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United Masters – a music distribution company – is allowing many of its clients and recording artists to get paid in digital currency.
United Masters Is Pushing the Main Goal of Crypto Forward
Those who participate will be able to choose which currencies they get paid in through Coinbase, one of the world’s leading digital currency trading platforms. They can also select which portion of their royalties are doled out in digital assets, granted they wish to still receive some of their money in fiat.
United Masters is paving the way for bitcoin to accomplish its ultimate goal. While BTC and many of its crypto brethren serve as great speculative assets and hedge tools, the fact remains that several of these currencies were initially designed to serve as payment methods. They were built to push credit cards, fiat currencies and checks aside, and some platforms even claimed that paying individuals in bitcoin would be part of a valid financial future, though the realization of these goals has been rather slow largely due to the coins’ volatility rates.
Many of these coins are still new to the financial arena, thus making them “green” in many ways. Their prices go up or down at the drop of a hat, and this can be both a good thing and a negative in the sense that there is a lot of money to be made if a coin experiences a solid boost. At the same time, should any hindrance occur, the coin also boasts an unparalleled ability to drop like nobody’s business.
This is exactly why so many stores, retailers and companies throughout the world have refused to accept digital currency payments for goods and services. They are too worried about losing profit, and to a degree, we cannot really blame them. Say, for example, you walk into a store and purchase roughly $50 worth of merchandise with bitcoin.
For whatever reason, the store in question fails to transfer the currency into fiat, and thus within 24 hours, the price of bitcoin falls and causes the payment to drop from $50 to about $30. You still get to walk away with everything you purchased, but the store has ultimately lost about $20 in profit. Is that a fair situation? Many don’t think so.
United Masters is thus giving its artists a choice regarding what currencies they will accept and how much. This gives their musical talents an opportunity to slowly take advantage of crypto’s benefits without being exposed to too much risk right away.
Many Artists Are Aware of Volatility
Establishing the company in 2017, Steve Stoute – the man behind United Masters and a longtime record executive – says many of the artists who have accepted crypto deals are aware of the volatility but are willing to take a chance. In an interview, he stated:
My assumption is any artist who chooses to get paid in crypto will understand. The yield can be beneficial.