What is BitClout, Why Do I Find It Significant?
My opinions and determinations about the personal coin creation platform BitClout.
A few weeks ago, a brand new social media platform has entered our lives. It seems like this new medium will radically transform the dynamics of the concept of “Personal Brand.” Because, thanks to BitClout, it is now possible for everyone to “go public.” Whether you have an established personal brand or you are in the process of creating this brand, BitClout offers you the possibility to create a “coin” on your behalf, even if you are not close to these issues. So, what is BitClout?
The personal brand concept has a history of about 20–25 years. Especially in the recent period, we have started to hear this definition more frequently since the applications are getting more and more, which allow us to reveal our lives and what we do and convey them to more buyers. Many different ways have been tried in order to cash from the personal brand and what any personal brand promises to people. For example, some applications have introduced paid subscription systems to their users to access what content producers have produced. But now, for the first time, BitClout gives you the opportunity to value the brand itself financially.
In this article, I mention the importance of BitClout for personal brands, but the platform is open to everyone and every institution. In other words, a corporate brand can also create its own coin and launch it on BitClout. In addition to this, a concept that does not actually exist in concrete, an imaginary hero, or even a “persona” you have created can find a place in BitClout and reach unpredictable values.
How Does the System Work?
First, you need to create an account on BitClout in a few simple steps. This account can be opened directly with your authentic personal information, or it can be an anonymous account as well. The account creation phase is a section where almost anyone who is familiar with the internet and optionally with some cryptocurrency knowledge can go through without much difficulty. Still, if you want to get detailed information about this part, you can read the explanatory article of Ekim Kaya on this subject. Please click to see the article.
After creating the account, it is possible to start investments even with a few dollars. Before you can invest, you need to send the amount of Bitcoin you want to the platform. Then you convert it to BitClout, the platform’s currency. From this stage, your money is ready to invest in all users who have put their coin on the market, especially yourself. By the way, if you intend to invest on BitClout, I suggest you start by buying a few of your own coins first.
As many of you know, one of the most important conditions of being a personal brand is to promise people content on at least one subject that may be of interest to them and to ensure its continuity by standing behind this promise.
These contents can be providing detailed and continuous information on a niche topic or broadcasting your life live for 6 hours a day. You may be fulfilling this promise by simply sharing some nice photos, videos of you playing an instrument and singing, or by teaching people something new. If your audience keeps following you, it means you’re keeping your promise. In terms of a personal brand, this situation has a gold value in today’s world.
One of the most important criteria in terms of valuing personal brands or personal brand candidates in BitClout by other users is those promises. Just like a company increases the value of its stocks -hence the value of the company itself- with its financial, innovative, or environmental-friendly steps. It is exactly the same for everyone who has created a coin in BitClout. The richer the promises and potential of the person, the more investment it is likely to receive. Of course, this pushes the BitClout investor to the race to discover such potential users as early as possible. Actually, I can say that this is one of the fun sides of the platform.
For example, you are a singer with a coin in circulation on BitClout, and a new album will be released soon. It is expected that your market value, that is, your coin price, will appreciate, right? Other users invest in the coin with this “expectation,” and the price rises a little more with each new investment. So what if the album does not produce the expected effect after its release? This time, people are likely to dispose of the coins they bought to invest in you as soon as possible, “guessing” that a bad album will negatively affect your image and personal brand. And your coin price drops a little more with each new divestiture.
I think that is a clear example.
Of course, we can talk about a double-sided benefit/loss effect here. I mean: Your coin price will increase if some of your features attract the attention of some investors in BitClout, and they invest in you. And, it is obvious that you will attract the attention of other investors with the increasing trend of your coin price. This process can result in your audience expanding, and this motivates you to produce richer content. Conversely, if your coin price falls, there may be a temporary loss of motivation and ability to reflect your potential for a while. So your coin price and productivity are likely to trigger each other positively or negatively.
Celebrities and BitClout
Meanwhile, there are accounts and coins of thousands of famous names in BitClout. Many of them are still “reserved.” In other words, the developers of the platform have reserved the BitClout account names of about 15 thousand celebrities who have approved Twitter accounts. If the relevant person wants to take over the account, this transfer process can be carried out after a simple approval process. There are many well-known people who have already done this transfer, and they are actively using the platform. Currently, the celebrity with the highest coin price is Elon Musk, although he has not yet taken over his account. At the time of writing this article, the price of one Elon Musk coin was around $ 88,900!
In addition to all this, the system “yet” operates in a completely closed platform. In other words, you can enter money into the system, but as of now, you cannot exit money because the BitClout currency is not being traded on any cryptocurrency exchange. On the other hand, looking at the names that have a share in the formation of this platform, I guess that the process of opening up BitClout to the exchange will not take too long. I emphasize especially; that’s just my guess, of course.
Alexis Ohanian, Winklevoss brothers, Andreessen Horowitz venture capital firm and Sequoia Capital venture capital firm are the creators of the BitClout project. Those who do not know these names can find out who they are and what they have done so far with short research on Google.
Let me point out that the BitClout currency has not yet been opened to the exchange, but as with every new idea and project, this project also gave birth to its subsidiary sectors and “opportunists” in the first weeks. Taking advantage of the fact that BitClout is not traded on the exchange, for now, some investors have started to exchange this money for other currencies at prices well below the actual value of BitClout on the platform (currently around $ 159 for 1 BitClout). Personally, I do not see any serious problems with such an approach if both parties are happy with it.
Since the system is still in its infancy, it doesn’t work perfectly well. Sometimes, slowdowns or some delays in commands can occur due to overloads. Nevertheless, I can say that it is better today compared to the first days. As another example, there is a button to re-post a post made by any user, but this button is disabled at the moment. In my opinion, the extremely uptrend of the users with huge potential and the rise in their coin prices will occur when this button becomes functional.
Let’s come to the question I asked in the title: Why do I find BitClout significant?
Because this initiative is revolutionary and, it sets an incentive goal in front of every entrepreneur who creates value through beneficial content and actions. Of course, it is possible to increase the price of coins on this platform with many other strategies and tactics. However, in the long run, I believe that the platform will be used in line with its purpose and that every user, every entrepreneur who generates good work, will also find its worth financially. Currently, this project is at the very beginning of the road…
As of now, I am playing in a sand pool with an amount of investment that I can risk. I’m trying to understand and learn. I’m in no hurry. I issued my own coin, it has also received a few small investments, but I haven’t “yet” attempted to announce my presence on this medium or make a full-fledged promotion effort.
If you want to check it, you can access it from this link: www.ilkercoin.com
Finally, I would like to underline strongly. What you read in this article is for informational purposes only and is strictly not investment advice. Comments and determinations are only based on my personal views. There is no other basis.
If you do not have any experience in these matters, I recommend that you first watch from the audience seat and try to get as much information as you can. I recommend to those who necessarily want to try it, attempt these trials at least in the way I did, that is, with an amount that they will not be upset if they lose.
My money has doubled in a week, but it can also go down to zero in an instant. Profit with such investments can never be guaranteed.
