You can have virtual currency in your community to use it as a reward to the best answer to a question, best members of the month, etc.
First, you need to install the virtual currency app on your community, then you can define a name and a value for the virtual currency. Follow the steps below:
Admin Panel> Apps> Install Virtual Currency App:
Then you click on the Virtual Currency app under the "App Settings" section, and define a name and real value for your currency:
- Internal Currency Name is the custom name that you pick for your virtual currency.
- External Currency Name is the USD, CAD, EUR, etc that reflects what is the real currency that the virtual currency can be converted to.
- The conversion rate is the (Interna/External) currency. Meaning, if the conversion is 10, it means that 10 virtual currency in the community is equal to 1 USD, CAD, EUR, or any currency that you define there.
- Earn Description is the explanation for your users to learn how they can earn currency in your community.
- Redeem Description is the explanation for your users to learn how they can redeem currency in your community.
More explanation regarding the earn and redeem is provided here67.
Please do not forget to Enable and Update the changes.