Even though Reddit has stated that it would be discontinuing its crypto reward scheme, if you still have some r/CryptoCurrency Moons (MOON) lying around and want to convert them to crypto or cash, you only have this week.
MOON is a cryptocurrency that was launched in 2020 and runs on the Ethereum network. The tokens were given to people who contributed to the social media site’s cryptocurrency section.
However, Reddit announced last month that it was abandoning the plan, and as a result, the price of the asset has plummeted: it’s down about 70% in the last 30 days, according to Coinstats data.
Users will no longer be able to send tokens within the app as of this week.
However, it is not all terrible news. Users have a few days left to back up their seed wallet and transfer their MOON to another wallet (MetaMask is the best bet) where the asset can be transformed into something more valuable.
Here’s how to go about it.
When the tokens initially appeared, converting them into cash was a complicated and risky process. MOON, on the other hand, has become more widespread, and was even listed on the prominent American crypto exchange Kraken in August.
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So let us begin there. Kraken, one of the largest crypto brands in the United States, provides a convert tool that allows users to swap between major coins, tokens, and fiat currency.
It’s simple enough—all you need is a MetaMask wallet to store the MOON. This can be a hard process, but there are many explainer videos online.
Then you simply deposit your MOON from your Reddit wallet, click convert, and the tokens are converted to Bitcoin (or any other cryptocurrency) or dollars. It can then be withdrawn.
The same may be said for Crypto.com, another prominent centralized cryptocurrency exchange. Users can swap their MOON for US cash there.
The post How To Convert Your Unused Reddit Moons Into Bitcoin appeared first on BitcoinWorld.