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Minds Rewards, Referrals, Tokens & Setting Up Your Wallet to Make Money

redskywalker1111Jan 26, 2021, 10:43:22 PM
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Minds, unlike other social platforms, rewards their users for sharing and creating original content. One of the key features of the platform is that you can earn tokens based on your share of activity generated on the platform. Minds Tokens are a crypto-currency that may be exchanged for other crypto coins and currencies on the blockchain. If you are ready to start earning while socializing and sharing content let's dive in. 

We are going to break down how the Minds Rewards Program, how referrals work, boosting content, and how to set up your Crypto Wallet to move tokens on and off the blockchain. 

How to Sign Up for Minds

Minds.com is very easy to use and get started on. It also offers a full mobile experience with their app. To begin, all you’ll need to do is create an account on the sign-up page and provide a phone number. According to the site, phone numbers are never kept or shared and are instead only used as a means of preventing spam bot sign-ups. Only a hash of phone numbers are kept so your data is private.

Once you set your username and password, you are ready to go to start earning cryptocurrency rewards for using the site, as well as for posting messages, writing blogs, and sharing videos and pictures.

How Minds Rewards Work

To earn tokens on the platform, all you need to do is interact just like your would on any other social media site. For example, you can create a post, like or dislike something (upvote or downvote), share photos, upload a video, leave comments, or write a blog post. 

You can also “remind” something, which is like re-posting or re-tweeting. It is important to note - if you want the original poster to maintain some of the earning credit for the post - simply hit "remind". If you opt for "quoting" the post the original user no longer gets any further engagements on the post added to their rewards count. If you have something significant to add of course feel free to quote it, but if it is something like just adding "Lol" or doesn't really add value or perspective - be a good fren and just hit remind. 

Earning tokens on the site is so simple that even just logging into your profile page on a browser or on the mobile app counts as a check-in that can earn you tokens. 

How The Rewards Point System Works

Every action that you make on the site is worth a different number of points. These points are then added up to your daily contribution total. This score determines your share of the daily rewards pool and results in a payout of Minds Tokens, which can be used to support other channels or boost your content for more reach. 

Simple actions like checking your feed or uploading something are only worth a small number of points. Things like contributing original content, sharing a link, or writing a blog post are worth more.

At the end of each day, everyone’s point totals are added up and you are given a percentage based on the total number of points that you earned in comparison to everyone else on the site. After your score is tallied, you will be given a daily token payout that is equal to the total amount given out to the network each day divided by the percentage of points that you contributed compared to other users. This ensures the most active users who are helping to build community and engagement here are getting the highest rewards while allowing every user an opportunity to earn something even if they don't spend as much time as others.  

In other words, if you were to contribute a lot of actions on a slow day, you would get more tokens than you would by contributing the same amount on a busy day. The amount of activity on the platform each day in total is part of the calculation that determines the percentage you earn.

You are rewarded for the amount of unique engagement received on your content. In order to prevent fraud, you can only receive a credit once per engagement type per day from verified users. In other words, one friend can't like every one of your posts multiple times to boost your points. 

 Here is a breakdown of the current Minds Rewards Points System: 

  • Votes = 1 point
  • Comments = 2 points
  • Subscribers = 4 points
  • Reminds = 4 points
  • Check-ins = 2 points (logging in up to once per hour and completing at least one action)
  • On-Chain Transactions = 10 points  (every time you perform an OnChain transaction with your Minds Tokens)
  • Jury Duty = Earn 25 points every time you participate in their Jury system to review appeals on content moderation decisions.
  • Development = The Minds development code is publicly available on Gitlab. Any contribution you make to the code will be manually reviewed in order to determine appropriate payouts in Minds Tokens, Bitcoin, Ether or USD.

How Minds Referrals Work

Minds Referrals Page View

You can also get credit for the people you bring to the Minds network. They reward you with 50 points for every new user that signs up through your referral code and joins the rewards program. Additionally, you will be eligible to earn up to 5% of the monthly earnings your referrals get through tips and memberships as well if they enroll in the rewards program. 

You can find your personal Referral Links within Account Settings by clicking "Other" at the bottom of the main menu and then clicking "Referrals" to get to your personal referral link page. 
 

You can use the links in three ways: 

1. Post your referral link as a hyperlink to invite others to sign up for minds.  Bring your friends here like this: 

https://www.minds.com/register?referrer=redskywalker1111

2. Paste your referral link snippet at the end of any Minds Link you share elsewhere to get credit for referrals when sharing minds content like this: 
 
https://www.minds.com/redskywalker1111/blog/the-american-nightmare-how-did-we-get-here-how-do-we-fix-it-1199866110630240256?referrer=redskywalker1111 

3. You can also use the option to share your referral link on Facebook, Twitter, or by email with the share buttons on your Referral Link page. 

