Bitcoin to fund your favorite artist - Revision history

Skritzer: /* Rainy day funding and risk warning */

2021-03-20T20:57:17Z

Rainy day funding and risk warning

Skritzer at 20:13, 20 March 2021

2021-03-20T20:13:15Z

Skritzer: /* Rainy day funding and risk warning */

2021-03-20T20:10:06Z

Rainy day funding and risk warning

Skritzer: /* Rainy day funding and risk warning */

2021-03-20T04:08:15Z

Rainy day funding and risk warning

Skritzer at 01:52, 20 March 2021

2021-03-20T01:52:16Z

Skritzer: /* Rainy day funding and risk warning */

2021-03-20T01:46:58Z

Rainy day funding and risk warning

Skritzer: /* Concept -- personal experience */

2021-03-20T01:45:19Z

Concept -- personal experience

Skritzer: /* Why not just give the $100.00 or BTC to the artist? */

2021-03-20T01:14:29Z

Why not just give the $100.00 or BTC to the artist?

Skritzer: /* Rainy day funding and risk warning */

2021-03-20T01:10:22Z

Rainy day funding and risk warning

Skritzer at 01:07, 20 March 2021

2021-03-20T01:07:17Z

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 Before we go any further, <u>this concept involves Bitcoin (BTC) and putting some portion of one-hundred dollars of your money at risk</u>, most of us keep more than that in a bank account that gains zero interest.  If you can't afford to lose some or all of your seed money -- do not participate.
-::'''Step 1.''' Have your artist create an account at coinbase.com to receive BitCoin. In the left menu, the artist selects "Earn rewards" > "Invite friends" > "Copy link". This is an affiliate link, where the artist will receive $10.00 (in Bitcoin) if you join Coinbase and purchase $100.00 worth of Bitcoin, the current processing fee you pay should be $2.99.
+::'''Step 1.''' Have your artist create an account at coinbase.com to receive BitCoin. In the left menu, the artist selects "Earn rewards" > "Invite friends" > "Copy link". This is an affiliate link (www.coinbase.com/join/YOUR_REFERRAL_ID), where the artist (and you) will receive $10.00 (in Bitcoin) if you join Coinbase and purchase $100.00 worth of Bitcoin, the current processing fee you pay should be $2.99.
 ::'''Step 2.''' This is a rainy day fund, don't be in a hurry to purchase your BTC, you have [https://help.coinbase.com/en/coinbase/other-topics/other/the-coinbase-referral-program 180 days] to purchase at this address {{highlight|https://www.coinbase.com/trade}}. Bitcoin prices can fluctuate several thousand dollars over the course of a week, buy low -- sell high.

@@ Line 3: / Line 3: @@
 During the Covid-19 lockdown, our artists have now lost a year's worth of income that would have come from public performances.  Please support your artist by buying their music, joining their Patreon and tipping on their vlog live-casts.  What the pandemic has exposed is that most successful indie artists have a core following of a couple of hundred engaged fans, the other 150,000 fans are apathetic and uninvolved.  To make matters worse, music streaming has killed CD sales and music downloads -- most indies just don't have the volume to make it on hundredths of a cent per stream. [https://www.riaa.com/u-s-sales-database/ RIAA Data]
-The following is for those super-fans who want to do a little more for their artist in the form of a rainy day account giving.
+The following is for those super-fans who want to do a little more for their artist in the form of a rainy day account giving.  (We are complicit in our artist's risky career choice, because we encourage them to give us more music.)
 == Concept -- personal experience ==

@@ Line 13: / Line 13: @@
 ::'''Step 1.''' Have your artist create an account at coinbase.com to receive BitCoin. In the left menu, the artist selects "Earn rewards" > "Invite friends" > "Copy link". This is an affiliate link, where the artist will receive $10.00 (in Bitcoin) if you join Coinbase and purchase $100.00 worth of Bitcoin, the current processing fee you pay should be $2.99.
-::'''Step 2.''' This is a rainy day fund, don't be in a hurry to purchase your BTC, you have [https://help.coinbase.com/en/coinbase/other-topics/other/the-coinbase-referral-program 180 days] to purchase. Bitcoin prices can fluctuate several thousand dollars over the course of a week, buy low -- sell high.
+::'''Step 2.''' This is a rainy day fund, don't be in a hurry to purchase your BTC, you have [https://help.coinbase.com/en/coinbase/other-topics/other/the-coinbase-referral-program 180 days] to purchase at this address {{highlight|https://www.coinbase.com/trade}}. Bitcoin prices can fluctuate several thousand dollars over the course of a week, buy low -- sell high.
 ::'''Step 3.''' Once you have purchased your BTC, your artist will receive her referral commission and your on-going support can start. You should now have $97.01 worth of BTC and if you followed step 2, your holdings should increase to beyond $100.00 on the next upswing.  When you notice that your balance has increased beyond $100.00, let's say, $112.00, send $12.00 worth of BTC to your artist's BitCoin address (a long cryptic number/characters (s)he will publish on her website or social media page -- this one is mine 3HUH6cqaddCvMs6uHZ6kkY8QtC1MvnF8gt).

