Ever since Google acquired YouTube in 2005, it has without a doubt become the number one social platform to share videos. There has been a rise in the number of YouTube channels by content creators, who publish new content, to monetize their videos with ad revenue.
With Youtube’s popularity, it seems like a win-win situation for everyone except for one group of people – the viewers. In order for publishers to have an incentive to produce videos, viewers are forced to watch ads. In fact there are more ads today than there were in its earlier days.
So is there a Youtube alternative that actually gives viewers an incentive to consume content? The answer is a big Yes. Thanks to the decentralized nature of blockchain, there is a new player in the video sharing game by the name of BitTube and here are 3 ways to earn money on it.
- • Watch Videos on BitTube
- • Redirect YouTube videos to BitTube
- • Activate the AirTime Module Browser Extension
WHAT IS BITTUBE
BitTube is a revolutionary new platform for sharing video content that was launched in 2018. It is decentralized so uploaded content doesn’t get stored in a central database owned by some corporation. Because there is no central company that controls the data, video content is not bound to censorship restrictions.
In a nutshell, BitTube is blockchain’s version of Youtube that aims to strip the authoritative oversight from the conglomerates.
BitTube stores content with the Interplanetary file system (IPFS) protocol. IPFS is a method of storage used by Bitcoin and applies it to storage for files across a distributed Peer2Peer network. This is how they take centralization out of the equation. BitTube simply acts as a database type medium that visually displays links to content stored on the IPFS.
HOW IS BITTUBE DIFFERENT THAN YOUTUBE
YouTube videos have recently become infested with ads and it’s starting to negatively affect the user experience. They have eased restrictions on how creators can place ads within their videos.
A ten minute video can have 2 pre-roll ads, a mid-roll ad, and a post-roll ad. This is especially noticeable when creating music playlists, making it impossible to listen to multiple tracks without having to listen to ads in between.
This is where BitTube is different. By default there are no ads that viewers have to watch. Although publishers rely on ad revenue as a source of monetization they can still earn income even without displaying ads.
Publishers get paid based on the total AirTime of viewers when they watch their videos and viewers get paid for watching the videos. Airtime is BitTube’s term for watch time (more on this below). Also, unlike Youtube, content on BitTube cannot be censored due to utilization of the IPFS and how data is shared.
For many YouTubers who recently fell victim to demonetization this may be a breath of fresh air. Creators are no longer at the mercy of a centralized organization or demands of advertisers.
Once videos are uploaded they can never be demonetized or deleted as they will forever live on the blockchain. The platform gives power to the people and is now controlled by the community instead of a centralized entity.
BITTUBE AND TUBE CRYPTOCURRENCY
Cryptocurrencies are generally acquired by buying them on exchanges or by mining them. Being that BitTube is a blockchain based platform, it goes without saying that BitTube has its own native currency as a reward system called TUBE coins.
With the utilization of these TUBE coins, viewers can now be rewarded for what they normally did on YouTube, consume content. Just by watching videos on BitTube, anybody can earn TUBE coins – all that is required is a wallet where the coins can be stored.
The process of setting up a wallet is as simple as registering an account on BitTube. At the time of writing this article, the value of one TUBE coin is 5 cents. Just like Bitcoin and other cryptocurrencies, the price fluctuates with undulations of the market so there is no telling where the price will be years down the road.
According to Coinmarketcap, the current circulating supply of TUBE is approximately 150 million with a max supply of 1 Billion by the year 2050. If BitTube eventually takes up mass adoption, it is possible TUBES can eventually be worth a lot more than it currently is valued.
Accumulating TUBES now isn’t such a bad idea especially since it is free. It can also serve as a source of passive income for the future and tradingview is the best charting site to track the price of the coin.
HOW MUCH AIRTIME CAN BE EARNED ON BITTUBE
In order to create TUBE coins, they need to be mined by computers with capable graphic cards and CPUs. Mining is a process where a computer with dedicated internal mining hardware is run 24 hours a day to solve complex math problems.
An increase in coin value can potentially draw more miners which will also increase mining difficulties requiring greater use of computing resources. Because miners are using their own electricity to mine these coins, they get credited with 40% of the block rewards.
- • 1 Block Reward = Approx 400 TUBES (Amount slowly decreases with each block)
- • 1 Block Mined = 40% (Miners Reward) + 10% (Developers) + 5% (Community) + 45% (AirTime)
The remaining 60%, after miners rewards, gets divided amongst the content creators, viewers, community, and developers. The important number here is AirTime (the amount content creators and viewers split) – 45% of 1 block mined gets split between the content creators and viewers.
- • 45% of 1 Block Mined = 75% (Content Creators) + 25% (Viewers)
After looking at the breakdown, if you’re interested in attaining the biggest piece of the pie, anyone can do so if they decide to mine the coins themselves. This can be done by downloading the desktop wallet.
However, keep in mind that the process of mining may not always have a positive ROI due to the cost of electricity to run a GPU/CPU intensive operation along with the price fluctuations of the coin – it can be a gamble, but that’s a whole different topic it itself.
For most people, they’ll probably be content with earning money for something they’re already doing on a daily basis; consuming content.
HOW TO EARN MONEY FOR WATCHING VIDEOS ON BITTUBE
In order to start earning TUBES for watching videos, simply navigate to BitTube and sign up for a free account.
After watching videos on BitTube, TUBE coins will automatically get deposited into your account wallet in 7 days.
HOW TO EARN MONEY WATCHING YOUTUBE VIDEOS
BitTube launched in 2018 so, compared to YouTube, there aren’t as many videos on the platform – but that doesn’t mean you can’t earn TUBES by watching videos on YouTube. By installing a browser extension called BitTube Redirector, viewers can find any videos on YouTube and get paid by watching it on BitTube.
