Bitcoin for Musicians
There is no doubt that bitcoin has become a major talking point these days. The price is jumping, and it seems like everybody is investing. Musicians are even taking advantage of this popular digital currency and are selling their music for it. Let’s dive in to the basics of bitcoin for musicians.
What Exactly Is Bitcoin?
Bitcoin is a cryptocurrency and payment system and is the first decentralized digital currency. There is no central repository or single administrator to control it. Transactions are peer to peer and take place between users directly through cryptography. Consequently, all transactions are verified by network nodes and in a public ledger called blockchain. Bitcoin was invented by an unknown person or group operating under the name of Satoshi Nakamoto back in 2009 and are created by a process called mining. Every ten minutes or so computers collect pending bitcoin transactions and turn them into mathematical puzzles. As a result, miners that solve the equation are rewarded with bitcoin.
How to Sell Your Music for Bitcoin
Selling your music online for bitcoin is just the same as selling for cash or PayPal. Whether it’s physical or digital there are ways to make an exchange with a person interested in purchasing your music. Therefore, as the seller, you are able to set your own terms on how and when payment is received. Bitcoin has become a bit of a standard and there are even third-party websites you can use that will act as a middleman for the exchange. Recently music producer 3LAU released a guide to bitcoin for musicians, his guide will give you the basic that are overlooked by novice digicurrency users. Furthermore, the free and downloadable document tells you how you can store your money online and discusses issues you may face. 3LAU also gives some basic information on other cryptocurrencies such as Litecoin and Ethereum.