A redditor made $24000 in BTC after he swapped his Moon tokens for BTC as we can see more today in our latest bitcoin news.
Reddit awards the users with moon tokens for everyone that will write a popular post. The tokens can then be exchanged for cash in a long and complex process as one Redditor said, but he managed to do so by posting memes. An experienced investor told Reddit that he turned his Moon tokens into BTC in order to get more rewards all from memes and “shitposting.”
The 31-year old Redditor claims to hold over $150,000 in BTC and also commented that he sold all his Moon tokens to earn more BTC. Thanks to Bitcoin’s surging price, his earnings from posting on the platform now hit $24,000. Reddit Moons were launched earlier this year as ERC20 tokens that are awarded to those that contribute to the crypto section on the website. They run on a test version of ETH called Rinkeby so when a user writes a post that others like, they upvote it. The more posts get upvoted, the more Moons users receive. Reddit users can use the moons to add more weight to votes on the platform or to tip other users.
Cryptorich13 claims his posts were so popular that he earned more than 80,000 Moons since 2017. His posts include investment advice as well as funny BTC memes. Moons are visible within the test version of ETH until July after developer Austin Griffith created a new way to move these tokens from one blockchain to another. It’s a little bit complicated but by using the MetaMask wallet, you can send the Moons to an exchange that is created by Griffith which is the xMoon exchange. From here, Moons will be on the xDai blockchain which is a different version of the DAI stablecoin’s blockchain.
Once Moons move to the xDAi blockchain, they become xMoons. Once a user has those, they can swap them on the DEX, for other tokens like the DAI or MRK which can be sold for cash via another exchange. Cryptorich13 explained that he sold them and used the cash to re-invest in BTC:
I was awarded 80k reddit moons earlier this year which I sold on the Rinkeby testnet using xDai and Honeyswap and immediately bought BTC with it (0.92 BTC to be exact). I have literally made $24k from memes and shitposting.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]