What is BitClout and Why Are People Flocking in Droves?

April 13th, 2021

One of the fastest growing blockchain-based social media platforms is BitClout, which allows its users to mix speculation and content for a totally different experience. Perhaps the most unique aspect of the platform is that BitClout users are assigned a currency called a Creator Coin when they sign up. BitClout’s blockchain uses a native cryptocurrency called, you guessed it, BitClout (BTCLT), which is what allows users to invest in Creator Coins.

BitClout has already reserved profiles for the most popular influencers on Twitter, the idea being that they can achieve success on the platform by creating value for the people who have bought into their Creator Coin. Basically, the more people who buy, say, Elon Musk’s coin, the more valuable it will become thanks to basic supply and demand.

There is near limitless potential for what a creator’s incentives might look like. For example, a musician might offer livestreams just for fans on BitClout, and an influencer might offer exclusive videos or other content. 

Influencers could reduce the amount of spam by setting restrictions on who can message them—either by only allowing messages from people who hold a certain amount of their Creator Coin, or by having users pay a certain amount of coin to deliver it to their inbox. 

Creator Coins are already naturally scarce, and the more people buy the more valuable they become. On the flipside, selling coins destroys them, meaning their value goes back down. In this way, users are able to speculate on the value of the creators themselves. 

If BitClout has already reserved you an account, you can claim it by tweeting out your BitClout address. However, a Twitter account isn’t necessary to use the platform—users are able to remain totally anonymous, which is another one of BitClout’s more unique features. Because the platform focuses on the creator over their content, BitClout has the chance to revolutionize the influencer industry. If you’re ready to see what all the hype is about, you can head over to BitClout to set up a profile.

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