The Role of Bitcoin Paywall in Improving Online Media

Online advertisements have become a nuisance that internet users are fed up with. As the users try to make peace with online advertisements, the ads continue to become more obtrusive, forcing people to find alternate measures like ad blockers.

One of the topics discussed at the recently concluded Blockchain+Digital Currencies conference was related to the role of digital currencies in improving the online media experience. Advertisements are an integral part of various online media websites. These platforms generally offer content to its consumers for free, while generating revenue through advertisements. Without advertisements, most of these platforms will be unable to sustain their operations. At the same time, these very ads kill the user experience.

In addition to causing interference, these online ads distributed through ad networks also employ trackers and cookies which keep track of user activities while meddling with the page load times. Media platforms can improve their user experience by eliminating advertisements if they can find an alternate way to generate revenue. Bitcoin and other digital currencies may be able to offer these online media sites with that alternative revenue channel.

While speaking at the conference, Victoria Van Eyk – the co-founder of Bitcoin Strategy Group spoke about the use of bitcoin for content monetization, thereby providing an alternative revenue stream for online media platforms. The content monetization process involves creating a paywall, which requires the visitor to make a small transaction to be able to access the content.

Paywalls have been looked down upon by people. The scientific community has long been engaged in a debate with journals and publications regarding paid access to research papers and scientific literature. However, the digital currency makes the idea of paywall more acceptable as long as it is not ridiculously high.

Digital currencies like bitcoin make it more feasible for people to make micro and nanotransactions which are otherwise impossible with the conventional payment system. For example, the cost of transaction for making a microtransaction with fiat currency may exceed the transaction amount itself.

By setting up a paywall that requires users to pay a small amount in digital currency to access content, media platforms can ensure that they have revenues flowing in.  At the same time, they can keep their website free from advertisements.

The reduction of online ads will also reduce the risk of malware and other security vulnerabilities.

Ref: The Observers | Image: Waypress

 


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