What is Readercoin?

Haven’t so many of us wished to get paid to read? Readercoin seems to be the answer to those prayers.

Readercoin is a new app that lets you earn its eponymous cryptocurrency by listening to and reading books. I'm so enamored with this app that I just had to share it with you all. It's perfect for someone like me, who has a demanding schedule and little time to read for pleasure.

Cryptocurrency?

You know, like Bitcoin, except this isn't Bitcoin. It's a currency that's generated by the time you spend reading and listening. I am not, nor do I pretend to be, an expert on how it works. I refer you to the FAQs for that.

What I can tell you cryptocurrency can be exchanged for rewards like Amazon gift cards or PayPal at a usual exchange rate of 1,000 Readercoins for one US dollar. For most people, that's probably just as good as cash (and it's almost definitely the closest as you're ever going to get).

You also have the option of donating your Readercoins to a charity. What's extra cool about this is the app tells you how far your one Readercoin can go for the organization. For example, one donated Readercoin empowers the World Food Programme to give out approximately 358 grains of rice.

I've been using it in my car on my way to and from work, and I'm saving up for a larger reward. To keep myself from being consumed by greed, I donate one Readercoin to each of the ten charities available for every 100 Readercoins I earn.

Let Me Do the Math

It takes ten minutes of listening or reading to earn one Readercoin. At the time of this article's release, the cheapest reward available is a $2 Amazon gift card at 2,000 Readercoins. That means the minimum amount of listening you'd have to do to earn the smallest reward is over 333 hours.

So, no, this isn't a get-rich-quick scheme, if you were wondering. Pretty sure Readercoin limits you to listening or reading only six hours per day, too. What’s disappointing is a $2 Amazon gift card used to be only 200 Readercoins—the exchange rate VERY recently jumped up.

Okay, so What's the Catch?

The biggest downside in my opinion is the fact that the rewards and exchange rate can change and blindside you. Already, I’ve seen some gift cards disappear, and I’ve seen the exchange rate for one dollar go from 100 to 1,000 Readercoins.

Another problem is the lack of books available. There are plenty of classics—I’ve already listened to Pride and Prejudice, and I’m slowly working my way through The Count of Monte Cristo—but there’s not much else.

That could change pretty fast though because Readercoin also lets writers upload their own content (!!!). Come back a fortnight from now, and you can read my sister post on Readercoin for writers.

If the good all sounds good to you and you can live with the bad and the ugly, then by all means, download the sucker and give it a whirl!

Do you plan on signing up for Readercoin? Let us know by commenting below and make sure to subscribe to get the latest posts.