BitClout Coins: What Is It? How to Buy and Sell It?

BitClout-Cryptocurrency for Influencers and Public Figures

If you follow the cryptoverse closely, you must have heard of social networks BitClout which is on the rise. If you are wondering what BitClout is, read this article till the end.

You can learn everything you need to know about BitClout before you sign up for the hottest crypto platform and bet based on the popularity of Influencers and Public Figures by buying tokens. So without further ado, let’s get started.

What is BitClout?

BitClout is a new crypto social network that allows users to buy and sell coins based on the popularity of Influencers and Public Figures. It is built on a special blockchain, and everyone has their own coin on BitClout. This coin, which is a token non-fungible (NFT)is called “Creator Coins“, and anyone can buy or sell coins using BitClout currency – the default currency used to buy Creator Coins.

Now, the next question is how do you buy BitClout currency? You need Bitcoin to buy BitClout currency. And keep in mind that there is no official way to withdraw or withdraw funds at this time. However, a trading site called BitSwap is going public which promises to allow you to buy and sell BitClout for Ethereum.

Here’s an example that puts things in perspective: Suppose there are two BitClout users – person A and person B (Agan). Let’s assume Person A is a rising influencer, and you (as an audience) believe that Person A will be successful in the future. If so, you can buy creator coin A person on BitClout. Then, as the popularity of person A increases, the value of creator coin A is expected to increase. You can then sell the creator coin A that you bought at a low price, so the profit is quite large.

Currently, you can buy and sell creator coin with established personalities, including the likes of Tesla and SpaceX CEO Elon Musk, Indian Prime Minister Narendra Modi, media influencer Casey Neistat, pop star Ariana Grande, and others. The more people buy the coin, the price goes up . Take a look at the creator coin supply curve, as highlighted in the whitepaper below:

BitClout-Cryptocurrency for Influencers and Public Figure-1

This way, users can directly support and engage with their favorite content creators, eliminating the need for other social platforms. Similarly, other users can buy your coins if they think you are worth it. BitClout creators also envision many use cases, including exclusive meetups for coin holders, prioritized messages, sponsored posts, premium content, and more.

Also read: What is Chia Coin and How to Mine It on Windows 10 PC

BitClout Creator Interface

Coming to the social media aspect, BitClout’s interface basically resembles Twitter. You can like, reclout, quote influence and comment on posts. Each post has a character limit of 280 characters, just like Twitter. Check out the homepage below:

BitClout-Cryptocurrency for Influencers and Public Figure-2

BitClout also has a message section which you can use to send DMs to fellow BitClout users. This platform has no privacy settings, meaning that you cannot modify message requests.

While there is no concrete evidence about BitClout’s creators, there is much speculation that Cryptocurrency Base’s former founder Nader Al-Naji was behind the project. There is an official account for the creator on BitClout and it goes by the pseudonym ‘diamondhands‘.

Can Bitclout Make Money?

In an effort to avoid impersonation, BitClout has ordered accounts from the top 15,000 Twitter influencers. Unclaimed backup accounts have a clock icon next to their name.

Of the top 10 most valuable accounts, six of them are verified accounts, two of which are backed up accounts, and we also have two other users on the list. Unsurprisingly, Elon Musk’s reserve account has the most popularity and ratings. Here are the top 10 accounts and their coin prices, as of May 28, 2022:

Top 10 BitClout Accounts

  • elonmusk ~$50,179.50 – Reserved 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

So, whether investing in Public Figures and influencers can make money for you or not, it depends. If the influencer has a good track record and many people believe in their growth, then the value of their creator coin will go up, thereby, helping you to make a profit.

However, if an influencer gets caught up in a controversy (which is not uncommon like Elon Musk), the price of their creator coin could drop easily. So, I suggest you to be careful while investing in social media influencers, or public figures.

How to Create a BitClout Account

If you are interested in registering on BitClout, visit the official BitClout website from here and follow these steps:

  1. Open BitClout in your web browser and click on the “Sign Up” is blue.
  2. After that the Platform will generate seed phrases. The seed phrase will act as your password and you have to enter the seed phrase to log into your account. So don’t forget to write it down or save it as a note in your password manager. Click Copy (You will need it in the next step), then click Next to proceed further.
  3. Paste-kan your seed phrase for verification and click Next.
  4. Now you can verify your phone number. One of the benefits of verifying your phone number is that you get a free 0.002 BitClout to get started. You need a BitClout starter or you have to buy BitClout worth ~$57 to complete your profile.
  5. Lastly, you can choose to add your email address to get notified when someone buys your Creator coin on Bitclout.

After connecting your phone number, you will get BitClout starter and can proceed to update your profile. Click “Update your profile” to open the profile setup page.

You can now set your username, update description, profile picture and founder reward percentage. Founder’s reward percentage refers to the deduction you receive as a gift when someone buys your coins. This giveaway comes from the buyer and not the platform. The default value is 10 percent, but you can change it based on your preferences.

Is BitClout Worth the Hype?

according to TechCrunch report recently, BitCloud has received funding from well-known investors, including Sequoia Capital, Andreessen Horowitz, Social Capital, Coinbase Ventures, Winklevoss Capital, and Reddit co-founder Alexis Ohanian. According to report New York Magazine as of early April, more than $225 million coins have been traded within a month of the platform’s launch. Moreover, the influencer stock market already has a valuation of over $1 billion.

While the concept of a crypto social network sounds good in theory, it remains to be seen if it is just a fad or is here to stay. Seeing the interest of many established Silicon Valley investors, BitClout has the potential to be the next big thing.

As such, unless the platform adds an option to cash out BitClout natively to Bitcoin or other cryptocurrencies, skepticism will surely prevail. And of course, the attitude of Elon Musk’s most valued account holder will play a key role in the success of this platform.

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