Bitcoin & Vinyl Records. Why You Should Own Both.
It’s no mistake everything in the world is becoming digitalised. Our hand written letters became emails, Our Cinemas became apps and pretty soon our money will become a collection of 1’s and 0’s on a database.
Through this time of technological innovation and economic experiments there’s people like us clinging onto a past that almost died a death. Often remarked as a novelty that once was, Vinyl records have proven critics wrong by almost surpassing CD sales in 2019 which hasn’t been achieved since 1986. Equally criticised is our evolutionary economic evangelist, still in its infancy, Bitcoin.
Mutually opposed / contradictory to all technological advancements is our global obsession to go back to our musical roots and ditch digital for voluptuous vinyl. At BitWax we sit directly in the centre of these two parallel opposites and created a business out of it.
What is Bitcoin?
Bitcoin is “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution” - Satoshi Nakamoto.
In short you can make payments globally without a middleman taking a cut of your money. Bitcoin has similarity’s to gold too as its supply is limited to just 21 Million which makes it finite. It’s also versatile enough to broken down to 0.0000001 of a Bitcoin (BTC) making it feasible for online payments of goods.
Standard institutions typically use 1 node (Computer) to store all their company’s data on making, a singular point of hacking possible. Bitcoin runs on “The Blockchain Network” which is a global network of nodes which collectively verify EVERY transaction and store them on a public ledger (Database). This global public ledger cannot be edited, deleted, undone and is mathematically, financially and virtually impossible to hack.
Bitcoin isn’t the only form of digital cash available though. There are actually thousands of “Cryptocurrency’s” available online all trying to solve real world financial problems. Some deliver anonymity, some are scalable world computers and others are anything the imagination can conjure up.
You still sell vinyl records??
Most people are surprised when they hear how big the vinyl revival is in 2019. Vinyl isn’t as disposable as Mp3 which is why it never truly went away. Buying the records, carting them about and storing them is a hell of a lot harder than creating folders on a USB. Pressing to vinyl is a very expensive process so you will actually find a better standard of musical production on vinyl.
Purely from a Djing point of view playing vinyl forces you to appreciate the music more. You have to learn your music before you turn up to a gig as you can’t quickly skip from track to track until you find the best record to play. Most djing equipment today requires minimal effort to put a set together. As long as you turn up with a USB you can practically let the decks automatically mix for you. Playing vinyl is different ball game as you have to fine tune tempos by ear and maintain the rhythm between tracks manually. The skillsets required to effectively mix on vinyl force you to appreciate the art form all that more.
So Why Do We Accept Bitcoin For Vinyl Records At BitWax?
At BitWax we have an unhealthy obsession with electronic music, vinyl records and experimental technology. All these 3 subjects combined is what formed BitWax. We’re just trying to position ourselves at the forefront of the future by integrating Cryptocurrency payments into our site.
Equally as impressive as our favourite records from the 90’s getting pressed once more onto vinyl is the fact we can exchange them with a revolutionary currency which is just over 10 years old. Imagine the look on someone’s face in 2005 if you told them that we would still be buying vinyl records and paying for them with magical internet money.
We sell vinyl because we love it, we play it and we respect the artists. We want to keep this movement alive and relevant in this overwhelmingly digital age.
“Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.” – Bill Gates
“I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting” – Sir Richard branson
Any references to Bitcoin are not financial advice and any investments made into this emerging currency are at your own risk.