How Does BitClout Work and How to Make Money on BitClout?
BitClout is a social media platform that has recently entered the crypto world.
BitClout wants to be “The Crypto Social Network” and their slogan says it all: “Speculate on people and posts with real money.”
BitClout platform allows users to buy and trade tokens based on the value of someone’s reputation, which is measured by how many followers they have.
Every profile on the platform gets its own “creator credit” for every post, like, or follow that occurs as well as a ranking score called “EQ.”
EQ stands for Emotional Quotient, which determines how much emotional intelligence someone has in relation to other profiles on BitClout.
Every profile on the platform gets its own “creator credit” for every post, like, or follow that occurs as well as a ranking score called EQ.
The higher your social media rankings are (based on how many followers you have), and so too will be your BitClout points–both in number value AND money worth.
This is a genius new way to look at Crypto and Social Popularity. The implications of this kind of structured system that leverages blockchain technology are endless.
BitClout coins are the first tool we have as a society to trade ‘social clout’ as an asset.
I think BitClout is a revolutionary concept because it truly brings about social responsibility, and has the potential to be one of our first steps into designing an economy that’s not based on greed.
This is a revolutionary concept because it truly brings about social responsibility, and has the potential to be one of our first steps into designing an economy that’s not based on greed.
In its own words, BitClout says this platform “allows users to speculate with real money.”
The idea behind trading popularity in terms such as Likes or Followers bares resemblance Bitcoin but also includes elements seen within other platforms like Twitter’s post feed function where you can see people posting things out there for everyone else consume them at their leisure – essentially having no control over what they are doing through these posts being visible across different channels without any way whatsoever stopping themselves from continuing down those paths–which extends well beyond just someone who might have gone viral today after winning.
The power behind this coin-based system comes from its ability for users with large followings or high-ranking EQ.
You can buy the coins of any account and their value is based on how popular they are. Also, when you buy a coin, a percentage can go to the account holder which makes things more interesting.
So, if you can catch and buy an account on the rise, you could literally 100x your money in 1 day. What I did was to put in $0.50 to $10 on different accounts.
I have invested $1,000 so far and am excited to see what happens. Since all of this is based on buzz and popularity, it is the wild wild west right now.
Speculation will also work here. Since everything is tied to Bitcoin, as your investment rises, Bitcoin probably will rise as well and you will get that much more return on your investment.
How to Use Bitclout
You can buy BitClout currency with Bitcoin. Here are the steps:
- You need to have purchased Bitcoin. I have Bitcoin on Coinbase. Coinbase is super easy to sign up for.
- Once you buy Bitcoin, make a BitClout profile here: http://bitclout.com/ (you can have your own coin as well!)
- Now, you can buy Bitclout with Bitcoin by sending Bitcoin to your specific address
- After you’ve transferred Bitcoin over, you can buy BitClout directly on their website.
- Once you’ve traded for BitClout you can use it to buy your favorite creator’s coins!
Suggested Functionality for BitClout
- What if they actually looked at the backlink profiles of accounts as well?
- From an E-commerce standpoint, the clout has some implications for brands as well. What if brands could raise money through this technology?
- Because everything is tied to BTC, what happens if a profile or account is deleted? Where does the wealth go?
How to Withdraw Money or BTC from BitClout and Get Your Money Out
There is no way to get your BTC and cash out of BitClout currently, which is a bit suspicious. I did contact them on this multiple times but it is too early to tell.
How to Make Money on Bitclout
My recommendation would be to put in $100 to $1,000 (send BTC to your account) and buy coins from accounts you know will be popular. My prediction is that you will get at least 5X that money in 10-20 days.
What Is Founder Reward Percentage and Why Is It Important?
A founder reward is a percentage of the coins that creators sell, but it’s not an all-or-nothing type deal.
Creators can keep some for themselves and give other people in exchange their own coin as payment.
The default founder reward is 10%. I recommend keeping it at this level because influencers are incentivized to adopt your coin, and if they do so then their followers will be too!
Due to the high perceived greediness of raising fees, it may reduce token purchases.
However, if you have a small amount of funds available for investment in your own coin there is no reason why this should be an issue and realizations are that even with under $10-$50 people can make huge gains from their investments.
How Can I Increase The Value of My Own Coin?
Likes, comments, and “reclouts” do not increase the value of your coin. There are only two things that affect it:
The price in Bitcoin on a global scale; How much other people have purchased from you or given as an appreciation gift for something they did for you personally (e.g., paid off credit card debt).
Bitclout has also made buying, selling, and exchanging coins very easy. All you have to do is go on the site and deposit your desired amount.
