ClearTracks, an online music marketplace for independent artists, has integrated Bitcoin payments into their platform. ClearTracks has partnered with Coinbase, which will be processing digital currency transaction on their behalf.
ClearTracks also integrated micro transactions via PayPal, which brings down transaction costs down to $0.06, which is still a big decrease from the traditional $0.30 cost that is charged by credit card processors.
“Traditional payment processors charge a minimum of $.30 +2.9%. This means that if you want to buy a song from your favorite artist, the first $.31 goes to the credit card company.”
Digital currency payments require the sender to pay a small transaction fee, and that means that artists get 100% of the proceeds from every sale.
“Well, before, tracks were $.99 and up, but a lot of that went to payment processing and to the label. Now, an artist can go direct to fans at a very low price and still make far more than they would from streaming plays.“
ClearTracks currently hosts some prominent electronic artists such as Niki McNally and THE SCUMFROG, and several other labels.
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