BitClout Has Proved It’s Not a Scam
How content creators can profit from the app & withdraw their $DESO using Coinbase
When I first wrote about BitClout, I’d been on the platform for 47 days. I could see its potential but I had my doubts.
Sure, creators could make money from the platform, but actually withdrawing their money? This was a puzzle.
It was possible through so-and-so crypto exchanges, but they looked sketchy as hell.
Earlier this week, however, there was an announcement. Instead of a speculative punt, my “investment” is bearing fruit. (I’ve been posting daily since July.) BitClout appears to have made it to the big leagues:
Coinbase is one of the biggest online platforms for buying and selling cryptocurrency.
By being on Coinbase, it will now be easier for creators to cash in their $DESO for “fiat money” (USD, GBP, etc). $DESO stands for Decentralised Social — the blockchain behind BitClout.
At the moment, only Coinbase Pro can trade the $DESO coin on Coinbase. When the actual Coinbase listing goes ahead, trading will open up to over 70 million users.
However, all Coinbase users can start preparing.
I’ve held a Coinbase account since May. Yesterday, I withdrew some of my $DESO to my Coinbase wallet. I wanted to start small in case it didn’t work.
It did:
Here’s how content creators can get started on BitClout, build a following, and withdraw their $DESO using Coinbase.
Quick Summary: What is BitClout?
According to the BitClout White Paper,
“BitClout is a new type of social network that lets you speculate on people and posts with real money… It’s built from the ground up as its own custom blockchain.
“Its architecture is similar to Bitcoin, only it can support complex social network data like posts, profiles, follows…
“Like Bitcoin, BitClout is a fully open-source project and there is no company behind it — it’s just coins and code.”
Its design is like Twitter. However, unlike the Facebooks of the world, BitClout is open-source.
There’s no company behind the platform.
That said, there is a team of core developers. The leader of this group is Nader Al-Naji — a former software engineer at Google. Formerly known as “DiamondHands”, he revealed his true identity in September 2021.
Creators can make money on BitClout in many ways:
- By collecting transaction fees every time someone buys their coin (this is called a “founder reward”).
- By holding their own coin and increasing their personal value.
- By investing in other creators.
- By earning diamonds on their posts (these function like tips).
- Buy selling NFTs.
How to Get Started on BitClout
You can sign up for an account without putting money in.
In fact, with my referral link, you’ll get $25 USD for free to get you started. Simply follow the steps and jump through the hoops.
Some of these hoops are strange. They involve “seed phrases” and “creating a wallet”. Go with it. They’re not tricky to jump through and the instructions are clear.
Once you’re on, you’ll be greeted by a screen that looks like this:
Have a look around and start following creators. BitClout will give you suggestions.
What I would say is avoid “investing” in any creator coins when you first jump on. I know it’s tempting. The problem is, there are unscrupulous individuals on the app. They set up fake accounts, raise their coin price, and then sell their coins.
People who invest in these individuals lose their money.
On BitClout, this is known as a “rug pull”. They’re easy to spot when you know what to look for. However, I’ve read stories of creators who’ve fallen foul.
Please don’t be one of them!
4 Ways to Increase Your Engagement on BitClout
I’ve been posting three times a day since July. It’s fun interacting with users and takes me less than 10 minutes a day.
If you like writing, repurposing your content on BitClout is an easy win. Take your favourite quotes, spin them into less than 560 characters, and post. This can help you grow your following and bring attention to your work.
Some of your posts may get selected for the Global feed. When this happens, you’ll see a spike in engagement:
I’m deliberate in how I post. In one of my daily posts, I’ll pose a question (like the post above).
There’s another example below. When I asked my followers if they had experience with Gener8, Ethan replied with this:
I then asked Ethan if I could share his response in the article I wrote. He agreed.
Away from posts, I bring value to users in other ways. For example, I’ve noted in my profile that I’m giving coin holders free access to one of my courses. This encourages users to buy my coin:
Many users have taken me up on this.
When they do, I tag them in a post. It raises awareness of their profile and reminds followers of my courses:
One of the great things about being early on BitClout is the reward far outweighs the risk.
Sure, the platform could end up like Vine. (Dead.) However, there’s also a chance it could go mainstream. You’ll have a head start.
If the latter doesn’t happen, it’s still possible to get value from BitClout. Let’s run through the worst-case scenario where the platform dies.
- Your likes disappear.
- Your followers disappear.
- Your profile disappears.
- You cash in diamonds for dollars.
- You sell other creator coins for dollars.
- You sell your creator coins for dollars.
- You keep the visits to your website.
- You keep the email subscribers.
When viewed through this lens, the risks seem minimal.
Withdrawing $DESO Using Coinbase
This was easier than I expected.
Step one is to log in to your Coinbase account and click the Send/Receive button. On desktop, it’s in the top-right corner:
Step two is to click the Receive toggle and search “DESO” in the Asset bar. Once you have this, copy the DESO address. This is the unique key you’ll use to send money to your Coinbase wallet:
Step three is to go into your BitClout wallet and click the blue Send button:
Finally, step four is to paste your unique Coinbase key into the “Public key or username to pay” bar. Then, type how much $DESO you want to send:
It takes a few minutes to go through. Once it does, you’ll get an email from Coinbase confirming the transaction.
It’s worth repeating the actual Coinbase listing hasn’t happened yet. Only Coinbase Pro users can currently trade the $DESO coin.
However, by following the steps above, you can move your $DESO coins into your Coinbase wallet. You’ll then be able to cash in your $DESO when the actual listing happens:
Takeaways
From a content creator’s perspective, I see the benefits of joining BitClout. You can have fun, make connections, and guide your followers to another platform.
It’s an experiment I intend to continue. Plus, I’ve only “invested” money I’m comfortable losing. I say invest. I see it more as a gamble on the platform’s success.
With this week’s news about Coinbase, I’m confident the platform is here to stay. Whether it’ll achieve its mission and go on to disrupt the social media landscape remains to be seen.
Either way, don’t attach your worth to the numbers. And don’t obsess over the price. It’s in constant flux. On paper, I’ve tripled my “investment”, but no doubt this will change.
On 14th December, the $DESO price was $156 US per coin. (I saw a high of $175 on the day):
A day later, it was $180 USD per coin:
BitClout is just 9 months old.
Bitcoin was worth less than $0.50 USD after 9 months.
This story could have a long way to go.