24.10.2021

Reddit user earned over 24 thousand dollars from cryptocurrency memes

A Reddit user under the nickname Cryptorich13 earned 0.92 BTC or about 24 thousand dollars at the current cryptocurrency rate for “memes and shitposting” on the social platform.

All thanks to new features introduced by Reddit this year. Recall that in the spring the service started testing its own ERC-20 tokens, which Cryptorich13 accumulated due to its activity.

The introduction of tokens as a reward was announced by the management of the Reddit platform in May 2020. Then it was about two coins Moon and Bricks, which were intended for the r / cryptocurrency and r / FortniteBR subreddits, respectively. The idea was just to encourage the members of these communities to publish quality content and receive an award for it.

We considered the initiative worthwhile. Still, Reddit has a huge user base who are not yet familiar with cryptocurrencies, which is probably more relevant for the Fortnite thread. With this in mind, the innovation would not only allow content authors to receive an award, but also increase the popularity of blockchain assets among the general public.

How to make money on cryptocurrencies

The 31-year-old anonymous writer described his story in a post on Reddit. According to him, he owns about 150 thousand dollars in BTC, and he earned part of this amount by posting his posts and comments on the same platform.

Cryptorich13 originally earned tokens called Moons, launched on the Rinkeby Ethereum testnet. Moons are credited to users for their activity on the r / cryptocurrency subreddit dedicated to cryptocurrencies. They are first sent to wallets called Reddit Vaults, but then they can be exchanged for other digital assets.

That is, the more and more effective the user’s activity on the social platform, the more cryptocurrency he can get. This is exactly what the author of the story took advantage of.

Moons is accrued on a very simple basis. When a user posts on Reddit, others can give them their votes or so-called upvotes if they like the content. Cryptorich13 has been actively posting in r / cryptocurrency since 2017, for which he managed to accumulate at least 80 thousand Moons. The crypto enthusiast was not limited to any one topic: these were both humorous investment advice and memes dedicated to the crypt.

Moons were used exclusively on the Ethereum testnet until July, and then developer Austin Griffith created a way to move tokens from one blockchain to another. Using the MetaMask wallet, Moons can be sent to the xMoon exchange created by Griffith. From there, the tokens are transferred to the xDai blockchain – another version of the DAI stablecoin blockchain – after which the token receives the xMoons ticker on xDai. After that, it can be exchanged for DAI or MKR coins on decentralized exchanges, while DAI and MKR are already trading in pairs with Bitcoin and Ethereum.

According to this scheme, the user was able to accumulate a more popular cryptocurrency.

Cryptorich13 decided not to leave the world of cryptocurrencies – he exchanged his 80 thousand Moons for 0.92 BTC. He also noted that the “nice bonus” will not cover all the losses he suffered after the cryptocurrency market crash in early 2018. But at least he has reinvested the amount received and is preparing for the continued growth of Bitcoin.

We believe that this situation underlines the uniqueness of the cryptocurrency niche, which provides its participants with a lot of non-standard ways to earn money, in addition to investing and trading. In this case, people with a sense of humor or just the ability to collect and formulate information well have the opportunity to earn thousands of dollars. Of course, this takes time, but this scheme really works, which means it can be used.

I would like to believe that over time, an increasing number of subreddits will acquire their own tokens. Well, this will ultimately introduce a wide audience to cryptocurrencies and allow them to see the benefits of the world of blockchain investments.

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