BitClout is a social network platform that is a combination of social networks such as Facebook, Twitter, Linkedin, etc, with blockchain technology.
Maybe you’re new to BitClout too, so this will be very, very interesting, to explore further. BitClout at a glance, it is a social media blockchain (Bitcoin block exploration service). BitClout lets you speculate on people/artists and their posts for real money and is built from scratch as its own custom blockchain.
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Contents
What is BitClout?
Referring to the source guide, BitClout is a new model of social network that mixes speculation with social media. It is similar to common social media platforms like Facebook, or Twitter, but is built from the ground up on blockchain technology.
Some people say that BitClout is the cryptocurrency of celebrities. Maybe because it stands from many profiles of top influencer names like Elon Musk, there is also Avenged Sevenfold and many other famous names.
BitClout is more inclined as a custom blockchain, this is similar to Bitcoin as an open-source project, but this platform only supports social media data like posts, profiles, follows, speculation features, and much more. Here site display.
When did Bitclout launch?
This BitClout platform is very new, it might become a hot topic in the future, as it is supported by celebrities who can drive the usability of BitClout open source projects. The artist name like Bella Thorne, Steve Aoki, Jake Paul, and Diplo already joined the platform.
Since its launch on April 14th, 2021 ago, BitClout has had a great market reception. BitClout Holding managed to raise $1 million and a day later raised up to $5 million. Since launch saw impressive growth in the first month over $225 million has flowed into the BitClout platform.
BitClout’s growth has also got support from mainstream media such as Business Insider and New York Magazines, which also seem to favor BitClout.
BitClout Coinmarketcap
IN Coinmarketcap BitClout is a token with the ticket name “CLOUT”, this is the native token used in the BitClout ecosystem for transactions.
At this time the price of CLOUT reached $184 but there is no market capitalization information available for CLOUT. At rank 2659 and on 652 see it as a watchlist. We can only see Daily Volume reach almost $2 million rises 15% at the time of writing.
BitClout Founder
Unlike other NFT projects where the inventor clearly mentions the name and team members. BitClout only names its inventors as Diamonhands.
This is why BitClout in their launch caused controversy. Because this platform has used the names of prominent people on Twitter in the BitClout platform profile without the owner of the name knowing or not.
Indeed, BitClout managed to have $170 million worth of Bitcoin, but in its launch, it received criticism from investors.
Citing reports published on Decrypt, that Diamonhands had made a video call but his face was not shown, and he did not reveal his real name.
It certainly becomes doubtful about this BitClout platform can really be trusted or not. But supporters and Diamondhands say the suspicion is overblown because it could shift the monopoly of both Facebook and Twitter.
BitClout Whitepaper
BitClout Whitepaper, which is written in pdf format, there only has 7 pages with a table of contents consisting of titles and subtitles in the following order.
- What is Bitclout?
- What are Creator Coins?
- The Power of Decentralization.
What is Bitclout?
The first chapter of the BitClout Whitepaper introduces the BitClout social network platform. Then on the second head about the procedures for buying BitClout which can use Bitcoin directly through the application.
What are creator coins?
This chapter provides an explanation of the Creator Coin which is divided into seven-second headings consisting of:
- Everyone Has a Coin.
- You Can Buy Your Favorite Person’s Coin.
- Tweet to Claim Your Profile.
- What Are Creator Coins Useful For?
- Emergent Phenomena.
- The Creator Coin Supply Curve.
- Founder Rewards.
Here the link to the Bitclout whitepaper.
BitClout how does it work?
BitClout is a decentralized social network, it has a unique way of working by leveraging profiles to become what they call “Creator Coin”.
Each profile has coins that other users can buy and follow him. But to do that the user must have a BitClout token which can be obtained through the BitClout application using Bitcoin.
This is why BitClout calls it a mix of speculation with social media. Because by buying Content Creator they speculate that in the long run the profile has a good reputation and their coin value goes up.
