What is New Bitcoin City?
In this growing world of social blockchain projects, it is hard to find ones that stand out. There are so many being released it can make your head spin. Do not get me wrong there are some gems out there such as Tangled, Torum, Desofy, ZBD (Nostr), Solcial (I will be going over this platform in my next article and video), and Uhive, but I have come across a fairly new social platform that has caught my attention yet again.
The platform I am going to be going over is called New Bitcoin City. I found this platform a couple of weeks ago and it has stood out as something different that could give a good amount of centralized social media a run for their money and even some decentralized social media platforms.
So what exactly is New Bitcoin City and why do I think it has a chance in this ever-evolving world of social blockchain projects? In this article we are going to go over everything I have found out about New Bitcoin City and why it has the possibility of becoming one of the most well-known social blockchain projects.
I have laid this article out in sections. These sections align with how the app looks on your phone screen from left to right. Feeds, Circles, Keys, Swap, and Airdrops. The platform is being updated often so the layout might change by the time you read this or watch my video. I am fairly new to this project so this is going to be a learning process for all of us 😂. I am in direct contact with the New Bitcoin City team so I should be able to share some info you can not find elsewhere. So let us dive into New Bitcoin City and what the future might hold for this promising project.
What is New Bitcoin City?
New Bitcoin City was created by a team of developers led by punk3700, a pseudonymous Bitcoin enthusiast. The team includes @punk3700, @bird_2836, and @bayc4848. The NBC ecosystem was created back in May of this year, and the SocialFi app was created in September and was first called ALPHA. Punk3700 has been part of the Bitcoin community for quite some time, passionately championing the idea that Bitcoin is more than just money. According to him, New Bitcoin City has the potential to make Bitcoin super versatile, opening doors to a bunch of cool stuff like decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs).
@punk3700 - “We want to make Bitcoin as versatile as possible — usable for far more than just a currency. We started with Art, then AI, and DeFi is the next natural area to explore.” - Source
New Bitcoin City is still under development, but it has the potential to be a significant development for the Bitcoin ecosystem. If successful, it could help to make Bitcoin more accessible to a wider range of users and developers.
NBC is a blockchain social media project (socialfi) that gives value back to the user. NBC is different from your average social blockchain project though. Well to be honest I do not think there is anything average about any social blockchain project. They all stand out in their own ways. It is the first social blockchain project that runs on the Bitcoin Blockchain! You have social blockchain projects that use the Bitcoin Lightning Network such as Nostr but no other platform uses the king of Crypto. This in itself should be a reason everyone should be researching this project. If done right, being the first social blockchain project on the Bitcoin network could be very rewarding for the users who explore and invest in the platform first.
As I said above, NBC runs on the Bitcoin Blockchain. Since Bitcoin can have transaction speed problems, the NBC team created a layer-2 solution called Nitros Oxide (NOS). This was built using a codebase called Optimism which they modified to work with Bitcoin. This is called OP stack. This allows something called Optimistic Roll up Technology which allows the bundling of transactions on the Bitcoin Blockchain.
The way they have created New Bitcoin City, and the layer-2 solution for this project allows smart contracts to be used on the Bitcoin Blockchain such as tokens, decentralized exchanges (DEX), and more. This is the first (that I have seen) for Bitcoin Blockchain and it is pretty mind-blowing the power this platform has. I have a feeling this project is going to explode over time.
While still in the development phase, New Bitcoin City holds the potential to be a game-changer for the Bitcoin ecosystem. Success could translate into increased accessibility which will allow everyone to be a part of blockchain tech.
Though New Bitcoin City is in its early stages, it has the potential to reshape the dynamics of how people engage with Bitcoin. The only problem I have come across so far with NBC is its learning curve. There are no how-to videos or walkthroughs of how the project works. So you either have to have a friend show you how it works or research the project like I have had to do.
I have been lucky enough to be able to get my answers directly from the source. I have been talking to the New Bitcoin City team on Twitter and they have given me a bunch of info I could not find elsewhere. Keep reading to learn more about this amazing project and the plans the NBC team has for the future!
How Does New Bitcoin City Work?
In New Bitcoin City people have the opportunity to invest in you or anyone else for that matter. The platform uses something called Keys. If someone invests in your keys they get the chance of being in your private “circle”. They can see private posts you create just for your New Bitcoin City Circle and they can get involved in any giveaways you might do. Later in this article, we will go over what keys are, what circles and tribes are, what the Airdrop section is, and much more. In this section we are going to go over how exactly this platform works. Like I said earlier there can be a learning curve, and this platform can take a second to get used to and understand.
New Bitcoin City allows you to connect with other blockchain enthusiasts. If people like what you have to say or the content you share they can invest in your keys. If they do this they are given special access to whatever perks you set up. I am going to do my best to explain how this works but there is a lot to go over and it can be a little confusing. So bare with me as we explore this next level project.
