Feedbands has integrated Bitcoin to pay artists and ambassadors automatically for streams. Here’s how it works:
Qualified streams are those that trigger payments. Every active, paying member of Feedbands receives 150 qualified streams each month. These are the first 150 songs that the member listens to from start to finish. Once a member has reached 150 full streams for the month, they can continue listening and using the site as usual, but their streams are no longer qualified. In addition, streams from non-users, or non logged in users, are not qualified streams. Only qualified streams trigger payments.
For each qualified stream, Feedbands pays the the artist, and the ambassador if an ambassador shared the song, scouted (signed up) the listener, or scouted (signed up) the artist. Everyone is paid in Bitcoin, and the amount of Bitcoin they receive is equal to the following amounts at the time the payment is distributed:
Artist: 1 cent
Ambassador / Share: .15 cents
Ambassador / Listener Scout: .15 cents
Ambassador / Artist Scout: .15 cents
Just as with any independent contractor relationship, we will need a completed W-9 if your earnings reach the legal requirement, and we report all payments made to contractors to the government.
Ambassadors receive a link that they can share on social media, text message, email, etc. When an artist clicks that link and then signs up for Feedbands and uploads music, etc. the Scout, or owner of that link will earn Bitcoin on every qualified stream that that artist generates on their music for the life of their account, as long as the Ambassador’s Feedbands subscription remains active. The current rates are referenced above.
Ambassadors can use their Scout link to sign up listeners as well, and will earn Bitcoin on each qualified stream for the life of the listener’s account, as long as the Ambassador’s Feedbands subscription remains active. The current rates are referenced above.
When an Ambassador shares a song on Feedbands, they can earn Bitcoin in three different ways:
So, by sharing music, Ambassadors earn Bitcoin when Feedbands members listen to the songs you share, when non-Feedbands members sign up after listening to the songs you share, and when artists sign up after listening to a song you share.
Artists and Ambassadors can set your payout threshold to whatever you choose above $5, but please note that Bitcoin transfer fees do come out of your payment. Currently, the cost to make a Bitcoin transfer is about 14 cents. To avoid paying a disproportionately high transfer fee, we have set the minimum transfer threshold to $5. You can adjust this from Account Settings -> Bitcoin Settings.
To view your earnings, simply log in to your Feedbands account and go to Settings -> Bitcoin -> Earnings & Payouts and you’ll see this:
This above example only shows earnings from listening, but if you had scouting credits (people who sign up with your link and then listen) it would show here, as well as sharing credit (when a qualified stream occurs from a song you share). Payouts would also be reported here.
Want to receive your Bitcoin instantly as streams occur without waiting for thresholds or paying transfer fees? Great, the Lightning Network is live now and enables this. With a Lightning-Enabaled Bitcion wallet, we will be able to pay you for streams, shares, and scouting instantly and for a near-zero transfer fee. This technology is still in beta and if you would like to be one of our beta testers please contact [email protected] and we can setup your lightning account so that you are paid instantly for all of your streams / shares / scouts. You’ll receive your Bitcoin instantly and pay almost no fees to receive the payments.
The value of Bitcoin fluctuates up and down against the US Dollar. However, the value of your account is pegged to USD, so the dollar value of your account will not fluctuate until we pay out to you. Once you receive Bitcoin from us, the value may fluctuate. By using Feedbands and earning Bitcoin, you accept this risk. Feedbands is not responsible for any loss in the value of Bitcoin you receive from us. If you prefer to be paid in USD, you can opt to receive a check, although it requires that your account reach a $100 threshold.
Below is a list of ways you can utilize your scout link to earn recurring monthly Bitcoin:
Earnings do not begin accruing in your Feedbands account until you successfully link a Bitcoin address to your Feedbands account from your account settings. We recommend using Electrum for computers, Mycelium for mobile phones, and Coinbase when you are ready to deposit your Bitcoin into your bank account. You alone are responsible for the security of your Bitcoin wallet, and Feedbands is not responsible if you lose access to your Bitcoin wallet or if your Bitcoin wallet gets hacked. We strongly recommend enabling two factor authentication for all Bitcoin related software and recommend storing all passwords and keys off the cloud.
The easiest and fastest wallet to set up in two seconds is the Coinbase Wallet.
That’s easy and only takes a click!
Just search youtube for things like “Bitcoin Wallets” or “Bitcoin wallet tutorial” or “Keeping your Bitcoin safe” or “How to use Coinbase.” There is an incredible amount of good information on Youtube for safely storing your Bitcoin, using Bitcoin wallets, and getting that Bitcoin into your bank account.
Email [email protected]