Reading is one of the top habits of successful people.
Because it's such a beneficial hobby. Reading stimulates your mind, improves your memory, teaches you new things, and does a whole lot of other good things for your mental.
However, there's one problem:
Reading can be pricey.
If you're constantly going through books and buying new ones, the costs can add up.
But what if you could get paid to read books? Well, that's the promise that Readercoin makes, but is it really legit? Let's find out in this Readercoin review.
PS. If you're an author, you'll want to read this too. You can upload your books to Readercoin and get paid each time a user reads your book.
Important: Since publishing this review, Readercoin has shut down. I will update this review in case it is ever reactivated.
What is Readercoin?
Released in June of 2018, Readercoin is an app (available on iOS & Android) that will pay you to read books or listen to audiobooks.
Why are they doing this?
Well, Readercoin was created with the goal of increasing the amount of time people spend reading. It's also giving smaller authors a chance to reach a larger audience while getting paid.
How Readercoin Works
As a reader, you'll earn 1 Readercoin for every 10 minutes you spend reading/listening to a book.
You can earn even more Readercoin by having a streak. To earn and maintain a streak, you must earn at least 1 Readercoin each day.
Once you hit a 3-day streak you'll earn 2 Readercoin per 10 minutes instead of 1 (until you lose your streak).
Currently, anyone with a Readercoin account can upload their book to Readercoin. If you want to add your book, check out the Readercoin Quick Start Guide for Authors.
Once your book is on Readercoin, you'll earn 1 Readercoin for each 10 minutes someone spends reading or listening to your book. Those earnings can add up fast if you have a popular book!
You'll also get some powerful statistics about your book(s). You'll be able to see:
- How many people are reading/listening
- How long they spend reading/listening
- What chapter they get to
- When they stop reading; etc.
This data is extremely valuable because you can use it to figure out where your book might need improvement. No other platform gives you access to these statistics.
The bottom line:
Uploading your book to Readercoin gives you valuable insight into your readers, and it's a great way to get exposure while getting paid. Where else can you get that?
Bonus books are special books on Readercoin that are being promoted by authors. By listening to or reading a bonus book, you'll earn even more Readercoin for your time.
Here's how much you'll earn by listening to/reading a bonus book:
- Without a streak, you'll earn 2 RC per 10 minutes
- With a streak, you'll earn 3 RC per 10 minutes
Here's how bonus books work for authors:
As an author, you won't earn any Readercoin from your book while it's a bonus book. The plus side of this is that your book gets more exposure.
Also, you can change your book back from a bonus book whenever you want, so you won't lose your earnings on that book forever.
Once you've earned enough Readercoin, you can cash them out for rewards.
Here are the types of awards that are available:
- Cash – Get an Amazon gift card or money sent straight to your PayPal account
- Physical rewards – Get a new pair of headphones, a kindle, or some other product.
- Donate to a cause – Help end world hunger, fight global warming or donate your Readercoin to another important cause.
Readercoin Referral Program
For each user that joins Readercoin and uses your unique invite code, you'll earn 150 Readercoin. The person you refer will also earn 150 Readercoin upon signing up. Both parties win.
The catch to this referral program is that you only earn 150 RC for your first 4 invites. Once you've invited 4 people, you won't earn any Readercoin for inviting more users.
How Much Money Can You Make with Readercoin?
It's pretty obvious that reading books isn't going to make you a lot of money. If it did, well, everyone would be rich.
Still, here's the math on how much money you can make per hour:
Currently, 1 Readercoin = ~ $0.0025 (a quarter of a cent).
The max amount of Readercoin you can earn per hour is 18 (reading/listening to a bonus book with a streak) so you're earning about 4.5 cents/hour max.
If you're an author and you upload your own books, you can earn significantly more because multiple people can read/listen to your book at once.
What I Like About Readercoin
- Free books – Usually we have to pay for books, now we're getting free books and getting paid to read them.
- It helps smaller authors grow – Not only are you reaching a whole new audience by putting your book on Readercoin, but you're also getting PAID to promote your book.
- Donating to charities – Every month on the Readercoin blog they summarize all of the donations made by Readercoin users. It's truly amazing how big of an impact this app is having on the world.
Where I Think Readercoin Could Improve
- Increase earnings – I understand this is easier said than done, but I'm sure every Readercoin user would like to earn more for their reading. Maybe we could earn a bonus amount for finishing a book? More bonuses for rating a book? Those are just a couple of ideas.
- Remove the referral limit – Currently, you only earn 150 Readercoin for the first 4 people you refer (600 Readercoin max). There's not much of an incentive to invite more users after that.
- Add more rewards – I'd love to see more gift card options, more physical products, and more charity selections available.
Readercoin Review: Final Thoughts
I think what Readercoin is doing is amazing. They're trying to make the world read more books and they're helping smaller authors reach a new audience.
I can definitely see this app growing into something big in the future, and I'm excited to see where Readercoin will be a year or two from now.
If you enjoyed this Readercoin review and you'd like to get paid to read books, you can sign up here. Make sure to use the invite code Dylan9bv to get 150 FREE Readercoins right off the bat.
Note: If you already have a Podcoin account, you can use that account to log in to Readercoin.