You can do giveaways for your key holders by giving them something called red packets (you can also give this to new people for joining NBC). Red packets allow you to reward the people who have invested in you with more keys. Now keep in mind the people who have your keys can sell them at any time. Make sure that you are giving these keys to people you think will be around for the long term. I am sure we are going to see a lot of people trying to profit from this platform so be careful how you gift and how you invest. This project is less than a year old so the future is unclear.
Even though this project is less than a year old it has already created a large user base with more people joining daily. There is huge potential for this platform.
One thing I have noticed while using NBC is that it works much better when using your phone. The web browser version does not have half the amount of perks as the phone version does. The phone version is much cleaner and easier to navigate as well. When using the browser version everything is smooshed together and can be pretty overwhelming when first using the platform.
Something cool about New Bitcoin City is you can connect your friend.tech account up to your NBC account and easily transfer over funds and friends. They have made this a seamless process so you can switch over without problems. If you do not have a friend.tech account you can sign up using your Twitter account or your email.
What are Keys?
New Bitcoin City keys are a way to invest in your favorite creators and interesting people. If you think someone is genuine and like who they are, and what they post you can invest in them by buying their keys. As the creator grows so does the value of their keys. The more people that invest the higher the price.
HattyHats: How do keys work and what exactly do they get you?
New Bitcoin City: When you hold someone’s keys you can swap keys, access their private circles and have a chance to play private tournaments or join their private giveaways also.
NBC uses a fragmented key system. This allows you to be able to buy fractions of people's keys. I suggest getting them while they are low though because as the price goes up the ability to invest will get harder. My keys are fairly cheap so if anyone is feeling like investing in my blogging and video future I would love to have you in my circle. One of the cool things about the fractional key system is that you can make it so only holders of a certain amount of your key can join your “circle” which we will go over in the next section. For a short explanation, it is a place all of your investors can meet up and do different activities together.
If someone holds your key they get a couple of perks. These perks include being able to sell your key or exchange it whenever they want to, It allows them to get into your private circle (which we will be going over later in this article), and it also gives them the chance to play private tournaments or join private giveaways.
Key Staking
Key staking is a feature that allows you to stake your keys for a certain amount of APY (Annual percentage yield). I am going to quote some of the Q and A’s on their Twitter post but if you would like to check it out for yourself then click here.
Q~What’s the highest and lowest interest rate I can select?
A~The min rate is 1% and max is 10% for 30 days.
Q~ What's the size of the staking pool?
A~You decide the size of the staking pool by setting the interest rate and the reward amount. Based on the amount you set, it’ll calculate the size of the pool with the specific number of keys.
Q~Can you stop Staking your keys at any time?
A~Yes. As a Key owner, you can stop Staking at any time, and keys not used will be refunded to you. More options for locked keys will be available soon.
Q~What’s the minimum and maximum number of days I can Stake?
A~The default staking period is 30 days. Key holders have the flexibility to withdraw at any time, You’ll forfeit any interest earned. More coming soon.
Q~Whats the highest and lowest interest rate I can select?
A~The interest rate is set by the key owners, ranging from 12% to 120% APR.
Q~Can the key owners cancel staking pool at any time?
A~For now, the key owners can cancel staking anytime. And key holders that have keys staked will continue to be staked as normal.
There is a section that says Swap between Keys and Airdrop when using your phone. This allows you to swap your Crypto in your wallet but also allows you to exchange your keys in your wallet.
What are Circles and Tribes?
New Bitcoin City has something called Circles and Tribes. In this section I will go over each one and what they are used for. The idea behind this is pretty cool and allows you to connect directly with your subscribers and key holders.
Circles
Circles are a way for all of your key holders to connect with you and each other. Depending on how big of a following you have and how many people own your keys the higher you can raise the limit to join your circle. For example, at the moment anyone who owns 0.1 of my keys can join my Circle. As I get more key holders I will raise the stakes on being able to join. The more people you have the more chaos can go down. That is why you want to keep the best people in your circle. Not because they invested the most but because you know they are truly invested in you and what you are doing.
You have a variety of ways you can interact and reward your Circle. At the moment there are 10 different options to choose from if you are using the phone version. If you are using the browser version you only have one option which is gifting your key holding something called a red packet. I am going to focus on the phone version so you can get an idea of everything NBC has to offer. Below is a list of all of the ways you can interact with your Circle.
Jam - Jam allows you to create a live audio feed for you and your circle. You can listen to music together or you can start a group chat about certain topics.
Wheel 2.0 - You can offer a lucky wheel for your support circle. The prize will be used to buy keys from your top ten key holders or, as a mage prize, your keys. Your key holders can share your referral link for extra spins. The Min for your wheel is 0.005 BTC which is around $183 when writing this article.
Raffle - Gift NFTs to your circle.
