Bitcoin has been around for quite some time now, and it is no longer a secret that this digital currency can be used to make payments online. What you may not know, however, is just how much of an impact bitcoin can make on the film industry.
The movie industry is a multi-billion dollar global economy that has long been known for its high-profit margins. Unfortunately, it’s also an industry notorious for being slow to change with the times, so it’s no surprise that they have yet to jump on board with cryptocurrency. You can register here to open your free bitcoin trading account.
7 Ways how bitcoin can benefit the film industry all across the globe
There are several ways bitcoin can be used to benefit the film industry. It’s now up to the film industry to integrate this innovation into their workflows.
Making payments easier
This is by far the best reason for filmmakers worldwide to look into cryptocurrency. But unfortunately, it is very difficult for international buyers and sellers to make payments on a deal.
However, companies have been using bitcoin for years, so it makes sense that the film industry should look at this before developing their cryptocurrency.
Censorship resistant payment options
There is no denying that there are a lot of governments in the world that censor media.
Unfortunately, it’s impossible to filter out all of the files on a network, but bitcoin payments can offer more options for filmmakers who want to distribute their films without censorship.
One of the most common problems with using fiat currencies is that many governments hold incoming payments. This can create significant delays, and it’s frequently challenging to describe why.
However, bitcoin transactions are decentralized by nature so that payments will remain typically transparent within a few minutes, if not seconds.
For years, it has been said that micropayments would be the future of the digital content space, but that has yet to come to fruition. On the other hand, Bitcoin offers a faster, safer, and more reliable method for small amounts.
Reduced risk of identity theft
One of the most shocking things about the film industry is how little protection is for the actors. Thousands of people out there have their information, including credit card details, on file with studios.
This makes it incredibly easy for identity thieves to get into these files and steal sensitive information. Bitcoin payments can prevent this from happening because they do not require any personal details during a transaction.
Ease of use
Bitcoin payments are straightforward to use, and they’re also detailed to set up. All it takes is obtaining and setting up a digital wallet, and then you can begin accepting bitcoin payments through that wallet.
Issuing tickets with cryptocurrency
This is probably one of the most overlooked options for bitcoin, but it’s also one of the most powerful. So if you own a theatre or anything similar, accepting bitcoin payments for event tickets could be the way to go.
This is one of the biggest concerns for anyone who wants to use bitcoin, but it’s even more critical when dealing with large sums of money. As high as these losses are, they can be compounded if you don’t properly secure your wallet.
The value of bitcoin can change from one moment to the next, which is a considerable risk for those looking at it as an investment opportunity. For example, it’s entirely possible that you could spend 1 BTC on a movie today, only to have the price go up by 50% or more tomorrow.
As a result, determining a solution immensely challenges the value of payments for transactions in this cryptocurrency.
Bitcoin offers a great many advantages for the film industry. However, the benefits outnumber the disadvantages, and there is a lot of anticipation in this sector as we move ahead.
Major studios and production companies may start to explore this option for small payments, primarily if they can determine how to limit volatility through hedging or intentional price-fixing.