Digital crypto communities are bursting with vigor and optimism now that the cryptocurrency market started its resurgence after a bitter winter in 2022. Leading social media sites like Twitter, Telegram, and Discord are enjoying heightened activity from people who appear to have hibernated during the winter season.
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However, the issue of bots, scammers, and phishers still remains largely unaddressed due to ineffective systems around the said platforms. And this is why Reddit is increasingly becoming a popular social media of choice among crypto users.
What Is Reddit?
To bring the uninitiated up to speed, Reddit is a popular social forum where people are upvoted not on their outward appearance, name, and sphere of influence, but on the quality of the content they produce and on their social interactions.
Specifically, people who post or comment within niche topics — subreddit, as they are called — get upvotes (or downvotes), contributing to their overall social standing. This is measured by karma.
So why is Reddit emerging as a leading social media platform for crypto? Here are three reasons why Reddit could become the next crypto social hub.
Moons
Firstly, Reddit has Moon (MOON). This is an ERC-20 cryptocurrency token launched exclusively for the r/CryptoCurrency subreddit.
Just like any cryptocurrency token, these Moons have a monetary value. In fact, at the time of writing, 1 MOON is worth $0.169539, according to CoinGecko. Basically, MOONs are more expensive than dogecoins.
Redditors within the r/CryptoCurrency subreddit earn MOON in a similar way that they earn karmas from other non-crypto-related subreddits. In other words, people have to post interesting, educational, entertaining, or thought-provoking posts or comments.
High Moderation
Secondly, Reddit has very strict rules upheld by both the moderators and the regular participants themselves. This works like an ideal form of democracy where people collaborate to maintain the order and integrity of a subreddit based on a specific set of rules.
Reddit is probably most known for this kind of moderation. Bots and scammers will find it difficult to trick people because well, Reddit has a social credit system. In other words, reputation is everything on Reddit.
Newly-created accounts will have zero karma, and the only way for them to farm karma is to post helpful or entertaining content. In addition, those who post unreliable and unhelpful content are downvoted by people.
It is no secret that some people sell their Reddit accounts, and those that have very high karma can sell their accounts for a higher price. However, this kind of scheme will not thrive since people can downvote posts if they find them unhelpful.
Vault
Thirdly, Reddit has its own crypto wallet named Vault. This is where the MOON tokens are stored and viewed.
So, Vault functions as a crypto wallet wherein Reddit itself sends MOON to r/CryptoCurrency members. Twitter, the supposed hub for crypto, does not even have its own crypto wallet, although it had plans to create one last year. Discord and Telegram don’t have one either.
These are the 3 of the many reasons why Reddit could become the next crypto social hub. Another noteworthy mention is Reddit creators and executives being crypto fans themselves, including Co-Founder Alexis Ohanian.
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