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2 Comments on "Can Crypto-Currency Revolutionize the Music Industry?"

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Olisa
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Cryptocurrencies are digital or virtual currencies that are encrypted (secured) using cryptography. One of the major differences between crypto-currency (“Crypto”) and the normalized currency is that normalized currency is backed by the government. For example, the Federal Reserve System is the central banking system of the United States created to provide centralized control of the monetary system in order to alleviate financial crises. Crypto, on the other hand, is digital currency that is neither a security (or commodity) regulated by the Securities and Exchange Commission nor FDIC insured. Crypto-currencies like bitcoin (BTC), lite coin (LTE), and Etheruem (ETH) bypass the… Read more »
Kristen
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Unregulated Market Cryptocurrencies are considered an unregulated market and are not backed by any bank or financial institution. Due to the lack of regulation cryptocurrency markets are extremely volatile. On a single day, a currency could be trading at $100 dollars per coin and then drastically drop to $5 dollars. The price fluctuation of cryptocurrencies is because the market drives the price of the coin. There is no way to protect one’s financial interest when the market drops drastically in an unregulated market. For the music industry, these tokens could be affected by a plethora of events that are completely… Read more »
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