How to give someone credit for your referral if you didn't use a link: 
You can simply enter their username when prompted while setting up your Minds account or when joining the rewards program if you haven't elected someone already. 

Boosting Content with Tokens

Minds tokens can be used to boost any post or content shared on the site. Boosting is essentially like promoting or advertising your content for a wider audience. One token can be used to boost a post for up to 1000 impressions. In this case, an impression means that your post will appear in the feed of at least 1000 people. 

If you post interesting enough content and boost it, you might actually earn back the token you spent to boost your post and perhaps even earn a positive net profit if your content performs really well. 

Having more subscribers that like and remind your posts can also increase your earnings on the platform. So building good engagement with your audience can really boost your token earnings. 

Tipping & Premium Content

One of the coolest features is the ability to tip other users - this does not cost any transaction fee, and is a way to directly support other users and content creators here on the platform. To tip someone, simply click the little $ sign at the bottom of any of their posts or on the heading of their profile page. You can enter the amount you want to send in just a few seconds. 

Minds Pro users may also set up and customize their own website pages and create gated content with premium memberships, similar to how Patreon works. Streamers, artists, journalists, and others have many options to define tiers and more with Minds Pro. It's also good to note that you can monetize with ease using this option. You don't have to worry about de-monetization or other pesky issues like them taking a share of your donations like YouTube and some other platforms do.  

Setting Up Your Minds Wallet &  Crypto Wallet

Let us begin by stating you don't need a crypto wallet to join the rewards program or to take part in using Minds tokens on the platform itself. You just need to verify your information to set up your Minds platform wallet. You can view your wallet from the main menu. Here you can track your daily earnings, tips and other transactions, buy tokens, or transfer tokens on-to the exchange (On-Chain). If they are stored on the platform they are reflected in your Off-Chain Balance.  
 


You only need a Crypto Wallet if you want to move Minds tokens off the platform to be exchanged on the blockchain for other currencies. If you do want to exchange Minds tokens on the chain, there are a few options to consider for setting up your Crypto Wallet. First, you need to decide if you want to host them on an exchange or set up a hardware wallet. 

Option 1: Keep it on the exchange

Pros: Most liquid option — you can cash out at anytime; Likely secure; User friendly; Simplicity

Cons: Less secure than hard wallets as the exchange could be hacked

To purchase or exchange any cryptocurrency you have to use a verified exchange site like Coinbase or Gemini

Setting up an account on one of the exchanges will automatically create a wallet for you when you set up your account. If you are actively trading crypto often or plan to, this may be the best option for you as it saves time while moving around your cryptocurrency. 

My personal choice is Coinbase. I was able to set up my account within a few minutes and the site is user friendly compared to some, while also being well known as a trusted exchange. You can expect basic account set up with a username and password. Plus, you are going to need to provide a copy of your ID (for security and due to regulations) and be prepared to set up two-factor authentication with your mobile phone when getting started. They will send a code by text and you will type it in to complete the account setup. 

It was easy to connect my Coinbase wallet via the mobile app here on Minds as well. You simply scan the QR code provided by Minds during the wallet setup process and then authorize it after you have set up your Coinbase account. Once you connect your wallet here on Minds, you can move tokens on and off the exchange as you wish. 

Option 2: Hardware Wallet

Pros: Most secure option; Peace of mind

Cons: Less liquid — takes more time to exchange coins; Expensive; More of a learning curve

A hardware wallet has the highest standard for security. It is a physical device you must purchase, like a Ledger Nano S, which is designed to allow you to interact directly with your coins from a device exclusively in your possession. It has major security advantages including:

  • private keys are often stored in a protected area of a microcontroller, and cannot be transferred out of the device in plaintext
  • immune to computer viruses that steal from software wallets

    Steps to use a hardware wallet:
  1. Purchase a hardware wallet. Like the Ledger Nano S or others. Many are available on Amazon.
  2. Plugin your hard wallet with the USB cable to an internet-enabled computer and follow the on-screen instructions.
  3. You can then choose to make a new wallet or import a wallet.
  4. Choose a PIN code. Make sure your PIN is memorable so you don't lock yourself out of your wallet accidentally. Store a physical copy of this somewhere safe - seriously.
  5. Install the Ledger apps on your computer to use your device and access your wallet.

You can now send and receive crypto through a hardware device and you are using the most secure storage option. 

There are also software wallets that you can use to move your coins off the exchange - however, this is not something I am going to dive into as I don't have enough experience with any I can recommend, and further, I don't see them as being particularly advantageous compared to other options. Software wallets aren't proven to be that much more secure than keeping them on a trusted exchange and would add unnecessary time and complexity if you trade coins often. They also don't provide the same level of security as hard wallets if that is your main concern. 

I hope this gave you all the help you need to get started with the Minds Rewards program and your wallet. Drop a comment if you have other questions and I will gladly answer. 

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