As of writing, the Read.Cash fund is $830,000+ and daily spending is $500 as usual. For those who do not know the mechanism of funding on Read.Cash is like that:
The total fund will be distributed to the users through the "Random Rewarder" tipping system. As the daily spending is $500, Total Fund/$500 reveals that the number of the day the fund will be distributed.
I've been an active member of the platform for more than 7 months and when I started using the platform, the rewarding system was different. There were some predetermined tasks and allocated points for each task (e.g. commenting 5 points; giving like 0.5 points etc.) Since the system was a bit manipulated, the new Rewarding Bot is operated on the platform for fair distribution.
As you may have noticed, there are lots of people talking about Read.Cash & Noise.Cash as they could be successful after dealing with the fundamental problems such as bots, multi-accounting, or other types of abusive action. So, as a result, the developer team is spending more time on building useful features for the users.
After the brief history of the success story of the platforms, I want to emphasize the simple and successful mechanisms of the platforms.
Implicitly, users are made aware of the fundamental of Bitcoin Cash
But for some new users who say sell everything you have buy BCH to the moon etc., people only embrace the idea that Bitcoin Cash is for daily use, go and spend it because the fundamental is based on "peer-to-peer exchange of value". They want to make everyone learn the idea behind Bitcoin Cash is clear: Low cost, fast and secure transaction. (For Hivers, it is not surprising 😌 but just think about people who pay an extraordinary amount of fees for transactions)
Honestly, 8 months ago I did not know a lot about the mindset behind it. I was thinking that BTC is the store of value; ETH is the De-Fi ecosystem but what about BCH? In time, I learned it while engaging with community members.
Instant payments help people in need
When you consider the user profile, the majority of them are from developing countries and as you know very well, local currencies are getting worse every single day.
I have some friends who share the goods that they buy with Bitcoin Cash earned by using the platforms. In terms of mass-adoption and building a bridge between daily lives and the crypto world, it's worth appreciating.
One more parenthesis: These newcomers are also those who spend their time on faucets, unrealistic mining sites, unfair crypto gambling sites, etc. They are, of course, glad to receive "the value" that they receive.
Easy to Use and Earn for Novice Crypto Enthusiasts
Being one of the veteran coins, BCH is not focused on Layer 2 solutions or Web 3 concepts basically. However, keeping this as simple as possible enable them to reach more people in a short period.
As you may notice, everything is very simple (what we call grandma mode 😌). The simpler concept is one of the cons of the platforms.
Moreover, any transaction is instantly reflected on your wallet, people love getting something immediately. Human Psychology works there 😏
Abundance of Fund
Just today I learned that Marc De Mesel and Roger Ver invested ~$1.5 Million through donations and tips for the platforms. That's a huge amount of money...
What makes Read and Noise Cash platforms different can also be attributed to the plenty of money as well as the simplicity of exchanging the value. For those who do not know, there are other platforms based on Bitcoin Cash such as memo.cash, or member.cash but their incentive model cannot compete with the former ones as expected.
Volunteer Charity Organizations
Yeah, it is real. If I were asked my opinion about BCH a year ago, my answer would be a coin that has a community and low transaction fees. However, I'm happy to see that there are real-world projects, too.
These organizations are one of the strongest sides of the community in my opinion. It's a really rare situation to see in the crypto ecosystem. The organizations share their updates to enhance the mass-adoption of the coin in Africa, South America, Asia, and many other parts of the world.
More funds bring more engagement;
More engagement brings more increase in awareness;
More increase in awareness brings more opportunities for mass-adoption.
In the end, people who need financial assistance get thanks to the community using the crypto as a vehicle. On the other hand, the financial backers achieve their goals to enhance awareness for mass-adoption. It's a win-win case so far.
Honest thoughts about Read.Cash, Noise.Cash and other Crypto Blogging platforms.
I do not choose to compare any platform with the other because, when we look from the bigger perspective, they all serve the same purposes. While some of them try to achieve it with its simple concepts, the others may try to do it through their ERC20 tokens or new blockchain system. In the end, we all are hand in hand with one another.
Also, according to my observation, the snowball effect is real for crypto-blogging platforms. Once anyone enters one of these platforms, thanks to the engagement, s/he looks for the others at the same time.
So far, I did not have any problem with neither Read.Cash nor Noise.Cash. I just wanted to highlight the facilities of the platforms or in other words, the success story behind them. As a Hiver, I'm comfortable with the existence of both platforms, I'm using them, learning, and earning through them and I try to help them achieve their goal as much as I can.
I think having Torum, Uptrennd, Swirge, Read/Noise/Memo/Member Cash, Tweetch(BCHSV), Blurt, even Steemit is good for our major goal. Of course, there can be competition between these platforms to attract users to use their products but competition can also be quite beneficial for further development.
I do not presume any of these platforms a bad competitor for Hive & LeoFinance. Hive ecosystem had @dbuzz for Twitter, @vimm for Twitch, @threespeak for Youtube even @exxp for Web design. While saying "ecosystem", we are serious 😏
To sum up, all crypto-blogging platforms have their distinctive features. I just wanted to make you aware of the things about read.cash and noise.cash. I hope the existing platforms can feed one another to build a better future for crypto.
I really wonder about your point of view or experience. I hope you share your stance on point😌
Thank you for reading
Posted Using LeoFinance Beta