For example, if you are interested in the profile of Kim Kardashian or Elon Musk, first find Elon Musk’s profile and there are “Follow” and “Buy” options. Simple, you just need to click Buy, you will be directed to the coin purchase process.
Maybe when you look at Elon Musk’s profile there is a notification “This profile is reserved @elonmusk has not joined Bitclout yet.” That’s because it includes profiles for the top 15,000 influencers from Twitter preloaded onto the BitClout platform.
What is BitClout Coin?
BitClout coin is a token used in the BitClout blockchain ecosystem. The token also uses the ticker CLOUT. BitClout coin is a must for users to be able to do many things including a completed profile, it requires 0.01 CLOUT which is equivalent to $1.86. This option is easier instead of verifying with a phone number. Because when we tried to use the phone number it didn’t work.
BitClout Coin can be used to buy Coins generated by Content Creator. You also can’t follow someone’s profile if you don’t have enough BitClout coins.
So if you want to use the full service to buy and sell BitClout and explore all the available services, users have to buy CLOUT tokens.
The price of BitClout blockchain will double with every million coins sold, and the manual says the CLOUT token will only have 19 million coins in the long run which is lower than Bitcoin which has 21 million coins. So if a user buys BitClout coins at this time the price is still lower than in the future when multiples of a million coins are sold.
How many BitClout users?
BitClout has become a new social media where more than 160,000 users are fanatical users. This number can still grow in the future. Because it is a unique new way to interact and invest.
If you are an active Twitter user, BitClout blockchain offers not only status updates, but also investment options. Many artists have joined the BitClout platform including billionaire Chamath Palihapitiya to YouTuber Jake Paul.
Assets called Creator coins function like commodities that can be traded. If demand increases on Creator coin it will increase its price. And investors can sell tokens when getting gain.
How does BitClout make money?
BitClout is a social media that goes without ads, at least for now. How BitClout blockchain makes money is from low transaction fees.
Not all can successfully verify the phone number, the option to complete the profile costs 0.01 BitClout which is equivalent to $ 1.86, and even then it will be valid forever.
Whereas users can make money by buying assets from the creator coin if the reputation of the creator coin increases it will cause the price to go up.
Can you sell BitClout coins?
On the BitClout platform, there is no direct option to sell BitClout coins. But at the moment BitClout tokens are available on the Bitcoin.com exchange. On this exchange, traders can trade CLOUT for the pairs CLOUT/USD and CLOUT/BTC.
You can try sending CLOUT tokens to Blockchain.com exchange and then trading by selecting one of the options, BTC or USD.
Another exchange that is an option for CLOUT trading is BitSwap. However on this exchange to trade CLOUT only with Ethereum. So if going to sell BitClout via Bitswap, the user must connect with an Ethereum wallet, because it will be converted into an Ethereum coin.
BitClout how to withdraw?
We did not find how to withdraw BitClout. Although there is a CLOUT wallet available on the platform, it only serves to receive and send BitClout tokens within the network. So one user can send it to another user.
But maybe one way to withdraw BitClout is by contacting an exchange that has listed CLOUT on their platform. That is to get the public key to receive the CLOUT token.
Additionally, we found a tutorial on BitSwap that the first step is to register on the exchange.
In the user registration form box, fill in your BitClout username, email, and password. After success, the user can deposit the CLOUT to the BitSwap wallet. Only then can you make a withdrawal.
Another way is to use the withdrawbitclout.com service. The team behind this platform are BitClout users who have the nicknames @marionawfal and @Bobz
BitClout pulse wallet analyzer
BitClout wallet analyzer functions to track the value of the creator coin wallet, just by writing the public key or username in the search box through Wallet Explorer, tracking results will appear containing information related to the market value and balance of the wallet.
For example, if you want to track ElonMusk’s wallet, type “Elonmusk” in the search box and then click “Explore”. It maybe will appear few names like Elonmusk, Elonmuskrat, etc. Just click the correct username to finding wallet information.
Or the quick way is just needed to copy the public key on the profile and paste it into the search box, then click “Explore”.
BitClout how to buy?
