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What is Reddcoin? Reddcoin Minting Explained.

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Reddcoin (RDD) is highly popular among the social media platforms as it is mainly developed to work in collaboration with the social media platforms.

Reddcoin is nothing but a social media based payment system

Introduction

With over 1500 variety of cryptocurrencies initiated with the inception of Bitcoin, since 2009. Most of the cryptocurrencies were predominantly invented, in order to solve the problems of the current unstable centralized form of financial governance. However, many cryptocurrency tokens in the market are focused on the improvement as well as the transformation of the field, other than the financial domain too. Therefore, one can conclude that the Blockchain Technology can effectively be modeled, to fit into different domains apart from the financial one. The incorporation of Blockchain Technology along with the cryptocurrencies is so popular that it has it is consistently compared to the era when the internet was invented and a similar chaos was observed all over the world. Let’s read about a new cryptocurrency Reddcoin (RDD).

 

What’s Reddcoin?

Reddcoin (RDD) is highly popular among the social media platforms as it is mainly developed to work in collaboration with the social media platforms. Basically, Reddcoin is nothing but a peer-to-peer payment system, which would be incorporated within the social media platforms. The users, by utilizing which, would avail rewards in the form of Reddcoin for each and every update as well as popularity on the social media platform respectively. Interestingly, these funds can be exchanged for various online offers, gift cards, products, and other items.

 

Early Stages

Developed in the year 2014, the Reddcoin blockchain platform seemingly connects with the social media platforms. It allows the uses of the cryptocurrency to initiate transactions within social media with 0% transaction fees. I am pretty sure that everyone must be aware of Facebook cash or Snapcash which easily allows the social media users to transfer money to their relatives and friends. The Reddcoin platform is nothing but the Blockchain version of it.

 

Use case of Reddcoins

One of the main upper hand of the Reddcoin Blockchain platform is that it connects various social media platforms for cross payment systems between multiple types of social media platforms. It is clearly evident that major social media websites like Facebook, Reddit, Twitter, supports only their native’s payment systems but with the incorporation of the Reddcoin platform, cross payments have been made possible. The users can also send Reddcoin to the content creators of various social media platforms in the form of tips.

How does it work?

It is highly interesting to know that Reddcoin has been directly derived from Litecoin. Also, the Reddcoin blockchain platform uses it’s on developed Proof of Stake Velocity consensus mechanism in order to maintain the authenticity within its areas of interest. This mechanism was invented by the team members in order to replace its former and inefficient Proof of Work algorithm. The model, basically, is nothing but Proof of Stake mechanism but viewed from a different frame of reference. The mechanism also concentrates on the activity on the social media platforms. Here, Velocity refers to Activity and Stake refers to the Value of a user, in the process of mining.

 

Reddcoin minting:

One must be looking out for ways to mine Reddcoin, but as the cryptocurrency itself has a different application, the Reddcoins are not mined but are minted. The process of melting can easily be made possible through the usage of laptops desktops along with another form of computing devices. As it inherently incorporates, the Proof of Stake mechanism, more the amount of Reddcoin one holds in their wallet, higher the probability of obtaining a valid block and receiving the block reward respectively. They even provide a state of art Blockchain wallet, Reddwallet which inherently incorporates the social media facilities for higher engagement of the decentralized coin.

 

Availability

The crypto project seems to be reliable enough for the investment purposes and us easily available at the exchanges like Bittrex, Poloniex, Yobit, etc. The social media coin became popular, only after a Twitter endorsement done by John McAfee. It is also expected to become one of the popular cryptocurrencies, but only when transactions on various social media platforms becomes a daily activity.

 

Conclusion

When it comes to the cryptocurrency investments, it becomes highly challenging for the investors. The Steemit cryptocurrency Blockchain platform has already gained enough popularity and is one of the coins which Reddcoin has to fight in order to become the top cryptocurrency within, at least the social media.

#Bitcoin

Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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#Ripple Price Analysis

XRP price analysis and market updates

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XRP has overtaken ETH again by becoming the number 1 altcoin according to market capitalization. Crypto analysts believe that XRP can outrage bitcoin too.

XRP has overtaken ETH again by becoming the number 1 altcoin according to market capitalization. Crypto analysts believe that XRP can soon outrage bitcoin too and take the spot of the number 1 cryptocurrency while bitcoin is still more than 52% dominant. XRP had a downfall last Wednesday when XRP price fell to $0.43, but in the last 24 hours, XRP experienced a good bullish momentum with a 12% rise trading above $0.51. XRP is currently trading at $0.519 (at the time of writing this article).

 

XRPUSD 5 day chart

XRPUSD 5 day chart

 

One of the major reasons for the rise of XRP is the approval of cryptocurrency ETF by the Switzerland authorities and also the adoption of RippleNet by more and more financial institutions worldwide. Many other altcoins apart from XRP also experienced a bullish momentum in the last 24 hours. XRP is on the top of the list for gainers while Stellar and Monero are on the 2nd and 3rd position. The price of bitcoin showed little improvements by remaining above $5600 mark.

Many financial analysts predict a bearish future for cryptocurrencies in 2019, while many other cryptocurrency enthusiasts believe that the following predictions are just to create a feeling of fear amongst the cryptocurrency investors. What do you fell about the same? Tell us in the comments section below.

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#Ethereum Price Analysis

Ethereum Price Analysis: Can ETH cross 200?

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Ethereum price is likely getting ready for an all-encompassing remedy above $179. Upsides will in all probability confront sellers close $194.

MACD – Set in the bullish zone.

Relative Strength Index – Moving higher towards the 50 level.

Support Level – $165

Resistance Level – $194

 

Key Points

  • ETH price is shaping a not too bad support over the $165 level against the US Dollar.
  • There is a noteworthy bearish pattern line set up with resistance at $193 on the 4-hours diagram of ETH/USD.
  • The pair may gradually rectify higher towards the $188, $192 and $194 resistance levels.

Ethereum price could exchange higher towards the $192-194 resistance zone in the close term.

 

Ethereum Price Analysis

This previous week, we saw a noteworthy decay from the $223 swing high in ETH price against the US Dollar. The ETH/USD pair fell underneath the $212, $200, $196 and $180 support levels. Ethereum price exchanged near the $165 level and framed a month to month low. Afterward, Ethereum price began a transient recuperation and moved over the $170 resistance. In any case, Ethereum price attempted to break the $178-179 resistance. It speaks to the 23.6% Lie retracement dimension of the last drop from the $223 high to $165 low.

It appears as though Ethereum price may combine in the here and now over the $165 level. Afterward, it could outperform the $178-179 resistance to expand the recuperation. Be that as it may, there is a noteworthy resistance looking out for the upside, close to the $192-194 zone. Besides, there is a noteworthy bearish pattern line set up with resistance at $193 on the 4-hours diagram of ETH/USD. The pattern line concurs with the half Lie retracement dimension of the last drop from the $223 high to $165 low. Additionally, the 100 straightforward moving normal on a similar outline is likewise close $194-195.

 

ETHUSD 5 day chart

ETHUSD 5 day chart

 

The above diagram shows that the Ethereum price is likely getting ready for an all-encompassing remedy above $179. Be that as it may, upsides will in all probability confront sellers close $194. At last, the price could decay indeed towards $170 and $165.

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