Will cryptocurrency change the entertainment industry?
The use of cryptocurrency is becoming increasingly popular in the UK. Despite there still being some concern over the regulation of digital money in the country, businesses are preparing themselves to accept crypto alongside legal tender. Entertainment services and performers in Sheffield could face major changes as a result of crypto’s popularity. But why is that? What will entertainment specialists and performers need to bear in mind as a result of the growing interest in bitcoin?
Flexible and straightforward
Many independent performers in Sheffield are already using bitcoin to provide services to their audiences. This is because there are no middlemen involved in crypto trading and the fact that it is growing ever-more popular with young people in the UK. From travelling shows to independent singers and stage performers, cryptocurrency offers a very appealing premise – it is now easier than ever for people to charge and to pay for entertainment!
The way the entertainment industry operates is set to change for the better as a result of cryptocurrency. While it may not yet be a mainstream choice across the UK, bitcoin and other digital money opens doors for flexibility in service delivery. This means that people will be able to buy custom content from entertainers directly, without having to worry about additional fees being applied along the way.
How will crypto affect Sheffield entertainers?
Statistics show that up to 20% of millennial investors have already traded in some form of cryptocurrency. That is in the UK alone! Therefore, the impact on Sheffield businesses, not just entertainers, could be huge. Sheffield is one of the premier hubs for entertainment and leisure across South Yorkshire. As you will already know, it is brimming with seasonal entertainment, casino fun and great music. We’re also a major hub for theatre and sport, meaning that any local people investing in bitcoin will expect local entertainment venues to become more receptive to the currency.
There is a little wobble in terms of cryptocurrency’s current treatment in the UK. At least, in terms of businesses. This is why many firms have not yet committed to accepting digital money alongside normal payment methods. However, Sheffield investors are going to be eager to spend their digital money as the years go by. Without clear confirmation on where the FCA and the UK government stands on cryptocurrency use, where does this leave the entertainment businesses?
Investing in cryptocurrency
Regardless of your place in the entertainment industry, now is a good time to start thinking about digital money. While UK law is yet to catch up with trends, it will be prudent for you to start considering the benefits of adopting digital currency in some way.
Getting started in bitcoin and other crypto is as easy as installing a digital wallet, or program, and heading to an online exchange. Providing you have a funding source to trade with, you can start investing in digital money within minutes. This is one of the main reasons why so many UK investors, as well as Sheffield locals, are getting involved.
Investing in bitcoin and other crypto doesn’t have to be complex. The rise of crypto bots is allowing people to automate their investments. This means you can set a program to make decisions for you when markets are likely to be peaking and dropping. There are guides and directories for finding crypto bots online. See here, for example, for a taste of the best bots on the web right now.
Will the entertainment industry adapt to cryptocurrency?
Cryptocurrency is becoming more commonplace in terms of investment, but what about acceptance? As mentioned, the entertainment industry, including Sheffield’s local scene, is still somewhat unsure. There are risks involved in accepting bitcoin right now which could make things difficult in terms of legality. Right now, it is simply important to keep your finger on the pulse.
Most entertainment businesses and professionals will know their audiences well. Are your customers and investors likely to want to pay with bitcoin? What can you do to start adapting? The FCA, at the time of writing, is still considering where the UK should stand on crypto use in general.
This all means that there may be some uncertainty to come. However, it does not mean that you shouldn’t do some research on the subject. With the entertainment industry already having adapted to the digital world in many other ways, it makes sense that it should ride the wave of cryptocurrency when the time is right. Start thinking carefully about the needs of your customers, and keep a watchful eye on bitcoin’s place in the UK markets.