Bitcoin triggering more media industry buzz than expected, report suggests

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

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6 comments
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  • Stability would certainly drive out the speculators

    And that's absolutely necessary if Bitcoin is to ever serve as a mainstream currency.
    John L. Ries
    • re:

      Other than paying for illegal stuff like drugs and illegally avoiding paying taxes, the only reason for the existence of Bitcoin is to have a new bubble to con people into squandering their real money on. So stability, along with law enforcement, would probably be the death of Bitcoin. RIP Bitcoin can't come fast enough.
      Sir Name
      • There do appear to be a lot of people...

        ...who expect Bitcoin to replace state-issued currency and make the underground economy the only one there is, thus making it impossible for governments to effectively supervise or tax commercial transactons, thus ushering in the anarcho-capitalist paradise (which I think is just as much fantasy as the worker's paradise preached by Communists).

        Fortunately, even if Bitcoin were to become mainstream, things are highly unlikely to evolve in that fashion.
        John L. Ries
      • Boy, what logic

        By your logic, Bitcoin's value would have caved the minute Silkroad shutdown. Speaking of which, the dollar is no more vauable then Bitcoin. It only retains it's value because the goverment says so. Otherwise, the dollar hasn't been backed by the gold standard since the 1970s.
        ZackCDLVI
        • There are some advantages...

          ...to being backed by the most powerful government on the planet. Other than that, you're right, but remember that Bitcoin is backed by nobody.
          John L. Ries
      • Actually

        The bitcoin was conceived as a libertarian tool to make governments irrelevant. It was then used to make money by speculating on it and mining it, and followed swiftly by a bazillion other 'coins that exist solely for these purposes (luckily this trend may come to an end after the failure of the coinye).

        What it will actually be used for? Paypal. It will replace Paypal because it is cheaper, faster and the money cannot be seized for arbitrary reasons like Paypal is known to do on occasion. It may become the main currency for online trading and will probably take over entirely in certain dysfunctional African nations without a valid official currency but with lots of cellphones.

        But it will definitely not push world govenments into obsolescence, if only because governments could stop it dead with a single law ("employees can only be paid in national currency") or even something like an NSA initiative to attack the bitcoin network. God forbid we'd all use only bitcoins for 20 years and then the bitcoin gets cracked and invalidated.

        This is nothing new. The zeppelin, the smartwatch, concrete, robots, even the space shuttle were at some point assumed to dominate the future in some way, and they all found the one role they were actually good at. The bitcoin will stay, but it will be just another thing that exists in the world, as opposed to a staple of tomorrow's civilisation.
        EnaiSiaion