A WORD FROM THE AUTHOR: Hi everyone, I hope you’re having a good week. This issue’s going back to talking about cryptocurrency. This week, Dogecoin hit an all-time high and Coinbase debuted on the stock market with an IPO.
On Twitter, people have been mentioned Bitclout last month and I’m writing to spread the word on this new social network. As always, I’m not a financial advisor. Enjoy!
Stumbling Upon Bitclout
What do Elon Musk, Ariana Granda, Logan Paul, and Justin Beiber have in common? Well yes, their net worth is well above the average median household income in the United States, but they’re all names bought on Bitclout!
Across my Twitter feed, I’d been noticing some sparse tweets calling out Bitclout. I’d noticed tweets saying for people to invest within their personal brand which seemed strange and foreign to me. Imagine throwing money at a person and saying, “I’m investing in you. You have a bright future ahead.”
That’s essentially the premise of Bitclout. Can you imagine investing in your friend who is on the up-and-coming? The combination of clout and money has finally intersected, resulting in a Twitter-style page with the ability to comment, like, share while investing Bitcoin in individual humans.
How It Works
When I signed up for Bitclout, it seemed to follow all the same steps as a typical social media profile. Username? Check. Profile picture? Check. Twelve-word code? What?
When signing up for Bitclout, you must designate a twelve-word passcode that’s needed to login into your account. If you lose this wordy passcode, you’ll be forever locked from your account. I bet you can imagine what happens when you’re essentially locked out from your Bitcoin wallet.
My Overall Impression
My first impression of the social network is how difficult it is to navigate the platform. Posts are fed Twitter-style to you on a Global and Following page from the main layout.
On the side is where things get a bit difficult to wrap your head around. You’re given the option of buying creator coins and Bitclout itself. You’re able to see your wallet, messages, profile, and notifications like many other social media platforms too.
My verdict is that this isn’t an investment opportunity for normal everyday people. Bitclout made me realize that everything we do and say has a price over its head. This new network is great for people with established identities where household names can increase or decrease in worth.
For my readers, continue investing your dollars in securities and assets. I recommend avoiding Bitclout unless you're a celebrity.
Have a great rest of your week!
-Jordan