Would you like to learn how as a YouTuber or content creator you can earn LBRY Credits because this is an awesome way to make additional followers and revenue?
LBRY Credits for YouTubers and Content Creators
What is LBRY Credits and why is it something you might want to learn about?
LBRY Credits is a blockchain based on Bitcoin that allows users like me to publish to it directly as a decentralized content platform, which if you have been following me for a few years, you know I got very excited about another cryptocurrency blockchain that was trying to be the future of social media, allow users a decentralized place to publish.
LBRY is currently the best option I see to do this, especially for YouTubers, for cryptocurrencies, it currently appears to have a lot of upward potential at 2 cents with an all-time high over $2, and I'll show you exactly inside of LBRY right now and explain how it works.
All the links I am about to show you, everything is listed at Jerrybanfield.com/lbry/ where you will find an invitation link where you can help me earn 20 LBC when you join through my link.
You can watch all my videos ad free on LBRY totally for free just by signing up on LBRY.tv.
If you are a YouTuber, LBRY pays me 1,700 LBC every month, every time I go in and claim my rewards for being a YouTube partner with LBRY.
It is awesome!
And the rest I am about to mention and more will also be linked here. Anything essential I find that I come across after making this will be added up here as well.
Let's take a look first, the Coinpaprika listing for LBRY Credits is currently at 2 cents.
I have about 5,000 LBC right now myself including 3,600 I bought on Bittrex, and I've gotten about 1,900 LBC that I've earned as a YouTuber and content creator in the first month.
We can see here the history of LBRY Credits, which had some huge pumps at various times, right when it came out the price was well over a dollar and at other times, the price went over a dollar as well.
In fact, I think the all-time high for this was $2 and something at some various spikes.
It trended down from some of these big pumps then yet, it actually has a lot more value today than it ever has before and that is what's exciting.
It also, if you see the circulating supply, there are about 300 million and in the long-term plan they're aiming at about a billion LBRY Credits. It's currently in the three hundreds in terms of rank by market cap size, which means there's a lot of upward momentum that's possible.
One reason for this probably is that it's not on very many exchanges because it is its own actual blockchain.
It's not an Ethereum ERC 20 token or on some other blockchain, which makes it more difficult to get added to an exchange. It currently is on Bittrex where I bought some, it's also on a couple of other exchanges, but most of the trading happens on Bittrex, which means if it does get added to some other exchanges, they'll probably be a lot more volume there.
The basics of the market and you can see the Twitter and various things on the Coinpaprika page, but let's take a look, what is LBRY exactly?
The idea with LBRY is to provide a protocol for content creators like me to share their content online in a way that's not subject to censorship by a central authority such as YouTube or Facebook or Google, and the work creators can actually charge for the content they upload if desired, which is awesome.
For example, I'll show you the inside, where you go to publish.
You click on "Publish."
This is inside of your LBRY.tv account.
I can publish using MP4, PDFs, HTML, MP3. I can put various files I want to publish up here.
For example, I could put a two-hour online course on here. There is the option where I could even add a price to this, which means if I put it for 10,000 LBC, I think with some quick math off the top of my head, that'd be about $200 but you can also price it in dollars.
It's awesome that you can actually put this in dollars, and then it will change the value of the LBRY Credits at the time of purchase.
Right now, on my website, I've got all my courses lifetime that you can get for $297 and I can actually offer individual courses if I wanted to for $9 each, I could offer them directly on LBRY Credits, which is amazing.
This is a platform where you can publish for free or you can charge in LBRY Credits and that's the basic idea and value proposition of this and that's where there's potential for the price to increase as the more people transact on LBRY Credits, the more there's a use of the currency.
For example, the reason Bitcoin has such a high price is because people transact with it, and to just hold it, but ultimately people transact with it. Bitcoin and these cryptocurrencies is not something you just hold. You think they're valuable.
The value comes from people transacting with them, just like I have US dollars in my wallet. What makes that valuable is that it buys stuff and people transact with it.
Thus, there's a lot of potential for LBRY Credits to be used to sell things like online courses, videos or comic books, podcasts, MP3 files. I could put my comedy up and sell that on LBRY Credits.
What is awesome about this is it is set up in a way that is not available to be easily at least censored by a central authority. There do appear to be mechanisms in place to take down things like copyright infringement where for example somebody were to take a Hollywood movie and put it straight up to the network, there are places where they can go in LBRY Credits and hide that channel from the network.
However, you can see it is a lot different from just purely taking something down because you don't like it.
What is also awesome about LBRY Credits, there is a trending page where you can browse around and see what's hot on LBRY right now.
This is something that you can get onto by staking your LBRY Credits and putting them behind the new content you create and what's awesome is on LBRY Credits there's no downvotes.
