So you may be wondering “what is twetch?” And you’re confused about this new platform. In this article I’m going to answer as many common questions as possible and ideally give you an easy to follow guide to using twetch.
Click here to sign up for twetch.
What is Twetch?
In its simplest form, twetch is a social platform that rewards you with payment of BSV for sharing interesting content. Their platform actually states “The decentralized social network where you own your data and earn money for your content.”
That might be difficult for some of us to understand, because we we don’t all understand the difference between a “decentralized” and a “centralized” social network. To be honest, I had no idea when I first joined the platform. I just liked the idea of being able to share content and be rewarded if people liked the content.
Here is another great article that introduces you to twetch.
How is Twetch Different From Facebook/Twitter?
Both Facebook and Twitter are considered “centralized” social networks. If you’ve noticed lately, both of these platforms are getting more extreme with their censorship.
One of the groups that I manage over on Facebook is a group for a TV show… one of the members posted that they “hated” a certain piece of clothes that one of the show characters was wearing. Facebook reported that comment and issued a warning for “hate speech” because of someone’s personal opinion.
Both of those platforms are set up on centralized platforms. They have a third party who can choose to change the algorithm or manipulate what they want because they control the platform.
In centralized platforms, money is used to buy the attention of participants in the sharing platform. On the other hand, decentralized platforms like Twetch, money (BSV), is used to determine the value of the content shared, and rewards the creators directly.
What is a decentralized social network?
I’m going to do my best to keep this brief, but I will link up to a more detailed article below if you still have questions.
Decentralization is a design made possible because of blockchain technology. The first-ever blockchain was the Bitcoin client, which was created in 2009. When someone sends Bitcoin to somebody else, transactions are not verified by a centralized authority. Instead, it means that anyone can hook their computer to the Bitcoin system to verify movement of funds. Each device that’s plugged into the system (called “nodes”) And there are thousands (probably more) of these nodes connected to help operate the network.
This means that if the network were to be hacked into, the hacker would need to take control of every single node that is connected. This is pretty much impossible if you think about it. This means the blockchain is basically the safest and most secure way to send and receive funds.
Click here to read the full article: Centralized vs Decentralized: What’s the Difference? (It will open in a new tab)
What is BSV?
There’s a lot of controversy among the crypto community on this topic. For this article I’m not going to get into the specifics of anything or bash other crypto currencies. BSV is the currency that is used on Twetch.
It’s kinda like when you go to a Chuckie Cheese or Dave n Busters and you get tokens to use the gaming machines. It’s simply the currency used on the platform. You can exchange all kinds of currency (I used USD) to acquire BSV, which allows you to post on the twetch platform.
How Do I Add Money To My Twetch Account?
There are a few different wallets that you can use with your twetch account. I have used everything from moneybutton, to RelayX and now I currently use the Twetch wallet that the team there has created. The easiest way to add money to your twetch wallet is by depositing it from another account.
With moneybutton, you can simply buy BSV with your credit card. The same is true on relayx.com, you can then transfer your bsv over to your Twetch wallet.
Are My Posts on Twetch Permanent?
Yes, posts that are made on Twetch are permanently stored on the blockchain. This can be both a good and bad thing. As we all know, we change our minds as we grow up, about all kinds of subjects. Our opinions vary when we get new information and our beliefs evolve as we do.
So, something that you post to twetch today might be contradictory to what your belief is in 10 years. On the plus side, you can reflect back on who you used to be and the thoughts you used to have in your younger years.
Interesting concept, right?
Why Do I Have To Pay To Post on Twetch?
This is one of the biggest stopping blocks that people have with this platform. I 100% understand why as well. Other social media platforms are free to post on, why wouldn’t twetch be free?
One thing to consider on the other social media platforms is that because the service is free, YOU are the product. If you look at your Facebook newsfeed, you’ll notice that it is covered in ads. It’s every few posts you see an ad (and not always for stuff you’re interested in).
Now to be 100% transparent, I am an internet marketer, so I am one of the people who actually run ads and fan pages/groups on these different social platforms, and I love to build up audiences on these platforms.
It allows me to bring like-minded groups of people together and share fun pictures/videos to that audience. Yes, it also allows me to sell a lot of products and services on the platforms.
