In the early days of the internet, media access was a slow and cumbersome process. You had to wait for a website to load, and then you could only access the content that was on that website. If you wanted to watch a video, you had to download it first and then hope that it would play on your computer. It was a far cry from the instant gratification that we have come to expect from the internet today.
The internet has changed how we consume media; if you consider two to three decades ago, before high-speed bandwidth, if you wanted to watch a movie in the comfort of your home, you would need a VCR, BetaMax Player, DVD player or Blu-Ray player. Once you had the equipment to decode the information, you still had to go out and secure the IP by hiring or purchasing the movie on tape or CD.
Sure we have fun memories of heading to the video store in our PJs to pick out a movie for the weekend, and while those experiences ooze nostalgia, we can see that leaps in data transfer have made this practice a thing of the past.
Before the internet, distribution channels for media were well marshalled and controlled; very few of us had a viable choice outside acquiring media through local vendors or our TV broadcaster.
The beginning of an era
Then, in 2007, something changed the way we access media forever: YouTube was launched. YouTube was the first major streaming service, quickly becoming wildly popular. People loved watching videos without downloading them first, and YouTube’s user-friendly interface made it easy to find the content you were looking for.
YouTube was so successful that other companies soon followed suit, launching their own streaming services. Netflix, Hulu, and Amazon Prime are all streaming services that allow you to watch movies and TV shows without having to download them first. This new streaming era has been a boon for consumers, who now have instant access to a wealth of entertainment at their fingertips.
However, there is one group of people who are not happy with the rise of streaming: content creators. Streamers like Netflix and Hulu do not pay creators for their content. Instead, they buy the rights to shows and movies outright. This means that creators do not make any money from people who stream their content; they only make money from people who buy or rent their content outright.
As a result of this business model, many content creators are struggling to make ends meet. They are not being compensated for their work, even though millions of people watch it. This is why some content creators have started using Patreon, a platform that allows fans to directly support their loved creators by paying them monthly subscriptions. However, Patreon only works if fans are actually willing to pay for content; many are not.
This is where Bitcoin comes in. Bitcoin could solve the streaming wars by providing a way for content creators to be directly compensated for their work. With Bitcoin, content creators could set up paywalls on their websites or charge per-view fees for their videos. They could also receive tips or donations from fans who appreciate their work. Best of all, all of these transactions could be done without requiring any personal information from either party; all you need is a Bitcoin wallet address.
How does Bitcoin work and how can it be used to stream content
Bitcoin works by using cryptography to secure financial transactions between two parties. These transactions are verified by network nodes and added to a public ledger called the blockchain. The Lightning Network allows for near-infinite scalability of the Bitcoin network by opening up payment channels between two parties so that they can transact without having to broadcast their transactions to the rest of the network
Streaming services are great, but they can be expensive. Services like Netflix, Hulu, and Amazon Prime can be costly if you want to watch content from multiple sources.
A play on the value-for-value model could help reduce the cost of streaming services. This would involve a system where you pay pro rata for access to a content library, and then you could choose which content you want to watch. This would allow people to only pay for the content they actually want to watch, and it would also help reduce congestion on the streaming services’ servers.
The benefits of using Bitcoin for streaming content
There is a good chance that Bitcoin and its programmable nature could eventually be used to monetize streaming services. There are many ways in which Bitcoin could be used to improve streaming for the better. Firstly, Bitcoin could be used to pay content creators directly for their work. This would allow content creators to be paid instantly and without any fees. Secondly, the Lightning Network could be used to process microtransactions quickly and without congestion, making it the perfect platform for streaming content. Finally, Bitcoin could be used to pay for premium content without providing credit card information or other personal data.
Bitcoin could solve the streaming wars by providing a way for content creators to be directly compensated for their work. With Bitcoin, content creators could set up paywalls on their websites or charge per-view fees for their videos. They could also receive tips or donations from fans who appreciate their work. Best of all, all of these transactions could be done without requiring any personal information from either party; all you need is a Bitcoin wallet address. If you’re a fan of streaming services like Netflix or Hulu, consider supporting your favourite content creators by tipping them in Bitcoin!