What’s the one “un-ignorable and problematic” issue with Bitclout? You can’t take out your money. Even if you are a true believer, and you’ve gone all in with the platform— this question has probably crossed your mind: how will I ever get my money out? If you’ve tried onboarding a friend— it’s definitely come up.
The fact that there isn’t a viable way to offload money currently isn’t some hidden dark secret waiting to be exposed (although there are a lot of entertaining videos on YouTube professing to do just that!). As most tech, crypto investors, or more recently— NBA top-shot traders will tell you: this is totally normal! This is “normal” because it’s still SUCH early days—the platform has literally been around for a couple weeks, and new features and user interfaces are still being developed.
Most fans, and critics alike also view Bitclout as more of a centralized commodity that can be traded— whether or not that happens ON the platform itself is almost irrelevant at this point. First there are some fundamental questions that need to be asked, and answered through actual use case scenarios (which are happening at accelerated rates!!).
Phase one— will people like the idea enough to invest real time and money into it?
Yes, currently there is roughly 200m USD locked into the platform, and there are over 150k creators registered.
Phase two— does the platform serve value, in an innovative and novel enough way that it truly becomes preferred over other platforms?
Depending on who you ask, another yes! Fans, creators, and investors alike seem to be flocking to the platform in droves— jumping at the opportunity to invest in, and interact with each other.
Phase three— people need to take their money out!
Thanks to @sigil, @aryanm and their team at @bitswap— We’re in phase three!!! If you haven’t heard— @bitswap is the first, and most trusted person to person (P2P) exchange that allows users to securely offload their Bitclout for cold hard cash.
Using Ethereum as the vehicle of preference— users can create listings, and exchange the crypto currencies securely, with all funds held in escrow; and the transactions verified by the trusted third party: @bitswap.
We were lucky enough to catch up with @sigil, co-founder of Bitswap, and he was kind enough to share some insight into his journey so far— and most importantly, where he sees things headed.
Our first question was– How’d you come up with the idea, and what gave you the confidence to think you could actually pull it off?
Sigil explained that this isn’t his first foray in online trading, and has been running his own server to facilitate trades for some time.
“Although there is general trust within the current ecosystem— there is also the potential for malicious intent, or human error. So the natural evolution will be code, that is verifiable, trusted, and instantaneous. With Bitclout, and with Bitswap, we’re building towards that future.”
Since they weren’t able to interface with the API, the team had to figure out a way on their own. This lead to rethinking the entire transaction process from the ground up, which lead them to perfecting their lean (and most importantly proven successful) company, that you’re able to sign up for today.
When asked about where his team plans to take things in the future, he masterfully and charismatically answered without revealing anything too secret— but did promise of a “new and exciting product, that everyone can use”.
Sigil was able to reveal that “Version One is much much better than the beta, and the beta has already facilitated transactions… so big big things are coming, this is just the beginning”.
On parting thoughts, we asked Sigil if he had one piece of advice to share with other entrepreneurs in the space, and he kept is simple: “play positive sum games, and long term games”.
Before starting, the biggest obstacle was ambiguity. “12h after launch, we hit a million dollar market cap with hundreds of users signed up. Currently there are 1 thousand users on their platform.”
We are beyond impressed with what @sigil and @aryanm, and their team including @uyxela @venkat @hughjiang have developed, in such a relatively short amount of time— and our eyes are definitely on them to see where they take @bitswap in the coming weeks!
Check them out here https://bitswap.network/ or on Bitclout!
To the moon!