Over the years, I’ve built up pretty large niche followings on Facebook. As of today (March 6, 2021) on Facebook I have 10,027,868 fans among different niches. Crazy, right?
Well, I had to pay for the majority of those fans. I had to pay around $0.05 per person to build up the initial audience. After a certain point though, with people sharing the content (if it was good), more and more people started to like the different pages and become fans for free.
Now you might not do what I do (most people don’t), it gives you a little insight into how the platform works. Marketers like myself are paying for the opportunity to get in your newsfeed.
With Twetch, you have to pay to do everything on the platform, but if your content is good, others will engage with it and you will earn money every time someone engages with your content.
Where Do I Buy BSV?
One of the easiest sites to buy BSV is https://buybsv.com/.
Set up an account, be verified in minutes, and receive BSV in your wallet within an hour.
To get started, make sure you have a Bitcoin SV wallet.
What Are The Costs For Doing Everything On Twetch?
To keep it as simple as possible, as of today the price to do each of these actions is listed below.
- To follow someone, it costs you $0.10
- To comment, it costs you $0.02
- To like someone’s post it costs you $0.05
- To branch (like FB share) it costs $0.03
- To quote (share with comment) it costs $0.03
- To branch and like a post it costs $0.08
Keep in mind that you are paid every time someone does any of these things on your profile as well. Twetch takes about 20% of every transaction and the other goes to the users.
How Do I Earn BSV/Money On Twetch?
- Someone follows you, you earn $0.08-$0.09
- Someone likes your post, you earn around $0.02-$0.04
- Someone replies to your post, you earn some satoshis
- Someone branches your post, you earn $0.01
- Someone likes and branches your post, you earn $0.05
- Someone likes a reply you made (on someone else’s post), you earn around $0.01
- Someone likes a reply someone else made to your Twetch, you earn around $0.01-$0.02
- Someone you invited gets their first 3 likes and you get around $0.01-$0.02
- You also earn 10% of Twetch revenue from everyone you invite to Twetch.
Basically any time you do anything, and people interact with it, you can earn some BSV. Keep in mind it’s not sending you $0.01 USD for each interaction, but satoshis (BSV).
The idea here is that you want to create content that people interact with. I don’t know you personally so I can’t tell you what that looks like for you. If you’re an artist, you could create art (any type) and post it to your profile to share with others.
If you’re a poet, you could share your thoughts on twetch. If you love to create memes and they often go viral when you post them on Facebook or Twitter, you can post them to twetch and you’ll be paid if they go viral.
Basically the more interesting your content is, the more likely you are to earn from it.
One thing you can do is look at the leaderboard section and review what kind of posts the top people are sharing. That should give you an idea of what’s working on the platform and will hopefully bring you some insight into what’s working now. Keep in mind that the type of content will change as time goes on.
If you are like me (and a marketer), you can also sign up for the network TonicPow and get paid in bsv to promote different offers. Click here to sign up for TonicPow.
Who Should I Follow on Twetch?
As the platform grows, it will have more and more people who are interested in similar things as you. So to be honest, I can’t give you a list of must-follow Twetch users yet. But I feel that as time goes on, there will be an option for something like “top artists on twetch”, “top business people on twetch”, “top musicians on twetch”.
I’d love for you to follow me though, and i’ll try to keep your feed positive and motivating! Follow me at https://twet.ch/inv/1d7aa5b9
For another great resource on this, please check out A Beginner’s Guide to Twetch: Bitcoin’s Twitter clone. When I wrote this article, I wasn’t aware of this other very detailed guide. It may help further clarify any questions I didn’t address in this article.
What Should My First Twetch Post Say?
One of the twetch users BParadigm user number @15384 lent some advice for a new users first post.
“The most useful opening twetch for anybody who lacks BSV is basically:”Hi, I am here to offer value by ___. Let me know if there is something like that I can do for you” The problem solves itself.”
So for example, I (Chris Hughes) could write this if I were to join twetch today.
“Hi, I am here to offer value by sharing marketing information, investing information and spread positivity. Let me know if there is something like that that I can do for you.”
In the thread, I was asking the best way for how we can bring new members onboard to Twetch to help them with understanding the platform and how they can best use it. You can see that thread here.