Last updated on June 7th, 2021
Well, it seems like Bitclout has been trending for a while now and all the industry insiders are talking about it. So what is this Bitclout all about?
What is Bitclout?
Well, Bitclout is like a half social media platform and a half cryptocurrency exchange.
We can say it’s basically a social media platform where you will bet with the creators for real money.
2 great features of the Bitclout platform:
- It’s based on blockchain similar to Bitcoin
- It’s an open-source platform
BitClout is one of the most recent viral social media platforms to emerge in 2021. Blockchain is being used to create this viral social media platform.
Bitclout gives users and content creators the opportunity to make a money. In this blog article, we shall discuss how does Bitclout work and is Bitclout a good investment to make.
How Does Bitclout Work?
With BitClout users can purchase creator coins’ or ‘tokens’ that are linked to national or foreign celebrities. When fans of these celebrities purchase tokens, the value of these tokens increases, and when people sell these tokens, the value of those tokens will go down.
The aim of Bitcloutt is to make it possible for everyone to make profit from their online presence and become a valuable internet influencer.
For example, if you adore a particular artist, you can show your support by purchasing their coin or token. You will eventually make a profit by selling the tokens and making a good profit as the price of the token rises.
The Bitclout price will double for every million Bitclout which is being sold.
Celebrities and users can post updates to their timelines in the same way as Twitter users can tweet and also follow their favorite profiles. Users can send messages up to 280 characters long and can even attach images and videos up to 2 MB in size.
Each user receives their own creator coin upon registration. If you believe the price of a particular coin will rise in the future, you may opt to invest in it and make a profit. Many well-known celebrities have already signed up for BitClout including Elon Musk.
Similar to Bitcoin, BitClout is a completely open-source project with no business behind it. It’s just coins and code.
Bitclout is being backed by investors such as Sequoia Capital, Alexis Ohanian who is the cofounder of Reddit and many more top organizations have invested in Bitclout.
Who Founded Bitclout Project?
Bitclout project is founded by Nader Al-Naji and you check his twitter profile below:
You can check, in buy creator coins that there are some checkmarks and some profiles don’t have any checkmark and are in clock symbol.
Checkmark profile means that these people know that the platform like Bitclout exists and they are using this platform.
Clock symbol suggests that these are reserved for these people as these people are considered as famous in the industry. But these people might not even know that a platform like Bitclout exists.
These clock marked profiles can go to the Bitclout and claim their profiles.
But Bitclout is monetizing them without even getting their permission and few people might not like this and will go against this. As an example check the tweet from Preston Byrne below:
The thing you need to understand about Bitclout is that the market doesn’t determine the price of the Bitclout. The price of the Bitclout is completely determined by Bitclout as I have mentioned before the price of the Bitclout doubles for every million Bitclout sold.
The concerning factor about Bitclout is that there isn’t any withdrawal option. The only thing that you can do as of now is that you can sell your creator tokens back to Bitclout and you cannot transfer it out of your account into your bank account.
Bitclout looks bit risky but if you know when to get in and when to get out, you can definitely make money.
Is Bitclout a Good Investment?
Well, investing in Bitclout wouldn’t be a great option for you as there isn’t any withdrawal option i.e you cannot really make money here. But we can’t really say this is a scam or something but as long as there isn’t any withdrawal option, Bitclout isn’t a good option to check out.
But for sure those big investors who have invested in Bitclout are definitely going to make money as they are the early investors into this project.
But anyways keep checking the platform, you never know this might become the next big thing in the next 10 years!
You can go to the Bitclout website and sign up for this trending Crypto Social Network and start investing if you think this will go big in the future!