To buy BitClout you can use Bitcoin and or USD. Here is the step using USD.
- Login to BitClout then click Buy BitClout.
- If you buy use USD, type amount to buy, and click Buy Bitclout.
- Next, you have to complete the transaction via Sendwyre. For transactions above $450 BitClout, a week must complete the data for verification.
- If already confirmed then appear exchange rate. Just click next.
- Select payment method Apple pay or Card payment and click next.
- If you choose card payment then need to fill in card information.
- Enter payment and click submit.
- Check your wallet, should already available in just a few minutes.
If you buy BitClout with Bitcoin, click Buy with Bitcoin, a Bitcoin address information will appear. To make it possible to buy a BitClout coin with Bitcoin.
- The first step is to send a minimum of 0.0003 BTC to the Bitcoin address above.
- Fill amount BitClout wants to buy or click “Max” to allow you to buy maximum funds.
- Click Buy Bitclout to swapping Bitcoin to BitClout coin.
Where to buy BitClout crypto?
The CLOUT token is relatively new and there are not many exchanges listing coins from BitClout. CLOUT information is currently available on Blockchain.com exchanges. You can find profile @blockchain on the BitClout platform. It’s already a Verified account, 819 followers at time press, and ≈ $21.58 market cap.
The exchange notified its customers that it listed CLOUT tokens on June 20, but started a CLOUT auction on June 15, 2021.
Another alternative is through the BitSwap Network. However, they only use Ethereum to buy and sell BitClout. You can also find a @BitSwap Profile on BitClout which currently has 4358 followers and has a market cap value of $918,475K.
Is BitClout a good investment?
The BitClout blockchain platform can be said to be still new, it is not known for sure whether it will be a scam or not in the future. But their marketing is quite successful by bringing influencers into their platform.
This is the upside of BitClout, investing similar to stocks but buying influencers. Not a company but a person’s profile whose value rises or falls on his reputation.
Till now there is no information that anyone has made their BitClout withdrawal with Bitcoin. Because the platform is also not available how to make a withdrawal. Existing users can only buy BitClout using USD or Bitcoin. But there is no withdrawal option.
The only way to try is to choose one of the exchanges that accept CLOUT trading like BitSwap or Blockchain. Moreover, the inventor is an anonymous person, with the nickname Diamondhands, no one knows who he really is. Maybe he wants to be like the inventor of Bitcoin who is not known who he really is.
BitClout price over time
BitCoin’s price over time is in the range of $150 to $200, that price will tend to stabilize until every multiple of one million coins is sold. All-time high at $198.68 -12.2% Jun 19, 2021, all-time low $166.94 4.5%, Jun 21, 2021 based Coingecko.
BitClout price prediction 2021
BitClout blockchain price prediction 2021 according to our analysis, the price will still tend to be relatively up and down in the range of $170 – $180.
We did not find forecasts of popular sites such as WalletInvestor, Digitalcoinprice, and others for CLOUT tokens. However, from price history, it can be analyzed that the range of price movements is in the low range. Unlike Bitcoin which goes up and down drastically.
Should I buy BitClout?
You don’t have to invest in BitClout, because this is an investment with speculation, some investors try to give their shoes on this platform just to give it a try. If you are willing to spend some Bitcoin on your wallet, BitClout is an interesting platform to take speculation.
It might be safer if it turns out that some investors’ doubts are answered with a scam. Because this platform is relatively new and is not owned by a company where it is a decentralized social network blockchain.
Final Thought
BitClout is a relatively new platform, but it has been the subject of much debate, as controversy has brought many Twitter profiles within the BitClout environment without the permission of the profile owner.
But the concept that was brought was very attractive to crypto investors, it was proven that their fundraising managed to get more than $200 million. Some even believe that BitClout can outperform Facebook and Twitter. Because there offers a unique way to share user creativity. Which is a mix between social media and investment speculation.
This article is for informational purposes only and does not constitute investment advice, all risks resulting from the use of information are the responsibility of each investor.
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