A guide to the potential crypto boom in music worldfree4u.site

 A guide to the potential crypto boom in music worldfree4u.site

In a huge, convoluted ecosystem of labels, publishers, distributors, and royalty collectors, the idea of ​​quickly rewarding artists may sound like a revolutionary concept. What if it isn't?

What if the hundreds of thousands of music industry artists - who are especially in need of money when they can't tour, like now during the Covid-19 pandemic - wouldn't have to wait long to receive their royalties, but rather, they can instantly receive streaming money ? Expand this thought experiment: What if there was a  merch royalty that would give the artist a discount every time they resell a branded hooded sweatshirt or piece of art, or a system that accurately paid musicians?


In a nutshell, how cryptocurrency works

In 2008, developer Satoshi Nakamoto - probably a pseudonym for a person or group - introduced the first cryptocurrency, Bitcoin. The first official Bitcoin transaction took place in 2010, when Florida resident Laszlo Hanets paid 10,000 bitcoins for two pizzas. More than ten years later, the value of bitcoins reached an all-time high in January 2021, when a single bitcoin was worth over $ 40,000, which means that these pizzas will be worth $ 400 million by now.

Paying for songs is easier, faster and more accurate

Gazi Shami, founder and head of music distribution company and record label Empire, who has worked with everyone from Snoop Dogg to Migos, is one of many music executives excited about cryptocurrency's ability to get around bank headaches. Shami told Rolling Stone: How can I use an app like BitPay and send someone bitcoins anytime of the day, anywhere in the world, but if I want to send someone a telegram or ACH, I need to do it on work time, it takes 24 hours, but I can't do it on Saturday, Sunday or holidays? The banking system is very outdated. Shami also scoffs at banks' refusal to allow customers to take their account numbers with them if they change banks, which even the cell phone company does. For a label like Empire, he says, switching banks is a giant business because all suppliers have to be switched manually. But if I have controlled my account number, I can go anywhere with it. Crypto is a peer-to-peer technology. It's faster, it's smoother. 

Let the artists look under the hood

And it's not just about the payment rails. It's like saying the Internet is only good for email,says Grammy-winning artist RAC, who has been a crypto fanatic for years. Currency is just one tiny aspect ... It's about changing how we interact in the business environment.