I just joined the BitClout crypto social network after hearing about it on a podcast. BitClout is a crypto social media network where you can post digital content and buy and sell coins from different content creators. Think of it as Twitter, but you as a content creator are able to sell your own crypto coins by people investing in you by buying your virtual coins.
The price of your coin increases in value as more people buy the coin and you can also buy your own coin, meaning you’re investing in yourself. The concept seemed pretty interesting and since I wanted to be an early adopter I decided to join. I also wanted to further understand how the system worked and how people were using it.
So far it’s only been a few days since I have used the system and here’s a few points I have noted down:
- if you want to invest in yourself, buy early (before others invest in you)
- increase your founder reward to 90 or 100 as soon as you create your profile. That way you are able to buy your own coins when you receive BitClout coins from registering your mobile number and receiving money from giftclout. If you leave it to the default, people will buy your coins early on which will make buying your own coins with the free gitclout coins harder (less)
- you don’t need to create a username and can remain anonymous but it will be hard for people to invest in you if they don’t even know who you are or what you do
- there is an account called merlin that will send you some BitClout coins which you can use to buy coins for yourself and if you’re lucky merlin (the wizard) will also buy your coins
- you can fill out a form on https://www.giftclout.com/ and they will send you USD$11.11 worth of BitClout coins which you can then invest in yourself. The account will also buy your coins if your founder’s reward is less than 20%.
- According to the one pager on the BitClout website, this is the example that was used to explain how the founder reward is calculated:
- if someone sets their founder reward percentage to 10% and then someone bought 100 BitClout of their coin, then 10 BitClout would be used to buy the creator’s coin, and those coins would go to the creator’s wallet rather than the purchaser’s. Importantly, the founder reward is only paid on “net buys” of their coin. So, if someone were to buy 100 BitClout of the coin, sell, and then buy again, the creator would only have 10 BitClout of their own coin at the end. Thus the creator can own 10% of the total supply simply by setting their founder reward to 10% while being aligned with increasing the net buys of their coin indefinitely.
- In order to buy Creator coins, you need to have BitClout coins and to buy these BitClout coins you need to have Bitcoins. You need to send your bitcoins to a bitcoin address and then convert the value to BitClout. Once you have Bitclout coins you can buy the Creator coins
- Don’t lose your secret phrase or passphrase as there is no way to recover this. Once you lose this, all your coins will be lost forever
- Since the concept is very similar to all the other social networking platform, you need to engage with members of the Bitclout community by sharing content, liking posts, replying to posts, tagging members by using the @ symbol and using hashtags. You can also follow other BitClout members to increase engagement
- the creators with the higher coin value seem to be celebrities who are not verified on the platform. These accounts were not even created by the owner and in order to verify ownership of the account, the person who wants to claim it needs to publish a Twitter post (tweet) and with the public key and hashtag #bitclout.
- One of the biggest concerns with the platform is that you cannot withdraw or convert the BitClout coins back to bitcoins. Maybe this will be added in the future but at the moment you can only deposit and not withdraw which doesn’t really make sense to some people
- Yes, it’s another social media platform where you have to be engaged. A lot of people who have joined are hooked/addicted as they want to either increase the value of their coin or invest in someone who they believe their coin will increase in value over time
Overall, it’s a very interesting concept and one where I want to see it grow and expand but more importantly I want to learn and become an early adopter of the different technologies.
If you want to follow me on BitClout you can do so here and feel free to buy my coins. Thanks in advance.
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I am an entrepreneur based in Sydney Australia. I was born in Vietnam, grew up in Italy and currently residing in Australia. I started my first business venture Advertise Me from a random idea and have never looked back since. My passion is in the digital space, affiliate marketing, fitness and I launched several digital products. You will find these on the portfolio page.
I’ve decided to change from a Vegetarian to a Vegan diet and started a website called Veggie Meals.
I started this blog so I could leave a digital footprint of my random thoughts, ideas and life in general.
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