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Alternate title: '''How to create a rainy day fund for your artist.'''
During the Covid-19 lockdown, our artist 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. The following is for those core super-fans who want to do a little more for their artist in the form of a rainy day account giving.
= Rainy day funding and risk warning =
Before we go any further, this concept involves Bitcoin (BTC) and putting some portion of one-hundred dollars of your money at risk, most of us keep more than that in a bank account that gains zero interest. If you can't afford to lose your 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 is $2.99.
::Step 2. This is a rainy day fund, don't be in a hurry to purchase your BTC, Bitcoin prices 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 commission and your on-going support can start. You will 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, sent $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).
::Step 4. Periodically, the artist should move the donated BTC from the published account to a hardware wallet or some other wallet. Coinbase has a [https://help.coinbase.com/en/coinbase/getting-started/other/vaults-faq BTC-Vault] with enhanced security.
= What if my account is less than $100.00? =
Don't panic, but do suspend your giving. Over the past twelve years, Bitcoin has always recovered losses. Once your account re-establishes the $100.00 benchmark, continue giving.
= 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. With the Federal Reserve's target inflation rate of 2%, it does not make sense to save in dollars.
During the Covid-19 lockdown, our artist 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. The following is for those core super-fans who want to do a little more for their artist in the form of a rainy day account giving.
= Rainy day funding and risk warning =
Before we go any further, this concept involves Bitcoin (BTC) and putting some portion of one-hundred dollars of your money at risk, most of us keep more than that in a bank account that gains zero interest. If you can't afford to lose your 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 is $2.99.
::Step 2. This is a rainy day fund, don't be in a hurry to purchase your BTC, Bitcoin prices 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 commission and your on-going support can start. You will 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, sent $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).
::Step 4. Periodically, the artist should move the donated BTC from the published account to a hardware wallet or some other wallet. Coinbase has a [https://help.coinbase.com/en/coinbase/getting-started/other/vaults-faq BTC-Vault] with enhanced security.
= What if my account is less than $100.00? =
Don't panic, but do suspend your giving. Over the past twelve years, Bitcoin has always recovered losses. Once your account re-establishes the $100.00 benchmark, continue giving.
= 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. With the Federal Reserve's target inflation rate of 2%, it does not make sense to save in dollars.