might have triggered the boom as well.

The “big” announcement

On Thursday, last week, the company declared that it has plans in place for launching a WebID wallet for its users. Basically, the wallet will allow easy deposits, access, and sending money to various wallets.

Reddcoin’s design

Reddcoin is designed to be used in social networks and not like social networking itself. Currently, unlike the old times, almost 95% of businesses are inclined to social networks for sales and advertisements.

The reason is simply due to overcrowded social networks; you hardly will find each one around you using Instagram, Facebook, Twitter, and many other networks. Information is smoothly transferred to the general public in an increased way of understanding, thanks to the social media today.

However, many social platforms over the years have faded away due to the lack of incentives — and that’s exactly what led to launching Reddcoin. This social media token will provide a platform linked to all social media platforms, which will give the users a straightforward blockchain solution unlike the general blockchain community where grasping the concept is a big deal for most individuals.

The WebID wallet

Apart from the announcement about its release, there is nothing that has been said yet. Ideally, the wallet will allow fast and quick transactions alongside providing a staking platform. Notwithstanding, staking using the wallet will save large amounts of energy used for mining Bitcoin and other coins.

Indeed, the WebID wallet is a great project for RRD as it aims to hit the $1 mark. Currently, Reddcoin is ranked 77 as per the market capitalization, and from a daily volume of $4 million a day ago; it is now sitting at a daily trading volume of about $60 million. Subsequently, the coin has $28.8 billion in circulation and a market cap of $220 million.

What is more regarding Reddcoin WebID wallet? As of now, it is just an announcement with the date of release yet to be announced. But still, as things are shaping, it seems all positive with Reddcoin ticking towards one penny. Whatever happens, we have got you covered for more updates as they happen.

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

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 Elizabeth via Flickr

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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