Bitcoin was invented back in 2008, and since then, it has shown its potential to handle the mainstream single-handedly. Bitcoin network went live after a year in 2009 by the inventor recognized under the name Satoshi Nakamoto. The astonishing and unique features of bitcoin have amazed every user or participant of the bitcoin network. It offers an unexpected return on investments due to its scarcity and highly volatile market.
A vast number of industries and businesses are eager to inferno the shadow of accepting bitcoin payments, and every business gets on the road to success with bitcoin. Learn more about Bitcoin Boom app to start bitcoin trading easily.
Like every industry that has started accepting bitcoins, the movie industry is no less. Many movie ticket platforms and OTT platforms have begun to accept bitcoin for payments and subscriptions. While still there are many movie platforms and industries that haven’t started with bitcoin payments. There’s no reason that can stop or pause you from accepting bitcoin payments, and here in this article, let’s discuss a few reasons to know why the movie industry should start with bitcoin.
Reduced risks of monetary frauds
There’s a huge sum of money that is used in producing films and movie industries, and OTT platforms have to face thousands of challenges every day in the progression or funding of movies. The main challenges are financial frauds and chargeback, and the only route of solving these challenges is highly time-consuming. There are many flaws in traditional banking systems as it is complex and includes intermediaries. In all these flaws, producers and consumers don’t get the opportunities to earn a good sum of money.
Bitcoin is independent of go-betweens and third parties who explain that there aren’t any risks of chargebacks and monetary frauds. For instance, a customer can easily buy a ticket from the movie ticket platform using bitcoin. Once the transaction gets completed, the consumer will receive the confirmation, and the transaction will then get recorded in a public ledger.
Easy and fast transfers
Bitcoin isn’t subjected to strict guidelines of banks or the government. Because of no involvement of third parties, bitcoin can work independently and completes the transactions fast and hassle-free. Content consumers don’t have to wait for approval of their transaction from banks or the government and can get their transaction completed in seconds. When content consumers use the traditional banking system, they have to deal with slow and high-cost transactions.
You can compare the time consumed by traditional banking systems and the bitcoin network to complete the transactions. Even traditional banking systems take around 2-3 days to complete the international transactions. For bitcoin, completing the transfer of funds is a matter of seconds for domestic and international transactions. Additionally, the transaction fees charges are nominal that every consumer can afford.
Bitcoin is the most trending cryptocurrency that has not only promised but proved to revolutionize all industries and businesses, including the film industry. Its potential made it earn great popularity worldwide. Multiple movie industries and platforms have added bitcoin as a payment method on the website and traditional banking methods.
In a nutshell, bitcoin is one of the best and right methods to make payments as it allows fast, easy, and minimal cost transactions. With its increasing trend and price, businesses and industries are accepting it more and more. Even a few crypto analysts say that bitcoin is the future currency that will even replace traditional payment methods.
As discussed earlier, the movie industry involves many go-betweens or third parties in the production of movies. The third parties overtake small players or members in the movie industry and get all the credits and profits. Even some middlemen buy the authorities of content creators without any right contracts. Crowdfunding is the best way to utilize bitcoin’s blockchain technology in complex startups that help even small players have their rights and earn good money and reputation in a mainstream area.
The best benefit that complex startups can acquire using blockchain is transparency between the content creators and consumers. Through startup, you get the authority to vote, which is specially developed to accept the engagement ratio of consumers on different projects.
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