Reddit Will Let You Convert Gold into Money. Reddit's new Contributor Program will allow you to cash out the gold given to your posts by other users for real money.
The company announced Monday that it will allow users to convert Reddit gold into real money as part of Reddit's new "Contributor Program." He also shared details about the system that will replace the old Reddit Gold system, which allowed users to show extra appreciation for posts or posts they liked.
Let's start with the Reddit Gold update as it is a critical part of the Contributor Program. Under the new gold system, you can long-press an upvote button on mobile devices or hover over it on desktop to purchase gold. Reddit will offer six different purchasing options to give away gold; It can start from $1,99 to buy one gold and go up to $25 for 49 gold. Once you give the gold, you will see what Reddit calls a “gold upvote” next to the comment or post.
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The previous system allowed you to award a number of different rewards in addition to Reddit gold, including rewards specific to each subreddit. However, Reddit Coins are officially gone as of September 12, so you won't be able to use them to give away gold in this new system.
I asked Reddit why it didn't allow people to transfer their coins to spend in the new system. “In the past there were both paid and free coins distributed, which made it incredibly difficult,” said spokesman Tim Rathschmidt. “After much thought, we decided it would be better to start from scratch.”
Most importantly, if you earn a gold vote, it can contribute to you earning real money from the Contributor Program. If you are eligible for the program and go through a verification process, you will receive monthly payments based on the gold and karma you earn from “eligible contributions.”
Rathschmidt defines “appropriate contributions” as follows:
Gold can be awarded to posts and comments as long as they do not contain sexual content, graphic violent content, or certain mature themes (e.g. alcohol, gambling). Additionally, content that is Not Safe for Work (NSFW), quarantined, or posted in the trauma support community cannot be awarded gold. Similarly, content on a redditor's profile page is not eligible for gold – you can only purchase it in communities, feeds, and the post page.
According to the information Rathschmidt shared with The Verge, the Contributor Program will process payments as follows:
- On the standard “participant” tier, you get 90 cents for every gold you earn. However, to earn money, you must have earned at least 12 gold coins and received between 10 and 100 karma in a 4.999-month period.
- As a “top contributor” you will receive $1 for every gold you earn. To cash out, you must exceed the minimum of 10 gold and earn more than 12 karma in a 5.000-month period.
To participate in the Contributor Program, you must be over 18 years old, live in a “supported location” (initially only in the USA), and your account must be in “good standing”. If you're eligible, the verification process should only take a few minutes, Rathschmidt said. Both regular users and moderators can participate.
With the introduction of the Contributor Program, thanking a kind stranger for giving you gold takes on new meaning. The system seems designed to encourage people to post quality content to Reddit (like the kind of posts you search for on Google) and potentially earn money for that work.
But I'm worried that this system could change Reddit culture. One of the things that makes Reddit so useful is that most great posts aren't made with the expectation of payment—people share their expertise, a handy tip, or a funny joke just because they want to. This makes me trust them more. The real money carrot for posts can change the site in a meaningful way; Look at how X (formerly Twitter) has changed, in part due to annoying posts from verified X users trying to make money from the revenue sharing system.
I also worry that malicious actors may misuse the Contributor Program and find ways to make quick money without making meaningful contributions. When I asked how Reddit could prevent bad actors from taking advantage of the system, Rathschmidt said Reddit would use methods like internal security signals, Know Your Customer scans, gold purchase limits, user reporting, and audits by administrators (Reddit employees). I also asked how Reddit would ensure that moderators, who can set rules for posts in their communities, won't game the new program, and Rathschmidt said moderators who qualify for the program will be required to abide by the Moderator Code of Conduct and its contributor monetization policy.
Reddit's new gold system starts rolling out on Monday, and will initially be available in select communities on "eligible content" on Reddit's native mobile apps (you can see which ones in a Reddit admin's post), with more communities getting it "next week." The feature will also be available on the web “later this year.”
The Contributor Program will also be available on the web and Reddit's mobile apps starting Monday. You will be able to see if you are eligible to be verified for the program by checking your profile.
Some Reddit users were unhappy with the decision to drop the old Reddit Gold system, adding to their frustrations over the company's introduction of usage-based API pricing, which caused some major third-party apps to shut down. While site-wide protests over API pricing have largely died down, some users voiced their unhappiness toward CEO Steve Huffman during the r/Place interactive canvas' last run.
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