Molly Weisner
A hearty and sincere thanks to you, dear reader, for your two cents on this article contribute to a larger force than you may believe. Journalism could soon join the “archaic and obsolete” club already occupied by handwritten letters, newspaper boys and print thesauruses. Ironically, it may actually be that technology is journalism’s last hope for its inclusion in the 21st century and beyond.
Bitcoin. It’s an on-and-off idea that has been regarded as both futuristically innovative and just another techy gimmick useful only to those whose skills lie solely in the realm of hard drives. Simply speaking, Bitcoin embodies the idea of replacing tangible bills and coins with digital currency that does not require the interference of a bank authority or mediator. Based on the idea of “crypto-currency,” Bitcoin uses a system of writing and solving codes to carry out the exchange of money on the Internet. The Bitcoin servers are operated completely by users, in the same way that e-mail is run by those who use it, not one particular operator that connects and disconnects senders and recipients. Users use an app to set up their personal wallet, and by simply typing in the recipient’s address and amount owed, can send Bitcoins back and forth just like regular transactions. It encompasses aspects of both digital banking and credit cards but eliminates third-party ties, extensive exposure of personal information and the hassle of cumbersome bills and coins.
What possible good can Bitcoin do for newspapers? Newspapers that can be found both online and in print sell typically for just a few dollars, but often these payments are ones that no person on the street wants to count out quarters for. Because of this, many writers for blogs and newspapers depend on advertisement to grow their publication and bring in revenue. Bitcoin alleviates that pressure while making such micropayments easy and efficient for consumers, as Sandy Ressler, writer for Bitcoin Magazine, explains: “Using Bitcoin micropayments to allow for payment of a penny or a few cents to read articles on websites enables reasonable compensation of authors without depending totally on the advertising model.”
Bitcoin fosters other beneficial factors for writers and readers alike. For one, Bitcoin helps preserve the integrity of a writer’s purpose. By reducing the significance of advertisers as a primary means of income, writers can focus less on the onus of producing lucrative material and more on publishing what truly excites and inspires them. Additionally, consumers can choose to purchase single works by writers and artists instead of being forced to pay for the entire newspaper, magazine or portfolio. This method takes kindly to buyers’ wallets as well as reduces the risk of overproducing and wasting print media.
It seemed for a while that the days of “Extra, extra! Read all about it!” were over, but with the rise of cryptocurrency, the modern world may start ‘reading all about it’ once again.
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