Find me on Steemit: http://www.steemit.com/@heiditravels
Thinking about purchasing a Ledger Nano Hardware Wallet? Browse their official website: https://www.ledgerwallet.com/r/67ef
Want to join coinbase to begin your crypto journey? Here’s a link to get free $10: https://www.coinbase.com/join/558828d
LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW:
BitTube Website: https://coin.bit.tube/
BitTube Blog: https://medium.com/@Bit.Tube
Mining Guide: https://coin.bit.tube/guides/ultimate-bittube-mining-guide/
How to use the wallet: https://medium.com/@Bit.Tube/the-new-bittube-wallet-like-going-from-ms-dos-to-windows-e7b42384d01d
More About IPFS: https://youtu.be/Dp6dYwWyqfc
BitTube “Airtime”model: https://medium.com/@Bit.Tube/bittube-before-and-after-airtime-e67c113045b2
Debit card: https://medium.com/@Bit.Tube/pre-registration-for-the-bittube-debit-card-is-now-open-dced19bcfd9e
BitTube adds TV channel: https://bitcoinexchangeguide.com/bittube-blockchain-video-platform-gains-first-licensed-channel-gala-tv/
Our personal data has become the capital that advertisers want. It’s a very valuable tool that is used for many things, including developing invasive advertising techniques, which results in increased sales and bigger paychecks for the multi billionaires.
You know what’s really interesting to witness? The development of all of these different decentralized social media platforms and video hosting sites that are based on blockchains with native cryptocurrencies and how they are learning how to be successful and profitable without the reliance on advertisers. It’s yet another example of this grand experiment of rethinking how different systems can work and I for one am very happy that these different options are being developed. I’ve already gone over one popular option, Steemit, and I’ve mentioned before that I am now posting these videos on the website BitTube. But it’s time that I give a bit more information about BitTube and their plans for a sustainable economy.
BitTube is a Proof of Work cryptocurrency network. So you can mine it with a computer.
Here are somethings to be aware of before you get into this:
For the BitTube network, GPUs are the best option for mining.
It’s important to note that if you want to mine using your laptop, it most likely will not be profitable. The costs associated with this are the cost of the power needed to keep your laptop running 24/7, and the cost of the internet connection you’ll need as well. If this is something you’d like to learn more about, I’ve found a helpful video on BitTube that goes into more detail on what’s to be expected if you want to mine TUBE coins, as well as a link for a mining calculator so you can figure out what kind of profit to expect from the amount of computing power you’re willing to dedicate. The more computing power you can dedicate, the more likely you are to make a profit.
Now for the big questions, how do you make money if you post videos on the website? Where does the money come from?
Users of the platform, both those who post videos to BitTube and those who watch videos on the platform (if they have an account) can earn TUBE coins. This concept is BitTube’s “AirTime” model.
Those who post content and those who view content on BitTube will receive 30% of the block rewards, with the miners receiving 70%. Of the 30% allocated to the Airtime distribution, 70% will be distributed to those posting videos, and 20% be distributed to those who watch videos. 10% will go towards developers. So this means that content creators are receiving 21% of the block rewards which translates to 67,000 coins per day that are being distributed to content creators. This number will decrease over time.
These coins are distributed based on the amount of time that is spent by others watching their videos. And the same goes for those wanting to earn by watching videos, the more time spent watching translates to more coins earned.
If you come across a video or channel that you particularly like and would like to contribute a bit more coins to them, there is a donation option as well.
There are other methods that will be introduced that will incentivize people to purchase TUBE coins, such as the Pro membership for example. This one gives users the ability to upload 4K resolution videos, offer premium content for purchase, encrypt uploads in order to prevent unauthorized downloads, along with other perks.
They’re also developing a debit card which has yet to be released. Be warned that you will be required to fill out KYC information and you’ll have to stake 5000 TUBE in order to qualify for this one. Also there will be a $1,000 monthly withdrawal limit.