The users supporting the social news site Reddit with their content and by taking part in its discussion would now be able to <a href="https://www.cryptoknowmics.com/news/easiest-way-to-buy-cryptocurrency/" target="_blank" rel="noopener">earn cryptocurrency</a> on the platform, according to an <a href="https://www.bloomberg.com/news/articles/2020-05-15/reddit-launching-a-cryptocurrency-to-reward-users-for-engagement" target="_blank" rel="noopener">announcement</a>. This news spread like fire in the crypto space and has been welcomed by the users.
<h2>Reddit To Offer Tokens On Two Sub-Reddit Sites</h2>
In the crypto world, this decision of Reddit is considered to be a major turning point and many of the crypto enthusiasts believe that there are millions of Reddit users who would probably accept the digital currency offered by the platform.

It is to be noted that currently, the impact of Reddit’s move would be dampened because of the ongoing regulatory analysis of the crypto.

Although the social news site has many of the sub-Reddits sites, it has decided to grant digital currency on two of its sub-Reddits sites which hold discussion some specific topics only.

The first site is totally devoted to cryptocurrency and the second site only discusses the online game Fortnite.

Reddit would offer one of the two coins minted by it i.e., Moon and Brick, to the users, these currencies would be traced on Ethereum blockchain only.

The social news site also notified that these coins could be used on the Reddit platform only, to buy badges and some other trinkets.
<h2>Moon And Bricks More Related To Loyalty Points</h2>
The users could not spend Moon and Brick as money. This would help Reddit to be in good books of those financial regulators who already have looked into the matters of other social media sites like Facebook and Telegram, which are working on projects related to digital currencies.

Recently, the CEO of Telegram cancelled its plan to sell-off a million dollar worth of the Grams token because of the court’s decision. According to the reports, the Securities and Exchange Commission alleged the of Grams token was an unregulated investment scheme when the matter went into the court, the judge supported the SEC’s position.

But in the case, of Reddit, the platform has limited the use of its currencies to its site only, therefore it could be said that the Moon and Brick are more related to loyalty points.

Regarding this Preston Byrne, a cryptocurrency authority at the law firm Anderson Kill, has said, “It’s a form of in-app rewards points where no one is treating it as an investment—putting it on a blockchain doesn’t turn it into one”.

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Reddit To Introduce Two New Cryptocurrencies For Users

The users supporting the Reddit with their content and by taking part in its discussion would now be able to earn cryptocurrency on the platform.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Reddit To Introduce Two New Cryptocurrencies For Users

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