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Crypto Social Media Platform Gaining Users Over Facebook Privacy Concern

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Cryptocurrency is taking the world by storm. It has not only reduced the monopoly of printed currency, but also has developed its own debit cards and now challenging social media giants Facebook and Twitter.

Minds, a crypto social media platform, is reportedly gaining users over privacy concerns on Twitter and Facebook its CEO has said. The American entrepreneur told IANS publication that his platform “has already attracted people all over the world who are concerned about privacy practices on social networks.”

Self-described as a free “crypto social network” that upholds internet freedom, Minds now has over 2.5 million registered users in 240 countries, with around 300,000 monthly active users and approximately 2 million active visitors, Ottman told IANS, adding that last month:

In addition, more than 150,000 Vietnamese users joined the platform last year over privacy concerns on Twitter and Facebook, the news outlet continued, noting that “The growth is typically a direct result of scandals with mainstream media platforms.”

Facebook and the others are closed platforms that are extracting value from the users,” he asserted, elaborating:

“Everyday there’s a new scandal. People are looking for alternatives and want to diversify … The trend is towards open source. We’ve seen this happen in other areas already. We believe like Linux, Wikipedia, Bitcoin, this is going to happen in social media as well,” he said.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.