Difference between revisions of "Bitcoin to fund your favorite artist"
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= Rainy day funding and risk warning = | = 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. | + | 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 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 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. | ||
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::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 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. | + | ::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? = | = What if my account is less than $100.00? = | ||
Revision as of 23:09, 19 March 2021
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. 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.
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 BTC-Vault with enhanced security.
What if my account is less than $100.00?
Don't panic, but do temporarily suspend your giving. The key is to maintain your principle balance to earn profits. 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.