When you publish content and someone gives you a tip, there's nobody that can come along and take that tip away from you because they don't like what you have to say or because they're protecting a blockchain rewards.
Lbry.com is set up as a place where you can learn all about LBRY and I'll show you some more of the key links on it.
If you want a context for this, it's basically making a middle ground between things like YouTube and Facebook, which are big centralized companies where you can upload all you want to on there.
Things will go along fine until you cause a problem, in which case you may get censored, you may get banned and I've found firsthand if you are a creator that creates a lot just by continued effort, you are likely to make some kind of content that will offend somebody on some platform rather it's on Facebook or YouTube, and if the offense is great enough, you can lose your entire profile.
LBRY is set up as a protocol to give content creators a stable place to continue to create. Meanwhile, there are places like Bit-Torrent for example, where you can go and it's too much of a free-for-all for people like me to even want to go there and participate.
Thus, LBRY is like a middle ground where you can easily access the content and you can be a creator on LBRY and make it easy to show people all the things you've created without being subject to so much censorship.
There are some big YouTubers like Veritasium on LBRY and he's got over 10,000 followers on his channel.
You can go to LBRY.tv and see other creators who are publishing and you can see the top channels.
These are all available within a mobile app as well, which is available on Android and I imagine it's available in other places. There's an application that you can use on your desktop and there's a web version of this, which means it's well-rounded.
I like that you can access LBRY across so many different devices using an app and directly using the web.
It's impressive that LBRY has been able to make all of its network available so consistently on these different applications on both mobile and desktop, and on the web.
That's awesome!
What's great is there are no ads on LBRY.tv, which means you can literally, if you like my channel for example, you can just search for Jerry Banfield or go to https://lbry.tv/@jerrybanfield.
You can watch all my videos without any ads.
LBRY has a program at LBRY.com/youtube where you sync up your channel and there are rewards based on how many subscribers you have and that go up to about just $1,700 a year right now based on a million subscribers.
You get paid based on how many subscribers you have, which as you get more subscribers on YouTube, then you get paid even more.
I'm grateful, right now I'm at the reward for over a hundred thousand subscribers, which gives me 20,000 LBRY Credits each year.
Where do these LBRY Credits come from?
What the LBRY Credits team has done, they've set aside hundreds of millions of LBC or LBRY Credits for themselves to give out to build the community, and this is a very smart plan and what I love is they are incredibly accountable.
If you look up here on LBRY.com, they've actually got credit reports and they go through and show you in their reports what they've done.
I've seen in other currencies, you've got the leading company just distributing how they want to, not explaining why they're dumping millions of dollars in credits over to this company and what it's for, and that creates a lot of bad karma and interactions and feeling in the community.
By contrast, I love that the LBRY team is very open about exactly what is going on with the credits that they're giving out.
For example, in quarter three in 2019, they gave out almost 8 million credits. You can see exactly where they went, including user engagement.
The number one, as you can see is "user engagement" and that means they're giving out a lot of credits for users like you and me to use the LBRY network.
Ultimately for LBRY to have value and for any of these currencies, any company or app, or product to have value, it's all based on users. You need people actually using your app, and I like the model of that.
You just give out credits for people using the app, give people in the habit and seeing how awesome it is to use LBRY, and then consistently when that behavior sets in, that word-of-mouth marketing kicks in, "Hey, what are you watching?"
"Oh, I'm watching this on LBRY."
"What's that?"
More people get drawn into it over time.
I like how the LBRY team is laying a strong foundation and putting out the LBRY credits they gave to themselves for this purpose for user engagement as one of the top areas.
There's also user acquisition, bounties, community engagement and publishing.
This encourages a lot of activity and rewards it on the network, which means it's a great time to earn a LBRY Credits by just literally joining, watching videos and engaging with people.
I also like that they tell you when they sold any LBRY Credits on the open market because you've got the main company that has so many of the credits, it makes a big difference whether or not they're selling on the open market.
In fact, when you've got a company that made or that has the biggest share of a cryptocurrency and they start down paying lots of it on the open market, which can kill the price which hurts the whole ecosystem.
Thus, I love that they put this up there and they tell you exactly how many LBRY Credits they issued to employees, and they tell you what their plans are going forward.
I like the transparency of the LBRY team.
There's more at https://lbry.fund/creator and you can actually get your content funded. There's a form that you can fill out, a fund grant request where you can go through and ask for LBRY Credits in exchange for making a video that you publish to LBRY Credits.
I saw a specific bounty you can submit where if you make a comparison video where you compare LBRY Credits to a different cryptocurrency that you can earn a 2,000 LBRY Credits for that, which is about $40.
You can get $40 to make a video comparing LBRY with something else, isn't that awesome?
One thing I like to look up is Google Trends to see how something is trending in Google search where you put the main search term LBRY over the past five years that you could see the Google search trends here.
