Bitcoin triggering more media industry buzz than expected, report suggests

Summary:The biggest catch for ensuring Bitcoin's stability with the masses (and studio bank-rollers) is to build a solid reputation.

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Retailers are very slowly (but surely) starting to accept Bitcoin as a valid form of payment, and soon the media and entertainment industry might join the bandwagon.

A new report from global consulting firm PricewaterhouseCoopers reveals that many entertainment, media and communications companies are already experimenting with the digital currency.

Consumers also seem to be read, based on a survey of more than 1,000 U.S. participants, especially when it comes to paying for online gaming and video games.

In contrast to how many hurdles and tangled webs there have been surrounding streaming video contracts for years, the relative immediate interest and path being established for Bitcoin might look like as a cake walk for the new technology.

(Sure, Bitcoin has been for awhile -- along with other digital currencies -- but it's obvious that the fervor only really escalated on the public stage a few months ago.)

The biggest catch for ensuring Bitcoin's stability with the masses (and studio bank-rollers) is to build a solid reputation.

Researchers found that nearly half (49 percent) of all respondents would be more likely to trust Bitcoin if it were distributed by a well-known third party.

Perhaps the bottom line is that so long as Hollywood is willing to take your money, then the door is open for new methods of currency.

Topics: E-Commerce, Tech Industry, Web development

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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