Written by: Paul Gleason
Mastodon, 50 Cent, and bands on Lotuspool Records are making albums available through Bitcoin, a form of digital currency in which transactions can be performed without the need for a central bank.
Bitcoins can be sent using mobile apps on computers; the process is similar to sending cash digitally. Users store Bitcoins in virtual wallets, which they keep on their Clouds or on their computers and allow them to send or receive Bitcoins and pay for goods and services.
From Bitcoin Magazine:
Music lovers and concert goers can leave their credit/debit cards and cash at home. By using Bitcoin to purchase your favorite artist’s music and merchandise, you are supporting them more than ever before. In addition, because of Bitcoin’s transaction security, you will not have to worry about fraudulent purchases or losing your wallet, because all your funds are stored on your mobile device. Many artists are also giving fans who pay with Bitcoin access to exclusive content. For instance, by pre-ordering Mastodon’s upcoming album “Once More ‘Round the Sun” you will receive two downloadable tracks before the album’s official release on June 24th.
As more record labels, musicians and fans get behind this new and innovative payment method, the use of Bitcoin in the music industry and throughout its fan communities will continue to grow. Music groups are always seeking ways to be different. Bitcoin provides possibilities that are mutually beneficial for fans, artists and labels.
In a band statement, Mastodon said, “We want to give our fans as many options to buy our new album as possible, and are happy that bitcoin can be one of those choices.”
Lotuspool Records head Chris Garibaldi added, “Lotuspool will accept Bitcoin donations from those who wish to toss a Bitcoin in the hat for unlimited downloads at the Lotuspool site. That said, it is only a donation and folks can choose to donate nothing.”
Bully Pulpit’s latest release Bylaws, which came out on June 17 can be downloaded this way, as well as Hollow Body’s forthcoming June 24 release I HATE TO TELL YOU THIS and the entire Lotuspool catalog.