The biggest spike we've got is in the beginning of 2018 when all the cryptos were big naturally a lot there.
Also another spike in 2019 and recently we've had some interest in activity coming up again as there's been a recent pump, maybe because Trayvon James was talking about this on his channel, and shout out for Trayvon and AJ Brockman who were the two people who got me to look into and get so excited about LBRY Credits.
You can also on Google Trends make a YouTube search as well and see how it's been trending over time by people searching on YouTube.
Again, my interest is some of the highest it's been for a while and the question with rather it's worth participating in any of these is what value is there today.
I love that you can go watch all my videos add free directly on LBRY. That's very valuable, ads that you might spend a lot of time viewing. If you watch my channel repeatedly with ads and on LBRY, you can watch it directly there and not only that, but earn LBRY Credits which make this absolutely awesome.
And the second thing is how much value could this have in the future?
Assuming that user adoption continues to grow, which according to the recent blog, it has grown significantly. If you go to Lbry.com/news, you'll see the 2019 report.
They said that user base is increased by more than 15 times. I really would have liked to have seen some actual numbers instead of a percentage. However, they may do that next time.
The user base going up by 15% is a very good sign for what we can see in the future.
One downside of an approach with giving a lot of creators and users individually a lot of LBRY Credits and in terms for engagement, this often results in a consistent sell pressure.
As many people who are given the credits immediately sell them to get the money out of them and look at it as a little bit of an income source.
Thus, this can put a significant sell pressure that can keep the price from spiking if there's not sufficient buying pressure from people who want to buy things with LBRY Credits such as video courses, whatever anyone wants to sell on LBRY Credits or send tips on LBRY Credits.
Right now, one of the main things you can do with LBRY Credits is send tips. These are all trending via people that are staking their content. From what I understand, and the way you actually earn is from getting tips.
Thus, there are no downvotes.
However, all of the income comes directly from tips.
Now there's a great incentive for the LBRY team to send tips to creators to keep them motivated and excited. There's also great incentive for top miners to send tips out to creators to keep people coming to LBRY to build up the value.
At the same time, there's not some specific mechanism like an up vote that you can just use to automatically give somebody or vote yourself up.
You can essentially stake it to get it on the trending page, but just holding LBRY Credits from what I see does not give you the ability to automatically earn more just because you have it, unlike some of the other currencies that for example, have master nodes.
The benefit from that is for currencies that have things like master nodes or some kind of built-in interest that can create a lot of sell pressure that can put the price down as well.
We've looked around at a lot of key aspects of LBRY Credits, and talked about it for about 20 minutes. I think it looks very exciting.
I've spent hours researching this and around a month using it or so.
What I love as a YouTube creator is I don't actually have to go in and publish my videos. It does it automatically, which is a really good way that they've set up to get content consistently published on LBRY.
It seems the angle the LBRY team's working is to get YouTubers to sync their channels up because it doesn't cost anything except a few minutes to sync a channel up to LBRY.
I've got now all my videos duplicated, which is very valuable because let's say the worst were to happen to my YouTube channel, the way it's happened to other profiles online and YouTube decided they didn't want me anymore.
All my videos, the last 900 and something videos I've done from YouTube, we're all still on LBRY.tv, which is miraculous.
Thus, this is something I'd recommend to every YouTuber to use just to back up your channel in case anything happens with it.
And if this hits critical adoption, getting followers on something like LBRY could also be extremely valuable to build a new audience.
Thus, it seems like a great opportunity, well worth one's time now, especially for me, it takes almost no time. I went through, I synched my channel up and my videos come out automatically here.
I don't have to do anything, which is great.
That seems to be the strategy, they're going to individual YouTubers and inviting them to sync channels up and other YouTubers are telling each other about it like how Trayvon James told me about it.
YouTubers are talking to each other, getting each other over on here. That's putting a lot of content on LBRY, which is laying the foundation of making it valuable.
Then, as more people want to sell videos, you can put music on LBRY, games, you can put comic books, you can put more content on LBRY, and the ideal long-term game I see for LBRY is to be able to sell content.
For example, sell video courses, sell music, sell games.
If you can actually get LBRY on critical mass where people are buying things like online courses, movies, music directly on LBRY, then that is an outstanding future.
I'm grateful that you've learned about LBRY here with me.
If you want to use any of the links I've mentioned or you want to join LBRY or watch my videos that you can go to Jerrybanfield.com/lbry/ where I've got it all there for you.
Thank you very much for reading all of this or skipping to the end.
I love you.
You’re awesome.
I appreciate the chance to serve you today and I will see you again soon.
Love,
Jerry Banfield
Edits from video transcript by Michel Gerard.
Posted from my blog with SteemPress : https://jerrybanfield.com/lbry-credits/