If you have been closely following the cryptoverse, you must have heard of the rising social network ‘BitClout’. Whether you are wondering what BitClout is all about or thinking if it is worth your time, read on till the end. You can learn all you need to know about BitClout before you sign up for the hottest crypto platform and bet on the popularity of public figures by buying tokens. So without further delay, let’s get started.
Well Firstly I would like to state that BitClout, a cryptocurrency platform designed to operate as a social network, has already drawn in celebrities and investors from billionaire . BitCoult is a social network lets users bet on the popularity of creators and influencers. It is built on its custom blockchain, and everyone has their own coin on BitClout. These coins, which are non-fungible tokens (NFTs), are called “Creator Coins”.
BitClout is designed to let people bet on the popularity of public figures by buying tokens associated with people's profiles. Users can use BitClout coins to buy a Creator's Coin and watch its value change based on the creator's popularity on the site.
How do you buy BitClout currency? You will need Bitcoin to buy BitClout currency. And do keep in mind that there is no official way to withdraw or cash out funds right now. However, a trading site named BitSwap is about to go public that promises to let you buy and sell BitClout for Ethereum.
How to buy BitClout coins?
The only way to buy BitClout is by using bitcoin. Thus, the first step is to download a digital wallet app or create an account on a desktop and buy bitcoin.
How to use BitClout to bet on the popularity of influencers like Elon Musk on the world's first crypto social network
Grace Kay Apr 17, 2021, 7:55 AM
Elon Musk's profile on BitClout
BitClout
BitClout allows users to invest in celebrity fame by buying tokens that increase in value as the creators gain popularity.
The site traded over $225 million within a month of its launch and is continuing to grow.
Here's what you need to know to get started on investing in creators on BitClout.
See more stories on Insider's business page.
BitClout, a cryptocurrency platform designed to operate as a social network, has already drawn in celebrities and investors from billionaire Chamath Palihapitiya to YouTuber Jake Paul.
The site has traded over $225 million within a month of its launch and is worth about $1 billion, according to a recent report from New York Magazine.
BitClout is designed to let people bet on the popularity of public figures by buying tokens associated with people's profiles. Users can use BitClout coins to buy a Creator's Coin and watch its value change based on the creator's popularity on the site. The site started with 15,000 creator accounts preloaded from the most popular Twitter profiles.
At the moment, Tesla CEO Elon Musk has the most expensive Creator Coin, coming in at nearly $70,000. The Creator Coins gain or lose value depending on how many people buy coins associated with the profile, as there are between 100 to 1,500 coins in existence for each profile.
Individuals included in the 15,000 preloaded Twitter profiles can claim their account by tweeting their BitClout public key, found under the profile section, alongside #bitclout. The creator then receives a blue check mark next to their account name and can begin earning a percentage of the profits from the Creator Coins associated with their name.
Top creator accounts on BitClout
Top creator accounts on BitClout BitClout
Even people outside of public figures and celebrities can profit off their own Creator Coins, as well as generate money investing in other accounts. BitClout investor @Sigil told Insider, he invested about $150 Canadian dollars in his BitClout account and made thousands within three days. The 17-year-old was also able to push his own coin's value from $0 to a market cap over $500,000.
How to set up your BitClout account
BitClout sign up page
BitClout sign up page BitClout
The first step to setting up your BitClout account involves keep tracking of a "seed" phrase for your account. The string of non-related words operates as a type of passcode or safety measure for protecting your account.
At this point, it is important to save a picture or write down your seed phrase, as the site will require the phrase whenever you need to log in or out of your account. The site warns that if you lose your seed phrase, your account, along with the money you put into it, will be lost forever.
How to buy BitClout coins
The only way to buy BitClout is by using bitcoin. Thus, the first step is to download a digital wallet app or create an account on a desktop and buy bitcoin.
Once the wallet is set up, the next step is to go to the "Buy BitClout" tab on the site. Copy the address under "Send Bitcoin to this address" and go back into the wallet app. In the app, select "Send Crypto to another wallet." Then, select the amount of money you want to convert into BitClout and hit "Continue."
When the next page appears on the digital wallet, paste your BitClout address into the "To" field and select the preview button. You will see a preview of the transfer, as well as the network fee. If the amount is an appropriate number, you can hit "Send now" on the digital wallet.
This way, users can directly support and engage with their favorite creators, thus, eliminating the need for another social platform.
Similarly One Can purchase others or your's coin if they like it.
Coming to the social media aspect, the BitClout interface essentially resembles Twitter. You can like, reclout, quote clout, and comment on posts. Yeah, those are real features, and we are not joking. Each post has a character limit of 280 characters, just like Twitter.
At the moment, Tesla CEO Elon Musk has the most expensive Creator Coin, coming in at nearly $70,000. The Creator Coins gain or lose value depending on how many people buy coins associated with the profile, as there are between 100 to 1,500 coins in existence for each profile.