Bitcoins have revolutionized the entire concept of currency throughout the world. It has brought about a revolutionary change in the operational and transactional performance currency. It is a currency that is intangible in nature.
Since bitcoins are devoid of any particular governance and are entirely run by a peer-based network of trust, therefore it stores the details of all transactions in a digital database. These transaction details help increase the trust of the entire network and each investor, buyer or seller remains accountable and answerable to the other members of the network.
These digital footprints are irreversibly created without leaking any personal information of any user. This level of security is almost absent in any digital platform. One might be thinking how could music as a form of art be anywhere closely related to bitcoins or their transaction. As we all know the musicians and the industry are not very organized. Therefore there have been several issues with artist payments, timely payouts, royalties, and transactions across international boundaries.
Many artists have lost out on royalties due to political boundaries and different monetary policies across different countries. Music being an unorganized sector has not been able to fight these vices present within the industry itself. Bitcoins have helped many artists save their music.
How Bitcoin Payments Can Revolutionize the Music Industry
Statistics say that more than 90% of music listeners on the internet do not have access to an uninterrupted listening experience online. They mostly have to subscribe to expensive services which offer uninterrupted music streaming.
With the involvement of bitcoins and special streaming apps and websites for bitcoin users, it is a win-win situation for both listeners and artists or record labels. The listeners spend a very nominal amount from their bitcoins and subscribe to a range of musicians and favorite labels to experience uninterrupted music streaming, in turn, the artists or labels get paid directly and on time. Since there are no governing laws for bitcoins or middlemen for interference, there are no separate policies that govern the transaction of bitcoins either.
Therefore, unlike fiat currencies, the royalties are paid to the artists without hassle, directly and on time. The elimination of third parties or middlemen also helps in the process of payment to the artists and labels who receive what is due to them alone without losing anything to middlemen.
With the recent development and increase in value of bitcoins and millennials taking an utmost interest in this digital currency, many industries are adopting bitcoins as one of their primary modes of payments.
The security involved with these transactions is also another reason for people to prefer it. Therefore the sender knows that the transaction will be reaching the right place without any interference midway. This guarantee of security comes from the highly complex mechanism and algorithm on which the bitcoins are bought and transacted. Also, each transaction leaves a digital footprint or record of the same.
The best industry compensations are being operated with bitcoin as the medium. Musicians are also preferring this mode of payment for the security, ease, and lack of intermediaries.
Conclusion:
Not only are artist payments made timely and directly but bitcoins have also been seen to reduce piracy in the music industry. With complex codes and algorithms, it is difficult to crack the codes of encrypted music streaming apps hence preventing privacy.
The ownership rights are also put straight and the ledger which holds the digital footprints of all details of the contract can be used to determine who owns the music. Therefore bitcoins are playing an important role in organizing the music sector, globally. It would be advantageous for artists to shift to this transactional format. For more details, visit anon-system.live.
