If you’ve been paying close attention to the cryptosphere, you’ve probably heard of the emerging social network BitClout. Read on to the end if you’re interested in learning more about BitClout or wondering if it’s worth your time. Before you register for the hottest cryptocurrency platform and place a wager on the popularity of public figures by purchasing tokens, you may learn everything there is to know about BitClout. So without further ado, let’s begin.
BitClout Explained: Bet on Your Favorite Influencers or Public Figures (2021)
What is BitClout?
A new cryptocurrency social network called BitClout allows users to wager on the level of popularity of artists and influencers. Everyone on BitClout has their own coin, and it is constructed on a custom blockchain. These coins, known as Creator Coins, are non-fungible tokens (NFTs), and anyone using the platform can purchase or sell them using BitClout cash, which is the standard currency for purchasing Creator Coins.
Your subsequent query must be, “How do you purchase BitClout currency?” To purchase BitClout currency, you must have Bitcoin. Also keep in mind that there isn’t currently an official mechanism to cash out or withdraw money. However, a trading platform called BitSwapi, which will soon be available to the public, claims to allow you to buy and sell BitClout for Ethereum.
An illustration that puts things in perspective is as follows: Think about users Person A and Person B of BitClout (you). Assume that Person A is a growing influencer and that you (the audience) are certain that Person A will succeed in the near future. If yes, you can purchase the coin created by person A on BitClout. The value of person A’s creator coin is thus anticipated to rise as their popularity grows. The coin you purchased for a bargain price, As Creator, can subsequently be sold for a healthy profit.
You can currently buy and trade creator coins from well-known figures including Elon Musk, the CEO of Tesla and SpaceX, Narendra Modi, the Indian Prime Minister, Casey Neistat, Ariana Grande, and others.
The cost of the coin increases as more people purchase it. Look at the whitepaper’s illustration of the creator coin supply curve below:
BitClout Interface and Creators
Users won’t need another social platform because they can support and interact with their favourite creators directly in this way. Similar to that, other users can buy your coin if they believe you are valuable. The developers of BitClout also foresee other use cases, such as private events for coin holders, prioritised messaging, sponsored posts, premium content, and others.
In terms of social media, the BitClout interface is very similar to Twitter. You can comment, like, reclout, and quote clout on posts. Yes, those features are real, and we are not kidding. Similar to Twitter, each post is limited to 280 characters. View the homepage by clicking here:
Additionally, BitClout offers a section for messaging where you can DM other BitClout users. The lack of privacy options on the network makes it impossible to turn off message requests, which makes it potentially impossible for influencers and online personalities to use. Here is a quick look at the messaging user interface:
Who Is on BitClout? And, Can It Make You Money?
While the identity of BitClout’s developers is unknown, it is widely believed that Nader Al-Naji, the founder of the defunct cryptocurrency business Basis, is responsible. On BitClout, the creator has a legitimate account that goes by the alias diamondhands.
The top 15,000 Twitter influencers’ accounts have been reserved by BitClout in an effort to prevent imitation. A clock symbol appears next to the names of reserved accounts that have not yet been used. However, this strategy did not sit well with all users. For instance, Bitclout was criticised on Twitter for listing Singapore’s Prime Minister Lee Hsien Loong’s profile without his consent. Since then, the account has been deleted. You should also be aware that the supposed founder of BitClout has been issued a cease and desist letter for failing to obtain consent prior to opening the reserve account.
Top 10 BitClout Accounts
- elonmusk ~$50,179.50 Reserve Account
- naval ~$42,199.04 Reserve Account
- chamath ~$28,013.66 Verified Account
- Da5id ~$27,551.31
- craig ~$26,615.09 Verified Account
- WhaleSharkdotPro ~$25,113.16 Verified Account
- balajis ~$21,583.86 Verified Account
- dharmann ~$18,240.00 Verified Account
- jakeudell ~$19,602.47 Verified Account
- 021 ~17,546.06
Six of the top 10 most valuable accounts as of the time this article was written are verified accounts, two are reserved accounts, and two other users are also included in the list. It should come as no surprise that Elon Musk’s reserve account is the most well-liked and valuable. Here are the top 10 accounts as of May 28, 2021, along with their coin prices:
Create a BitClout Account
Regarding the second query, whether or not investing in influencers and well-known people can be profitable, the answer varies. The value of the influencer’s Creator currency will increase if they have a solid track record and plenty of people have faith in their future growth, which will help you make money. However, the value of an influencer’s Creator currency might quickly fall if they become embroiled in a scandal (as happens frequently with Elon Musk). Therefore, we advise you to proceed with caution when investing in your preferred public figure, social media influencer, or online personality.
If you’re interested in signing up for BitClout, visit the official website and take the following actions:
Click the blue Sign Up button when BitClout is open in your web browser in step one.
2. A seed phrase will now be produced by the platform. The specified phrase will serve as your password, and you must input it to access your account. So remember to record it in writing or as a note in your password manager. To move on, click Copy (you’ll need it in the following step) and then Next.
3. Paste your verification seed phrase there and select Next.
The fourth step is to confirm your phone number. One advantage of having your phone number verified is that you can start out with 0.002 BitClout for free. To finish your profile, you either need beginning BitClout or you should spend about $57 on BitClout.
Setup BitClout Profile
5. As a final option, you can enter your email address to receive notifications when someone purchases your Creator coin on Bitclout.
You will receive BitClout starter after linking your phone number, and you can then begin to update your profile. To access the profile setting page, click Update your profile.
Is BitClout Worth the Hype?
2. You can now modify the description, profile image, and founder reward % in addition to setting your username.
The portion you get as a reward when someone buys your coin is referred to as the founder reward %. The buyer, not the platform, is the source of this award. Although 10% is the default, you are free to adjust it to suit your tastes.
A recent TechCrunch story claims that renowned investors Sequoia Capital, Andreessen Horowitz, Social Capital, Coinbase Ventures, Winklevoss Capital, and Reddit co-founder Alexis Ohanian have all contributed to BitCloud’s funding. More than $225 million worth of coins had been traded within a month of the platform’s inception, according to a New York Magazine piece from early April. Additionally, the influencer stock market is already worth more than $1 billion.
BitClout Explained in Simple Terms
Although the idea of a crypto social network is appealing in theory, it is unclear whether it will become a permanent trend. Given the enthusiasm of numerous seasoned Silicon Valley investors, BitClout may emerge as the next big thing.