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Thursday, June 24, 2021

What Is BitClout and How to Bet on Popularity of Influencers?

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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.

BitClout Explained: Bet on Your Favorite Influencers or Public Figures (2021)

What is BitClout?

BitClout is a new crypto social network that 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”, and anyone on the platform can buy or sell coins using BitClout currency – the default currency used to buy Creator coins.

Now, your next question must be – 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.

Here’s an example that puts things in perspective: Consider two BitClout users – person A and person B (you). Let’s assume Person A is a rising influencer, and you (as an audience) are sure that person A will become successful in the foreseeable future. If that is the case, you can buy person A’s creator coin on BitClout. Then, as the popularity of person A rises, the value of A’s creator coin is expected to increase. You can then sell A’s creator coin that you bought for a cheap price at a considerable profit.

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

This way, users can directly support and engage with their favorite creators, thus, eliminating the need for another social platform. Similarly, other users can purchase your coin if they think you are worth it. BitClout’s creators also envision many use-cases, including exclusive meetings for coin holders, prioritized messaging, sponsored posts, premium content, and more.

BitClout Interface and Creators

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. Check out the home page below:

bitclout homepage

BitClout also has a messages section that you can use to send DMs to fellow BitClout users. The platform has no privacy settings, meaning you cannot turn of message requests, so it could likely be a nightmare for influencers and online personalities. Take a quick peek at the messaging UI right here:

bitclout messages

While there is no concrete evidence on the creators of BitClout, it is widely speculated that former cryptocurrency startup Basis’ founder Nader Al-Naji is behind the project. There is an official account for the creator on BitClout and it uses the pseudonym ‘diamondhands’.

Who Is on BitClout? And, Can It Make You Money?

In an attempt to avoid impersonation, BitClout has reserved the accounts of the top 15,000 Twitter influencers. Reserved accounts that are yet to be claimed have a clock icon next to their names. However, some users did not like this approach. For instance, Singapore’s Prime Minister Lee Hsien Loong took to Twitter to call out Bitclout for listing his profile without permission. The account has since been taken down. In addition, you should also know that the alleged creator of BitClout has received a cease and desist letter for not seeking permission before creating the reserve account.

As of writing this article, of the top 10 most valued accounts, six of them are verified ones, two of them are reserved accounts, and well, we have two other users on the list as well. Unsurprisingly, Elon Musk’s reserve account has the most popularity and valuation. Here are the top 10 accounts along with their coin price, as of May 28, 2021:

Top 10 BitClout Accounts

  1. elonmusk ~$50,179.50 – Reserve Account
  2. naval