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The Rising Popularity of Reddcoin as a Social Media Currency

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Reddcoin
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Reddcoin which has been marketed aggressively as the “social currency for the digital age” has emerged as a unique cryptocurrency specializing in transactions on social media. The team behind Reddcoin has designed the currency in a way that it can be transacted across all social media platforms. Reddcoin currently aims to enable 2.8 billion people to carry out transactions smoothly and swiftly.

Reddcoin partners with Reddit

Reddcoin has very recently launched a Q and A session on Reddit. This development will help people to find answers to their numerous queries and quench their thirst for knowledge in various fields. The team behind Reddcoin has not just touted this session as a simple question and answer but has given it a unique branding called “AMA”(Ask Me Anything) through a Reddit official press release.

All crypto projects are in need of such initiatives. All throughout the crypto-sphere, project team leaders and application developers have been reaching out to their followers through their various social media platforms, in order to widen the engagement of the crypto-users as much as possible. The Reddcoin (RDD) team has been requesting its users to upload their queries and questions on the link provided with the Reddit announcement. The answers will be posted on the Reddit platform as well. The team behind Reddit is attempting to get more and more of its users active across several available platforms like Telegram and Slack. The press release also announces a team which will be setting up a public Google hangout which will allow everyone to have constructive interaction with the developers of these projects.it should be noted that the availability of the project’s roadmap might be used to guide the Reddcoin users regarding the questions they might be wanting to pose. The roadmap is partitioned into the conventional short-term (Q1-Q2), medium term (Q3-Q4) and long-term (2019 and after that) goals.

It is a fact that the Reddcoin project has been shelved by its original application development team. The newest team has been committed to the revival of the project. The following have been announced through the recent announcements.

  • In order to ensure that the project does not face any legal hassles, the development team of Reddcoin has formed a Reddcoin Global LLC which is based out of United States and works strictly as a foundation entity. The SEC is attempting to bring cryptocurrencies, ICOs, and other virtual exchanges under strict regulation. Hence it is practical that the team takes the required action in exhibiting advanced amenabilities towards the SEC in case they are closed down over trivial issues. This entity will be equipped to deal with all the global finances that are necessitated by such projects.
  • The Reddcoin team has also restructured the roadmap of this Reddit project.
  • The project has incorporated 4 new members to the team and motivated users of Reddcoin to freely interact with them on the various chat platforms available on social media. These members are all social media moderators and experts in their fields.

Using this background of information, active Reddit users are being repeatedly encouraged to log into Reddit and ask any kind of questions. The thread on Reddit already has received some brilliant insights from its users but one of the most important for any project is the marketing agenda of the project and how the development of the team is working with the goal of bolstering the visibility of Reddcoin as well as strengthening the Reddit project globally.

The mechanism behind Reddcoin

Like most other cryptocurrencies, Reddcoin works on a digital peer-to-peer network but it is a little more distinctive. The platform of Reddcoin was essentially established to serve the purpose of transferring payment and funds transfer via social media. Reddcoin was designed to function on all social media platforms. This means that people who run and promote their businesses on social media platforms can now receive and transfer funds using whichever platform they want.

The minting process of Reddcoin

Another characteristic that lends uniqueness to Reddcoin over other virtual currencies is that coins on this platform are not mined but minted. The process of minting only necessitates an unlocked wallet containing RDD coins.

Conclusion

Partnering with Reddit is a highly positive step for Reddcoin to gain more momentum in the social media space. This is because most crypto-traders and owners are regular users of social media platforms like Telegram, YouTube, Twitter, and Facebook. The AMA project will help Reddcoin to increase its user base significantly. The assimilation of social media into the payment mechanism of Reddcoin is a fruitful project. The network will keep on expanding owing to the fact any wallet holder who works on a computer can mint Reddcoin. Reddcoin holds immense potential to explode once people start using cryptocurrencies on social media to make transactions.

We will be updating our subscribers as soon as we know more. For the latest 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 Text100 via Flickr

Blogs

How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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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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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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