Creator coins have an inherent scarcity because the number of them is small, with generally fewer than 100 to 1,500 in existence for each profile.
However, this does not make it any less valuable or rare; on top of their natural shortage, they also go up automatically at a faster and faster rate making these prime investments!
When you create a profile, it’s initially got no coins in existence. If I want to buy from your account and they’re willing enough for me too-they’ll be minting them out of thin air at my request!
Pricing is based on the demand curve so keep an eye out because prices will go up as more people invest in this new market opportunity.
When you buy creator coins, they’re locked in exchange for money. If someone else wants to sell their coins–the profile will happily buy them from you according to a curve using funds previously invested via the purchase of this digital asset!
The cycle of buying and selling creates coins while pushing the price up, but selling destroys coins in order to bring down prices.
The only way to increase the value of your own coins is by getting people to buy them.
You will need both a strong argument and a good reputation if you want others to invest in what could be valuable goods for them, otherwise, there’s no point at all coins have practical uses as well!
Why Should You Buy Your Own Creator Coin?
When you create your Creator Coin account, it’s up to you how much you want to bet on yourself.
When you create a profile, there are initially zero coins in existence. This means that the price for your creator’s coin will be $0!
The ideal strategy for beginning investors is to buy as many coins as their own coin, at least in the beginning when creator coins will cost you less.
This way only then should a profile be made public and promotion efforts started on social media channels or other online platforms.
The theory behind Bitclout and creator coin is simple: buy early and bet big, because each additional creator coin issued will become more expensive.
In short, you’ll never get more coins opportunity again to snag your creator’s coin at today’s price!
It’s no surprise that investing in an influencer can be a good decision, as the incentives for engagement are aligned.
This makes sense and will give followers more confidence to invest their creator’s coin when they see how committed their favorite creators/influencers really are!
I can talk for a long time about BitClout, but I will end it here because there are some things that need more explanation like how these BitClout coins work with Bitcoin or what happens if people stop following each other BitClout account?
But those questions should be answered soon since they’re now in beta testing. We shall find out if this is a legitimate opportunity or another Crypto scam.
FAQ – How to Make Money on BitClout
Can you make money on BitClout?
The easiest way to make money on platforms like these is by buying coins.
You can do this not just for creators whose content you enjoy but also with projects that are important in your life and want to support, so they’ll grow into something even better!
What can I do with BitClout?
The founder reward is a percentage of the coins that are created.
It provides an incentive for someone to buy your creator coins and help grow your coin value, as well as giving them an extra stake in its success!
The creator can decide how much equity they want from each token sale (10%, 20%) but it’s important not to set this too high or low – 10% might be good if there aren’t many investors yet while setting sights on being successful with some sort-of reserve fund before expanding more widely into markets like betting where success depends heavily upon branding).
How do I sell coins on BitClout?
Before you can create a sell bitclout order, the first step is to deposit BitClout into your account.
From there it will be possible for users like yourself and me who have funds in their balances on this site-to take out whatever amount we want by selling our coins anywhere else that takes them!
How do I convert Bitcoins to BitClout?
Once the wallet is set up, go to “Buy BitClout” on the site. Copy down your address under “Send Bitcoin To This Address” and return it in a browser or app of choice as well!
Once there select ‘send Crypto to another Wallet’ then choose how much money you want to convert into bitcoins by selecting both amounts & whether it’s SellingPrice (BTC) or Buying Price(ETH).
Click continue when done.
Is BitClout real?
BitClout is not just any company.
It’s a social media platform that runs on blockchain technology and was created by an anonymous group of developers, backed only with its own token currency called BTCLT (Backers Only.
How do I buy a BitClout creator coin?
If you are interested in buying a creator coin, visit the profile of someone who has one.
In the top-right corner click on their picture and navigate down towards the “buy” menu where it says ‘bitclout’. Select this option to complete your purchase!
How do I remove BitClout?
BitClout accounts can only be removed by the account log user data holder.
If you don’t want your profile anymore, request removal from BitClout in order to remove all the data associated with BitClout data and delete that node entirely!
Is BitClout safe?
It’s a fresh market with huge potential, and with major investor interest, there is no reason to believe that BitClout isn’t the “scam” some have accused it of being.
Is BitClout a coin?
BitClout is an open-source cryptocurrency project and social media platform where users can buy, trade, or sell creator coins based on people’s reputations.
These non-fungible tokens (NFTs) On the site you will find short-form writings with photos similar to in Twitter.
Should I invest in BitClout?
Investing in BitClout itself, finding, or buying creator coins that are likely to increase in value can be profitable and satisfy both investors who want the inherent security of a cryptocurrency, as well as speculators.