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- Impact of Bitcoin on the Entertainment Industry
- 10 Ways how the entertainment industry grows due to bitcoin:
- The negative effect of bitcoin on the entertainment industry
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Impact of Bitcoin on the Entertainment Industry
The entertainment industry is on a boom. With more and more people making their career in the field, it has become one of the most sought-after careers. And with new technologies on the rise, it can always be expected to have some significant impact on the entertainment industry. Enter cryptocurrency! A new concept but one which has been growing steadily by the day.
Bitcoin can reduce the dependence on banks. Currently, big banks have a monopoly that controls everything from lending money to people to transferring large sums from one account to another.
Payment for services through Bitcoins
Since bitcoin transactions are not dependent on banks but between the sender and receiver, no fee is charged when transferring large sums of money. This will lead to outstanding growth in the entertainment industry as more people order various services that require payment over the table using bitcoins. These personal services include fitness classes/lessons or eating and ad placements.
Fairer distribution of wealth
The entertainment industry has a big hand in creating jobs and developing nations. However, the distribution of wealth is an issue that only a few makes from all those who give their best to it. Bitcoin can be used to create trust.
A transaction takes place when both parties authenticate it. All transactions are recorded in the public ledger, and therefore, you can be sure that your money goes to where it was intended. To start crypto trading open a free account today.
Decrease in piracy
Since there will be an increase in the demand for bitcoins, the entertainment industry can benefit from it. In addition, this will decrease piracy as more people will be willing to buy original CDs and DVDs rather than download them illegally.
Since all transactions are recorded on the public ledger, there will be no dubious deals or trades that go unseen. Instead, everyone is aware of what goes on even with the entertainment industry because there will be transparency in the distribution of wealth.
Crowdfunding has been one unique concept to raise funds for various projects and test their viability. In return, the project owners will have to allot a certain percentage as equity to those invested in their projects.
Greater collaboration with content creators
With bitcoin being used as an intermediary, bigger studios and individual artists/creators can develop greater collaboration since all transactions are recorded on the public ledger, so everyone is aware of what’s going on, thus creating a win-win for everyone involved.
Bitcoin exchanges having an impact on the entertainment industry
There will be a significant exchange of funds between big studios, artists, and individual users since bitcoins can be exchanged for fiat currencies. Big studios will spend their money to create better content, which increases the overall value of the entertainment industry and thus creates a win-win situation for all.
Future of entertainment
Blockchain, which is the technology behind bitcoins, has so much potential that it can be used in all industries and even outside cryptos to simplify things. But, of course, blockchain technology is still new, and only time will tell what kind of changes it will bring about.
Bitcoin changing the entertainment industry forever
Today, you will hardly find any person who has not used the internet in some way or other, but when it comes to bitcoin, some people still don’t know much about it. Since this is one of the most critical technologies created of all time, its impact on the entertainment industry will be profound.
Using bitcoin for the purchase of copyrighted materials like books or pictures
With bitcoins increasing in value, people are more willing to buy original CDs and DVDs. So this will not only increase the demand for bitcoins but also encourage new artists/creators to offer their services to the public.
Though, as discussed earlier, bitcoin is a beneficial innovation, it has some disadvantages too.
Threat to the traditional banking system
Since bitcoin transactions are not dependent on banks but between the sender and receiver, no fee is charged when transferring large sums of money, which leads to a decrease in bank revenue. This can result in a downfall for the banking industry, which is not beneficial for the world economy.
Bitcoin payments are irreversible
There is no third party when conducting a transaction using bitcoins. It goes straight between the sender and receiver without any interference from banks or other institutions, which leads to an irreversible financial transaction. This can be seen as unfavorable since there will be no means to recover money.
Bitcoin is overhyped, and its future is uncertain
Bitcoin has received a great response from all quarters, but some people think it is not the same as expected. So they predict bitcoin to be dead shortly due to lack of basic infrastructures like mobile payment systems and so on.
Bitcoin and other cryptos to be used for illegal activities
Bitcoin and other cryptos are not under the control of any central authority or government, which makes it easier for black marketers to use them in illegal activities like drug trafficking. So this may result in the devaluation of all cryptocurrencies and bitcoin.
Bitcoin and other cryptos to be used for money laundering
Like above, black marketers can use bitcoins and other cryptos in money laundering. This can also bring down the value of these currencies and bitcoin because of the negative effect that it will have on the minds of people who are new to this technology.
Bitcoin will become a legal currency only, not benefiting the market.
Though bitcoin has received a great response, some negative points may affect its demand in the future. So if the government starts to regulate bitcoins, this can lead to fewer people using them and make bitcoins irrelevant to the entertainment industry.
Though bitcoin has many advantages, it also has some disadvantages that the entertainment industry could exploit. There are numerous benefits that bitcoin brings to this already overcrowded industry. Still, at the same time, there can be unfavorable outcomes like a threat to the traditional banking system and money transfers being irreversible.
Thank you for reading!