@@ Line 13: / Line 13: @@
 ::'''Step 1.''' Have your artist create an account at coinbase.com to receive BitCoin. In the left menu, the artist selects "Earn rewards" > "Invite friends" > "Copy link". This is an affiliate link, where the artist will receive $10.00 (in Bitcoin) if you join Coinbase and purchase $100.00 worth of Bitcoin, the current processing fee you pay should be $2.99.
-::'''Step 2.''' This is a rainy day fund, don't be in a hurry to purchase your BTC, Bitcoin prices can fluctuate several thousand dollars over the course of a week, buy low -- sell high.
+::'''Step 2.''' This is a rainy day fund, don't be in a hurry to purchase your BTC, you have [https://help.coinbase.com/en/coinbase/other-topics/other/the-coinbase-referral-program 180 days] to purchase. Bitcoin prices can fluctuate several thousand dollars over the course of a week, buy low -- sell high.
 ::'''Step 3.''' Once you have purchased your BTC, your artist will receive her referral commission and your on-going support can start. You should now have $97.01 worth of BTC and if you followed step 2, your holdings should increase to beyond $100.00 on the next upswing.  When you notice that your balance has increased beyond $100.00, let's say, $112.00, send $12.00 worth of BTC to your artist's BitCoin address (a long cryptic number/characters (s)he will publish on her website or social media page -- this one is mine 3HUH6cqaddCvMs6uHZ6kkY8QtC1MvnF8gt).

@@ Line 1: / Line 1: @@
 Alternate title: '''How to create a rainy day fund for your artist.'''
-During the Covid-19 lockdown, our artists have now lost a year's worth of income that would have come from public performances.  Please support your artist by buying their music, joining their Patreon and tipping on their vlog live-casts.  What the pandemic has exposed is that most successful indie artists have a core following of a couple of hundred engaged fans, the other 150,000 fans are apathetic and uninvolved.  To make matters worse, music streaming has killed CD sales and music downloads -- indies just don't have the volume to make it on hundredths of a cent per stream. [https://www.riaa.com/u-s-sales-database/ RIAA Data]
+During the Covid-19 lockdown, our artists have now lost a year's worth of income that would have come from public performances.  Please support your artist by buying their music, joining their Patreon and tipping on their vlog live-casts.  What the pandemic has exposed is that most successful indie artists have a core following of a couple of hundred engaged fans, the other 150,000 fans are apathetic and uninvolved.  To make matters worse, music streaming has killed CD sales and music downloads -- most indies just don't have the volume to make it on hundredths of a cent per stream. [https://www.riaa.com/u-s-sales-database/ RIAA Data]
 The following is for those super-fans who want to do a little more for their artist in the form of a rainy day account giving.

@@ Line 6: / Line 6: @@
 == Concept -- personal experience ==
-On May 7, 2015, I sent $3.07 worth of BitCoin to a tipping platform called ChangeTip to give to my favorite artist, she never claimed the BTC and the company returned it to me when they went out of business.  As of this morning (March 19, 2021) that 0.0131046 BTC ($3.07) is now worth $763.91. (I certainly hope she does not ask me for it now because I don't have it anymore!!!)
+On May 7, 2015, I sent $3.07 worth of BitCoin (BTC) to a tipping platform called ChangeTip to give to my favorite artist, she never claimed the BTC and the company returned it to me when they went out of business.  As of this morning (March 19, 2021) that 0.0131046 BTC ($3.07) is now worth $763.91. (I certainly hope she does not ask me for it now because I don't have it anymore!!!)
 = Rainy day funding and risk warning =

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 = Why not just give the $100.00 or BTC to the artist? =
-It's your money to give, but the concept is to create a rainy day fund that the artist does not use for daily expenses, taking advantage of Bitcoin's historical rise in value.  Your $100.00 seed investment could generate several hundred dollars per year, at no cost to you. On the other hand, if the artist spends your gift, the seed money is gone.
+It's your money to give, but the concept is to create a rainy day fund that the artist does not use for daily expenses, taking advantage of Bitcoin's historical rise in value.  Your $100.00 seed investment could generate several hundred dollars per year, at no cost to you. On the other hand, if the artist spends your generous gift, the seed money and hopes for appreciation is gone.
 With the Federal Reserve's target inflation rate of 2%, and minuscule interests rates at banks, it does not make sense to save in dollars.