The process is very simple. All you have to do is install the BitTube Redirector browser extension and enable it. After the extension is enabled, you should be able to see a green play button on every YouTube video thumbnail.
Click the green play button of whichever video you want to watch and the video will get redirected to BitTube. This process is essentially like using YouTube as the library index for the videos while using BitTube as the video player. Just make sure you’re signed into your BitTube account in order to get paid for viewing.
HOW CONTENT CREATORS MONETIZE THEIR VIDEOS
The developers at BitTube have simplified the migration process from YouTube to BitTube. If you’re already a content creator on YouTube, all you have to do is link your YouTube account to your new BitTube account by clicking the upload media button to migrate your videos.
Once your videos are imported to BitTube, they are ready for monetization. When viewers watch your videos, TUBES will automatically get deposited into your BitTube account wallet.
BitTube is also a great option for new YouTubers who aren’t eligible to monetize their content. There aren’t any minimum requirements of subscribers or watch time to be eligible for monetization. BitTube also does not discriminate pay-rate based on geographical location.
FEATURES OF BITTUBE AND THE AIRTIME MODULE BROWSER EXTENSION
HOW TO EARN FREE MONEY ANYWHERE ON THE WEB
If you’re still not convinced to get on board, it only gets better with BitTube’s AirTime browser extension. Installing the AirTime module allows anyone to get paid for visiting any website.
The extension runs seamlessly in the background collecting AirTime earnings just for browsing the web.
This extension is used to track the time spent on the internet and should be compatible with any browser based off the Chromium open source code.
After installing the extension, click it and sign up. A phone verification is required to enable the basic functionalities of the module.
If you’re concerned about privacy issues, you can choose to forego the phone verification by staking 2500 TUBE coins in your online wallet (more on staking below).
USING WALLET FOR MINING
The AirTime module comes with a built-in online wallet but for those of you who want to store TUBES locally on your computer, this can be accomplished with the desktop wallet.
The desktop wallet also comes with more features; among those is a built-in mining software. If you’re interesting in mining TUBES using your CPU and/or CPU power, this is the fastest way to set up the mining process.
For added flexibility and customization, mining is also possible with an external web-app like Awesome Miner.
After verifying your AirTime module account via phone verification, you should be able to see TUBE coins accumulating in your online wallet. You’ll also notice that there is a difference in “AirTime” vs “Counted AirTime”. The “Counted AirTime” is your actual earnings and is usually half the “AirTime”.
This is where staking comes into play. Staking is the process of storing a certain number of TUBE coins in your online wallet to maximize the “Counted AirTime” to “AirTime” ratio. Staking coins will upgrade your account status so you’ll be able to reap greater daily AirTime rewards.
There are 3 levels for AirTime accounts – Basic, Pro, and Addict. If your account is already phone verified, you should already be at the “Basic” level. To reach “Pro” level, you’ll be required to stake 2500 TUBES and 25k TUBES for “Addict” level.
If your account is not mobile verified, you’ll be required to stake 10x more to reach the same aforementioned levels. Whichever level you belong to, you’ll still be able to earn free TUBES but staking at higher levels will increase the “Counted AirTime” to “AirTime” ratio.
It’s important to note that staking TUBES will lock your funds for 30 days in your wallet.
After the 30 days have passed, there will be a 14 day window to withdraw funds, otherwise, the staking process will renew for another 30 days. In theory, staking should promote greater stability in TUBE price by preventing mass panic selling in the open market.
BitTube allows users to spend their TUBES in their wallet by issuing a debit card. The debit Mastercard allows in-person POS store purchases or cash withdrawals from an ATM.
However, in order to be eligible for a debit card, it is necessary to be staking at least 5000 TUBES in the online wallet.
AirShare allows instant peer-to-peer file transfers. To share a file, a user just has to navigate to the BitTube AirShare page and upload a file, copy the link and share it with the recipient. There is no limit to the number of files you can share.
Online merchants can accept payment with the BitTube payment gateway WordPress plugin. If you have a website that accepts payments for products or services, using this plugin will allow customers to pay with fiat and the currency will auto-convert to TUBES when you receive payment.
Users of the AirTime extension can use their AirTime rewards to subsidize VPN services. This allows users to connect to a remote server to access geographically restricted websites by accessing the web with anonymity.
The AirTime extension not only earns TUBES but also blocks ads on all websites including YouTube. With the extension installed, internet browsing will be faster because users will no longer have to be exposed to third-party ads or pop-ups.
Donating to your favorite content creator is also possible and easy with the AirTime extension. Users can use the TUBES they earn to show appreciation to publishers with a click of a button. The only requirement is that your account has to be mobile verified or staking 2500 TUBES.
CAN BITTUBE COMPETE WITH YOUTUBE
Although YouTube has the biggest market share for video sharing, BitTube is doing all the right things in becoming a viable competitor. Clearly Google has taken notice and has in the past made the AirTime browser extension temporarily inaccessible in the Chrome Web Store.
To avoid future complications with Google, a BitTube browser is also in the works with all of their products built in. The browser will be based on Firefox and once released, it should be easier for the general public to adopt all of their products with just one download.
BitTube is also currently expanding its capabilities with BitTubers which should be open to the public in coming months. BitTubers will incorporate similar features from popular sites such as Twitter and Facebook.
Content creators will also be able to integrate blog posts and articles so it may not be a bad idea to create a website and start a blog to utilize BitTube from a publisher’s stand-point and maximize TUBE earnings.
BitTube is still it its early stages so time will tell if it can disrupt YouTube’s dominance in the video streaming market. Nevertheless, I like the story behind this project and will continue to follow its progress – after all, who can resist being rewarded for doing what we already do anyway, consuming content.
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