The Bitcoin microtransactions market has another great tool able to help monetize digital content with almost no transaction fees. The name of this platform is BitMonet, which was created to solve some of the problems every content producer face today, while affirming the relevancy of cryptocurrency.
“Traditional PayWalls might help your bottom line, but you’d be neglecting hundreds of thousands of users who can’t afford steep subscription prices. You might attempt to lower the barrier to entry with micro fees on a per article basis, but credit card transaction costs obliterate profits. You’re leaving money on the table, and you’re showing potential customers the door”, explains the company. The solution? It’s obviously Bitcoin.
According to the service’s website, it’s possible to start using the open source platform in just 10 minutes, allowing website owners to require payment to access a specific piece of content, like an article, a blog post or even a long term subscription-based offering.
Bitmonet – the app was built using the BitPay API – was founded by Ankur Nandwani, Bo Li and the designer Valerie Chao. The team recently released the platform’s code, which started to grow during a hackathon. “I was trying to solve this problem. At the same time I was researching investment opportunities in Bitcoins by talking to people in the Bitcoin community, when this idea clicked to me and I ended up developing the prototype at the Bitcoin Hackathon”, Ankur Nandwani told AGBeat.
The co-founder also revealed that the team’s goal with BitMonet “is to increase Bitcoin adoption. Hence we have made BitMonet free and easy to install. It is completely customizable, giving the publisher complete control of how they want to monetize their content”.