You Can Now Invest Directly in Content Creators (& Yourself)
A comprehensive guide to early stage BitClout
Cryptocurrencies and the blockchain networks that they reside upon have risen to prominence as a viable financial investment in recents years. Traditionally, cryptocurrencies have been viewed as an extremely risky and volatile investment.
However with more investors and stakeholders seeing Bitcoin as a form of “digital gold” in its ability to act as a store of value, and utilising Ethereum as a coin upon which to run a variety of global transactions crypto has emerged victorious.
Just a few weeks ago Elon Musk announced that Tesla would officially accept Bitcoin as a legitimate payment method…
It’s also a very lucrative solution for investors looking to make money outside of the tightly controlled and operated realm of traditional investment institutions… Now, a platform (enter BitClout) has been created that allows individual content creators to have their very own creator coin, that can be traded for real money…
What is BitClout?
BitClout has dubbed itself “The Crypto Social Media Network” allowing its users to “speculate on people and posts with real money, and it’s built from the ground up as its own custom blockchain.” BitClout is literally a social media platform attached to a blockchain network. Much like twitter it has a 280 character limit on posts, and allows users to send DMs, like each other content and re-share it.
The site allows users to buy and trade tokens based on the value of someone’s reputation. For example Elon Musk is currently worth $84,000 on the platform despite not even joining it yet…
Every profile created on the platform gets its very own ‘creator coin’, meaning that if you sign up right now you’ll get your very own coin, that people can buy and trade however they choose. It operates on the same principle as any investment whether it be cryptocurrency or an individual stock:
“Buy things that you think will be valuable in the future”
BitClout says its creator coins are “the first tool we have as a society to trade ‘social clout’ as an asset.” This is a move to distinctly monetise the social credit that content creators earn through likes, re-shares and views across the slew of preexisting social media platforms. BitClout is still in its infantile stages at the moment, being less than one month old, but this platform has the potential to revolutionise the way we commodify work, art and so on.
With the rise of NFTs and the like, the world of crypto has become a landscape of wild experimentation and the strange rumblings of a new financial era…
How to Buy BitClout
The only way to purchase more BitClout is to exchange your pre-existing Bitcoin for BitClout, which you can use to buy the coins of a content creator(s) of your choice, or, your can purchase your own creator coins (if you think that your profile will rise in value over time).
Some have expressed concern that BitClout is simply a mechanism to steal Bitcoin, but BitClout’s lead creator, who goes by the pseudonym Diamondhands, told CoinDesk that several major investors, including Andreessen Horowitz, Social Capital and Coinbase Ventures are now backing the project financially.
This lends BitClout a good deal of legitimacy, as it attempts to disrupt both the worlds of social media and blockchain.
Is BitClout a Good Idea?
I think that BitClout has the potential to disrupt social media in a very legitimate way. By giving content creators a visibly monetised platform, people are willing to invest directly in others and themselves. It also means that content creators have a direct line to credit, and are able to “put their money where their mouth is”.
It also has enormous political potential, allowing grassroots fundraising for independent political campaigns like we've never seen before. Granting individual people the ability to directly invest in a politicians unique coin, may very well provide the first transprent access to financial donations in politics…
Personally, I've joined BitClout to be a part of the adventure, for good or for ill, and I’d recommend others to follow suit, especially if you’re not uploading your own Bitcoin on the outset; then you have quite literally nothing to lose.
You can follow me on BitClout here: https://bitclout.com/u/tmitchelhill
I’m quite intrigued as to where this journey will take other writers and digital creators…
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