Mr. Market - Not sure exactly what this is because it is not available in my region (US)
Rain - Make a red packet rain to get your key holders pumped for the next hour. You can choose any amount for this one.
Key Merge - Not available in my region (US).
Bitcoin 21 - Not available in my region (US).
Blast - Not available in my region (US).
Wombat Combat - Not available in my region (US)
Gift - Gift allows you to gift Red Packets to either New Bitcoiners to your circle or you can make them for Soon-to-be New Bitcoiners you refer to from X (formerly known as Twitter).
Play - This allows you to play games with the people in your Circle. They have four games at the moment. Key Merge, 21, Blast, and Wombat Combat. I have not yet used this but it seems like it would be a lot of fun to do with your Circle.
Now keep in mind a good majority of these interactions you need a decent amount of Bitcoin. New Bitcoin City is growing daily and adding new features so when you join there might be some new ones I did not get a chance to mention.
Tribes
Tribes is a group you can create. Anyone who holds you NFT can join your group. This is a fairly new addition to New Bitcoin City so I am excited to see how it goes and to learn a little more as the platform grows. There is not much info about Tribes yet but from what I can tell it is a group you can create specifically for anyone you invite that holds a certain NFT. More info coming in later articles.
Airdrop From Participating?
New Bitcoin City’s airdrop section confused me at first. I was not sure what it was and how it worked. To be honest I still do not really understand. From what I have learned, the airdrop section is a way to reward users with points that will eventually go to a type of reward. I am not 100% about what this reward will be but I am guessing Bitcoin or being able to participate in bigger events. Like I said at the beginning of this article, NBC can have a pretty high learning curve. It seems to me people are just hearing about it down the grapevine sort of thing. One person hears about it and spreads it on Twitter and then more and more. The reason behind the learning curve is because a good amount of info has not been released yet. They will be announcing soon what the airdrop points are used for and more.
HattyHats: What is the Airdrop for and how does it work?
New Bitcoin City: For now, it hasn’t been revealed yet. Ppl can earn more points through in-app activities. We’ll announce soon about how the airdrop points are used and further details.
I have a feeling this airdrop is going to be a big deal when it is announced. This is just my personal opinion but this project is growing extremely fast and people are pretty excited about it. The team seems to be on top of everything so I am guessing this airdrop is going to be something huge.
Depositing Into Your Account
If and when you decide to invest in New Bitcoin City you have a couple of options for doing this. You can invest using Stars Arena, Friend Tech, mobile, and desktop. I am going to focus on mobile because I believe this is the easiest and smoothest way to use NBC at the moment (for me at least). If you were a user of friend.tech then that might be the easiest way. It all depends on the user.
When you are ready to deposit you can deposit either ETH, BTC, AVAX, or USDT. Before you start jumping in and sending money I suggest you take a second and read this.
Before you invest I think you should know the fees involved with each option.
ETH - 0.003 fee
BTC - 0.00005 fee
AVAX - 0.42391 fee
USDT - 6 fee
If you are like me then every dollar counts. I suggest using BTC because it has the lowest fees for depositing. I wish I knew this before rushing in and trying to invest in my keys.
When I tried to deposit ETH using the Base network I did not see that there was a fee. I wanted to test the platform and invest in keys so I deposited $10 worth of ETH to test how everything works. I do not have a lot of Crypto so I have to be careful how much I spend. For the projects I believe in I end up locking up my Crypto associated with that project so I normally do not have too much extra to play around with. Anyway, back to my story. When I deposited I did not see the fee amount before I did the transaction. When the amount arrived in my New Bitcoin City wallet it ended up only being $2 because there was a $8 fee! This was entirely my mistake. If you are deciding to deposit anything other than Bitcoin the fees will be higher. If I had used Bitcoin then I would have only paid $1.86.
The point is to remind you to stay alert and read everything when sending your Crypto. I thought the fees on BASE would be a ton cheaper but I underestimated the fees. Either way, I learned a lesson while also helping the platform in a tiny way.
There is also an option to connect your Friend.Tech account to your New Bitcoin City account. If you are using the Desktop version there will be a button at the top right of your screen that says “Connect FT Wallet”. If you have a friend.tech account then you can seamlessly transfer over your funds and key holders.
Final Thoughts
New Bitcoin City might be fairly new but it has caught the attention of a good amount of Crypto enthusiasts. I can see why. This platform has a lot to offer and with the right mindset, you can really make a name for yourself and build your Crypto Circle. With the right circle anything is possible. Being able to have friends and people who believe in you in one easy to use place the sky's the limit.
This is not financial advice and I am in no way saying to invest in this platform. I am sharing my thoughts on the platform and hope to spread the word about growing platforms that stand out. It is up to you to do your own research and see what fits your wants and needs. Research is key when it comes to Cryptocurrency and Blockchain technology.
New Bitcoin City
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