Why Bitcoin?

Feedbands Staff

March 6, 2019

Hello, beloved Feedbands member!

If you’ve found this page, you’re probably aware that the new Feedbands platform is going to pay Bitcoin to members, artists, sharers, and scouts, just for streaming and sharing music on the site.

We at Feedbands could not be more excited about the opportunity to implement a cutting-edge use case for an emerging technology and we are thrilled to offer a zero-risk way to get our members and artists involved.

That being said, we know that there are plenty of reasons to be distrustful of Bitcoin, as well as plenty of confusion about blockchain in general, so we created this document to soothe your fears, answer your questions, and hopefully to help you get as excited as we are about the power and potential of the new music economy.

First things first:

WTF is Bitcoin?

There are thousands of resources on the web that explain Bitcoin, blockchain, and cryptocurrencies. We haven’t watched and read them all, but this one is seems as good as any in terms of a rundown of the facts:

And for those that love the printed word:

https://www.esquire.com/lifestyle/money/a14500146/beginners-guide-bitcoin-what-is-bitcoin/

Why are you even using Bitcoin? Why can’t you use PayPal like every other business?

This is a great question, and one we have had the opportunity to ask ourselves hundreds of times over the last year of software bugs, general public distrust, market apprehension, and an uncertain legislative future for cryptocurrency as a whole.

And yet, despite this daunting list of reasons to say “Fuck it, pay them in PayPal” we pushed forward and built an entirely new Feedbands platform, which is in fact more than a streaming and voting platform. It is a model for a new music economy, and we built it on top of the Bitcoin blockchain because we believe that business as usual is going to change radically and we want to help normalize this new way of moving money and distributing wealth for our artists and users with zero risk, minimal friction, and a pretty decent shot for potential upside.

So what does all that mean?

It means that we have spent years reading about the technology behind blockchain, we have watched the massive bull runs come and go in the speculative markets, we have researched and even participated in some of the incredible ideas that people are coding into reality (Dashfest 2018, baby!), and we believe that blockchain technology is poised to make a shift in how how the world does business and handles money. Blockchain might turn out to be a dead end. But it might be as revolutionary as how the internet changed how we interacted with…well, everything.

Why are you forcing me to interact with Bitcoin? I don’t trust it/like it/care about it and I have zero interest in being a part of this.

We get it! There’s a lot of FUD (fear, uncertainty, doubt) in the space at the moment and for good reason. Plenty of retail investors got burned buying high and selling low during the late 2017 hype, people were scammed by unregulated and unscrupulous ICO’s, and there are as many articles disparaging cryptocurrency as there are evangelists praising it.

And honestly, we don’t know what’s going to happen with it. It could change the way the world works entirely or it could sputter out to nothing. We can’t predict the future, but we can throw our hats in the ring for something we believe in.

However, just because we believe in it, doesn’t mean you have to, and you are under no obligation to interact with Bitcoin on the new platform. While you can be paid in Bitcoin for all of your qualified streams (as a listener) or all your users’ qualified streams (as scouts or artists) at no additional cost or risk to you, the Bitcoin will only accrue if you configure a Bitcoin wallet and connect it to your account. You don’t have to do this, and you can use Feedbands as usual without activating Bitcoin payments.

However, if you want to passively earn Bitcoin as you stream, share, and sign up artists or fans, you will need to connect a wallet. We recommend a few that are free and give you suggestions to maximize the security of your accounts. You can let the BTC accrue or you can set a threshold to cash it out for fiat currency.

We don’t tell you where to store your BTC or when to sell it, or whether to accrue it at all, but we have made it easy and risk-free for you to earn Bitcoin just for streaming and sharing music you love. While we have no idea what will happen to the price of BTC in the future, we can’t see much of a downside to turning our listeners and artists into independent contractors and paying them in it for doing things that make our platform stronger, thus empowering them to do whatever they like with it.

Why are you paying us at all? Aren’t we supposed to pay you?

These payments are the foundation of the new music economy we mentioned above. We believe that musicians should be paid more when the art they’ve created is shared and streamed, so we are paying artists over 2x what Spotify pays per qualified stream. This is in line with the founding ethos of Feedbands, which originated as a streaming service that offered a platform for emerging musicians to get their work out to a broader audience, and allowed them to retain full rights to their own creations. Our mission is in our name: we want to put more money in the hands of independent musicians that are making music for the rest of us to enjoy, for the simple love of music.

Beyond that, we know that one of the most powerful things a fan can do to support musicians they love is to share their music so that the artist gets new fans who will buy tickets to shows, download albums, and buy merchandise. All of these things support the musician and allow them to keep making awesome songs to populate the soundtracks of our lives. So we decided to incentivize and empower you, the listeners, the passionate fans, to earn Bitcoin just for doing something that you know will help out the artists you love: streaming and sharing their music.

It’s not business as usual. It’s not the conventional way. We are fully aware of this. But we also know that artist could be paid more fairly for their work, and we want pioneer that change. We also know there’s massive value in a fan who shares music with their friends and followers, and we want those superfans to be rewarded for the efforts they make.

We know the winds of Bitcoin could blow either way, and it would be “safer” to pay you in fractions of a cent per stream. But a fraction of a cent can only do one thing: depreciate over time with inflation. A fraction of a cent in Bitcoin could increase in value twentyfold over the course of a year. We’ve seen it happen before, and there’s nothing to indicate that it won’t happen again.

When we asked ourselves over and over again “Why Bitcoin?”, we realized the answer was another question: Why NOT Bitcoin? Why NOT create a way to offer access an emerging technology, with the same spirit, optimism, and passion as we have offered a way to access emerging artists for the last 6 years? Almost every band started out as an unknown; now some of them are household names, and some of them are your favorite bands. Just because something is unproven doesn’t mean it is valueless. Just because something is unfamiliar doesn’t mean it should be feared. At Feedbands we embrace the new, the emerging, and the independent. The new music economy built on Bitcoin is just the next step in a constant evolution to level the playing field and give more people access to amazing things, whether that’s more music, more wealth, or more of whatever emerges next.

 

Click here to learn more about how Feedbands and Bitcoin work together.