How Bitcoin Is Shaping The Digital Media And Entertainment Sectors
Since its inception, Bitcoin has created a digital revolution that has spread across several sectors. While the most popular effect of crypto’s disruption of the status quo is in the finance sector, Bitcoin and blockchain technology are also impacting digital media and entertainment. The blockchain framework and its benefits expose creators and consumers to new possibilities, larger audiences, dynamic content, and new ways of monetization. This transformation, however gradual, is effectively shaping the future of global entertainment and digital media.
UNDERSTANDING BITCOIN
Bitcoin is the world’s first major decentralized cryptocurrency and the largest by market cap. It was introduced by an anonymous person or group known as Satoshi Nakamoto, who published a whitepaper in 2009. Nakamoto introduced Bitcoin as a peer-to-peer cash system, with coation as the network’s most distinguishing feature
The Bitcoin process is simple. Anyone with Bitcoin can initiate a transaction on the blockchain to send tokens to a wallet. Each transaction is broadcast to public nodes and grouped into blocks. Miners on the network then compete to verify the transactions by using specialized equipment to solve complex computational puzzles. After verification, the blocks are permanently added to the Bitcoin network.
An essential part of Bitcoin’s makeup is its limited supply. Nakamoto introduced this deflationary method to keep Bitcoin’s price as immune to inflation as possible. Bitcoin has a maximum supply of 21 million, with 19.5 million currently circulating. This means that nearly 93% of all Bitcoin that will ever be mined, are already in circulation.
Bitcoin in Digital Media and Entertainment
In the digital media and entertainment sectors, the following are ways Bitcoin can be applied:
▪︎ CONTENT MONETIZATION
Content creators in the entertainment sector no longer require the services of intermediaries to receive payments directly from their audiences. These creators can now share their wallet addresses in their posts to get tips from beloved fans, or use tip buttons attached to social media profiles to receive payments.
This way, all creators, including artists, writers, and musicians, can control their prices and receive money without worrying about processing or regulatory fees. Through Bitcoin, creators can also enjoy an alternative income stream instead of relying on advertising-based revenue models.
▪︎ONLINE GAMING
Bitcoin is also contributing significantly to the online gaming industry. Online games sometimes employ a subscription model, or require players to make certain purchases to improve gameplay. The ease with which crypto payments are handled helps streamline the payment process and makes it easy for players to make more frequent purchases since transaction fees are affordable.
The iGaming industry also enjoys Bitcoin benefits, especially with payments. Many online casinos, are now adding Bitcoin and other cryptocurrencies to deposit options available to customers.
▪︎DECENTRALIZED DISTRIBUTION
▪︎ FUNDRAISING
▪︎ COPYRIGHT PROTECTION
THE FUTURE OF BITCOIN IN ENTERTAINMENT AND DIGITAL MEDIA
The entertainment and digital media sectors will likely continue integrating Bitcoin into their creation, publishing, and distribution processes. While Bitcoin currently solves some of the most common problems creators face, the distribution process can also be improved via crypto. Content marketplaces and streaming platforms can also use Bitcoin to advance content decentralization and democratize the creation and consumption processes. This allows creators to offer consumers direct access to their products without relinquishing control
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