BitClout investor @Sigil told Insider, he invested about $150 Canadian dollars in his BitClout account and made thousands within three days. The 17-year-old was also able to push his own coin’s value from $0 to a market cap over $500,000. Nowadays, most people prefer to use hardware cold wallets, if you want to store a large number of coins or tokens, you can choose to use a hardware cold wallet to store your assets. When you create a profile, there are initially zero coins in existence, which makes the price for the creator’s coins $0.
Thus, the first step is to download a digital wallet app or create an account on a desktop and buy bitcoin. For now, users can sell their coins on various Discord servers or via Twitter threads. @Sigil is also working on his own business to solve this problem by building his own trading site called BitSwap, a site that allows people to buy and sell BitClout for Ethereum. @Sigil told Insider he doesn’t see BitClout as any different than bitcoin. When the first decentralized cryptocurrency launched it also did not have a way to directly convert the bitcoins back to US dollars.
The opportunity is huge if you apply the right growth strategies
This wikiHow article teaches you how to use BitClout to turn your online popularity into cold hard cash. BitClout is an open-source social media network that runs on a blockchain, sort of like Bitcoin. But unlike Twitter or TikTok, BitClout has its own cryptocurrency called CLOUT, which you can use to invest in other creators. When you set up your BitClout account, you’ll also be creating your very own cryptocurrency, which other BitClout users can buy, sell, and trade. The more popular you are on BitClout, the better the chance that your personal coin’s price will grow. Even people outside of public figures and celebrities can profit off their own Creator Coins, as well as generate money investing in other accounts.
The site warns that if you lose your seed phrase, your account, along with the money you put into it, will be lost forever. Like the stock market, early buyers of the coin get rewarded as their return goes through the roof. Those who invest later also benefit, but less so since they bought when the coin was at a higher price.
Here are the steps you want to follow to start out the right way and avoid common pitfalls. “They can only go up and you can help push them up by buying into the account,” @Sigil told Insider. The first step to setting up your BitClout account involves keep tracking of a “seed” phrase for your account. The string of non-related words operates as a type of passcode or safety measure for protecting your account.
Where Do I Actually Buy BitClout
Each action requires users to maintain some BitClout coins in order to pay the gas fees for each action which is recorded on the blockchain. The next steps to setting up your account involves providing a phone number and an email address, as well as verifying your phone number. For instance, a person’s influence could go up after a major project launches or their book becomes a top-seller. This drives demand for their coin, and as more people purchase the coin, its value goes up. BitClout is a revolutionary new network that combines a social platform and a payment gateway. It lets you invest in anyone’s reputation and have your own coin others can buy too.
- The 17-year-old was also able to push his own coin’s value from $0 to a market cap over $500,000.
- The more popular you are on BitClout, the better the chance that your personal coin’s price will grow.
- “A rumor has been going around that BitClout is insecure,” @Bitclout_ tweeted.
The money you use to buy the coins gets stored in the user’s profile and adds to the value of the account. You can also sell the coins and the profile will buy them back from you, causing the account’s value to go down. On your profile you can also set your “Founder Reward Percentage.” The percentage is automatically set at 10%, but can be shifted anywhere from 0% t0 100%. The Founder percentage allows you to keep a certain percentage of your Creator Coins. If a founder sets the percentage too high it can discourage potential buyers, but owning your own coins can also help push the value of your own Creator Coins up. On the site you can follow other accounts, like, comment and direct message, much like Twitter.
Recap: What You Need To Know About BitClout
Every user has their own “creator coin” with a unique monetary value. While BitClout offers huge potential for its users, starting on the platform can feel like slashing your way through a jungle. In the past weeks, I connected with BitClout experts on Zoom calls, Clubhouse rooms, and Telegram chats. Since then, I onboarded five other creators on the platform. Users can also invest in Creator Coins by searching for the profiles and selecting the “Buy” button, which will be followed by a confirmation page.
For the purposes of this tutorial, we will choose “Buy with USD. Buying BitClout has been reenabled now that the deflation bomb and blockchain listing have taken place. 3x Top Writer | Traveler | Real estate investor | Storyteller | Occasional columnist | I talk about personal growth and seizing opportunities. In fact, you can even buy using USD, so you don’t even have to buy Bitcoin to convert.
Buy BitClout with USD
“A rumor has been going around that BitClout is insecure,” @Bitclout_ tweeted. Under “Step Two” on the page, type the amount of BitClout you want to buy or convert all the bitcoin by hitting “Max.” Once the bitcoin has been deposited in your account, you can use the coins to buy BitClout coins. Prices for the coins fluctuate, but were $170 per BitClout on Friday. At this point, it is important to save a picture or write down your seed phrase, as the site will require the phrase whenever you need to log in or out of your account.
The feed is designed to emulate the feel of Twitter, but also uses a creator’s market value to determine which comments are prioritized on accounts. BitClout, a cryptocurrency platform designed to operate as a social network, has already drawn in celebrities and investors from billionaire Chamath Palihapitiya to YouTuber Jake Paul. Creator coins can be bought using the platform’s own cryptocurrency, $BitClout. Right now, Brian Armstrong’s profile (Coinbase CEO) has a market cap of $3.5 million.
BitClout’s bitcoin holdings, which typically are secured on the blockchain, are held privately in servers, NY Mag reported. The site also does not currently have an option to exchange its coins for US dollars. When the next page appears on the digital wallet, paste your BitClout address into the “To” field and select the preview button. You will see a preview of the transfer, as well as the network fee. If the amount is an appropriate number, you can hit “Send now” on the digital wallet.
When a user buys into another account, BitClout mints the coins and sells them according to a price curve, making it more and more expensive as more coins are purchased. Once the wallet is set up, the next step is to go to the “Buy BitClout” tab on the site. Copy the address under “Send Bitcoin to this address” and go back into the wallet app. In the app, select “Send Crypto to another wallet.” Then, select the amount of money you want to convert into BitClout and hit “Continue.” Many critics of the site have questioned the security of the platform, as well as the anonymity of its creator known only as @diamondhands.