AnalysisCryptocurrency news

What Is BitClout That Ensures Everyone Has Their Own Cryptocurrency?

What Is BitClout That Ensures Everyone Has Their Own Cryptocurrency?

BitClout, whose name has been heard by many users recently, can be mentioned frequently in the coming days with both its investors and its operating model. BitClout may actually have realized the monetization model of social media platforms such as Twitter for followers and profile.

What Is BitClout Aiming And Who Is Behind It?

Looking at the main page of the platform, it can be said that it has a similar model to Facebook and Twitter. Among the investors of the platform , it is known that there are names such as Reddit co-founder Alexis Ohanian , investment arm of Coinbase, one of the biggest exchanges in the crypto money industry, and famous venture capitalist Michael Arrington. The fact that users can earn income directly from their social media memberships and that it is decentralized can change everything.

To access the image below, namely the home page, users need a certain password for now. Those who try to enter the site without an encrypted connection only encounter a black screen and a red warning. As CoinTürk, we took our place on the platform. You can become a member of the platform and follow us through our Bitclout encrypted connection . Bitclout has a structure that acts on the blockchain. Every post, every liking etc. the transaction is recorded as a blockchain transaction. This causes the infrastructure to clog when serious loads occur. For this reason, it is possible to login to the site with a password.

Doing What Twitter and Facebook Can’t Do

Twitter’s SuperFollows model, or Facebook’s similar functioning that was recently shelved, has come to life with BitClout. In the article published by the BitClout team, it is emphasized that this is a social network that allows people and people to speculate with real money through their posts. BitClout, which is stated to be completely blockchain-based and decentralized, is a platform where almost everything is done with money. Just like Bitcoin, it is claimed that there is no person or institution behind it, and the project is completely open source.

How to Buy BitClout?

Although BitClout is the basic cryptocurrency, it can be said that each user’s account is also a token. BTCLT, BitClout’s own cryptocurrency , can be used for everything on the platform. In order to buy BitClout on the platform, the atomic exchange mechanism needs to transfer Bitcoin (BTC) to your own account. By entering the “Buy Bitclout” section on the right of the home page, you can send BTC to the displayed address and receive BitClout in return.

After sending BTC to the platform and purchasing BitClout, you can receive crypto coins called “creator coins” and produced specifically for each profile. The platform is currently in beta and the profiles of the most famous 15,000 people on social media platforms have been automatically added. Although users who have a watch image next to their profile have not yet entered the platform, those with blue ticks are known as those who approve their profile.

In fact, to buy someone else’s crypto money, all you have to do is enter the relevant profile and click the “Buy” button. After clicking on the option that appears next to the profile, the relevant buying table appears and users can perform the transaction as if buying from the same crypto currency exchange.

Just as you can buy other people’s crypto money, others can buy your crypto money. Each post, like, or similar action shared will be paid when the beta version is finished and the platform is fully released. It is known that this fee will be paid with BitClout.

Investing in Celebrity Cryptocurrencies

At the time of this writing, Elon Musk’s cryptocurrency is $ 85,000, while Katy Perry’s cryptocurrency is trading at $ 25,000. If users wish, they can try to increase the value of their cryptocurrencies with their posts or invest in profiles that they think will be directly valued. You can think of it as investing in the cryptocurrency of someone whose analysis you trust a lot on Twitter. When the platform was first launched, it was seen that Elon Musk’s crypto money had a low price of $ 104. It is worth noting that currently 1 Elonmusk token is worth 83,000 USD.

Unit prices in the first days of the platform.

Diamondhands , an anonymous person who is the founder of the platform, explained why he implemented such a platform. Diamondhands emphasized that privacy and anonymity are indispensable for social media platforms. In addition, underlining that content producers are not fully supported on any social media platform, the mysterious name thinks BitClout will be successful.

Attention About BitClout!

The most important issue that users should pay attention to with BitClout is that the atomic swap is still done unilaterally. While transferring BTC to the platform, it is not possible to transfer BitClout or BTC outside the platform. However, just like Bitcoin’s listing on stock exchanges, BitClout’s listing on exchanges may change this situation.

According to Blockchair data, 3,649 BTC, or approximately 200 million dollars, has been sent to the platform until this date. Larry Cermak stated in his statement on the subject that the platform could be dangerous and that users should take their own risks.

Litecoin’s founder Charlie Lee joining BitClout and approving his profile brings to mind that these listings will be seen very soon.

As CoinTürk, we recommend that you carefully research this new venture, which can be considered risky. Because at this stage, you do not have the opportunity to retrieve the Bitcoins you send to the platform, except for some OTCs. We will see together whether this will change over time.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton he is the editor-in-chief of the news portal. Blockchain is love.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Enter your email address:

Delivered by FeedBurner