Many incidents can be seen between the movie industry and Cryptocurrency regarding overnight fame and life-changing opportunities. But, like how a movie, song, or video gets trending in just a matter of hours, the prices of Cryptocurrency fluctuate significantly in a brief period. Start your trading journey and improve your trading skills by using the most recommended trading platform online, the BitTrader
Cryptocurrency has dominated and revolutionized payments and transactions in many distinct sectors. Now it is set to continue its legacy of dominance in the movie industry by stepping into the big production houses’ company strategy and payment options.
Many businesses and industries have developed robust optimism toward Bitcoin, Ethereum, and other cryptocurrencies.
Furthermore, there is merely any production house that started accepting Cryptocurrency as a mode of payment and is experiencing any significant loss or a sense of regret. However, accepting Bitcoin and other cryptocurrencies as a mode of payment does not degrade the significance of traditional financial tools.
On the contrary, combining methods acts as a catalyst in increasing the convenience of payments worldwide.
Before enumerating the benefits of accepting Cryptocurrency as the mode of payment, understanding the fundamental definition and the practical application of Cryptocurrency is crucial.
Cryptocurrencies are the future of the movie industry!
Cryptocurrency can be considered a digital token or a digital coin, which works on decentralized and transparent technology, also known as the blockchain. A Japanese group of stash Nakamoto invested in it in 2008, which went live in 2009 with Bitcoin. Because Cryptocurrency is decentralized and is not under the regulation of any government or organization, it becomes convenient for its investors to transact their funds without the burden of any additional compliance.
Also, it is tough to transact money from one country to another using traditional methods such as national banks. In contrast, cryptocurrency transfer from one part of the country to another is comparatively a piece of cake for investors.
Eventually, Cryptocurrency is the cheapest mode of money transaction from one account to another as its transaction charges typically vary from 1% to less. In contrast, on the other hand, financial tools like debit cards and credit cards may charge somewhere between 3% to % percent in general.
Turbo speed Transactions
Since Cryptocurrency works on decentralized blockchain technology, it becomes undeniable that it doesn’t come under the control of any government, in addition to the fact that any financial institution does not regulate it. There is a third-party Involvement of brokers, which slows down the entire procedure of transactions when the traditional methods of transactions are used.
Moreover, International payments may take 2-3 days to be completed, which is an ample amount of time wastage for critical business deals. Therefore, removing the third-party involvement in all the transactions generated using Cryptocurrency led to reduced time in the transactions, which created a smooth and hassle-free system for the users of Cryptocurrency.
Low Risk of fraud
In the Movie industry, movie producers face several challenges during production. One significant challenge is reducing the probability of fraud to a minimum.
Unfortunately, resolving frauds like chargebacks and financial frauds can take ample time and could even remain unresolved for years. It is due to the incapable traditional methods of banks and other financial service providers, which are full of flaws and loopholes. In cryptocurrencies, all transactions are autonomously recorded and saved and can be used as proof of fraud or deception.
Volatility in Cryptocurrency
Cryptocurrencies are very volatile and can lead to tremendous profits for movie production companies if they research, analyze and reinvest their money with consideration. The sharp price fluctuations can catalyze movie production companies to increase their profits and overall return on investments. In addition to the volatility of movies, production houses can utilize the influence and popularity of their movie to indirectly portray their faith in the Cryptocurrency they are accepting, which could significantly lead to a price increase in the Cryptocurrency.
It’s time for Cryptocurrency’s Big break in the Movie Industry.