Cryptocurrencies have been the new craze in the financial world recently. More people are using currencies like Bitcoin for investment. But more importantly, more people are using Bitcoin to buy and sell things- including art.
Buying art with Bitcoin isn’t common currently, but it still offers a range of benefits that would be very helpful to the art world. Some people are even going as far as saying Bitcoin is the future of art!
If your an artist looking for more modern ways to sell your art, Bitcoin could be an excellent method for you to start using.
Although the entire process of using Bitcoin may seem very complicated, it’s crucial to know how it works and its benefits when selling art. Luckily, we can provide you with a quick intro to Bitcoin and how it works when buying art.
What is Bitcoin?
Bitcoin is a digital currency system that allows users to send peer-to-peer transactions. You can use Bitcoin to transfer money or ‘Bitcoins’ instead of using standard dollars or pounds.
So if you wanted to buy an art piece, you would send the artist or owner the amount of Bitcoin that art piece is work. The artist can convert the Bitcoins into their preferred currency or keep it as Bitcoin.
It’s important to note it’s a decentralized currency, so it’s not tied to any government or central bank. The pound sterling is the UK’s national currency, and the US dollar is the USA’s currency. But Bitcoin has no country to associate with and is a global currency.
You may be thinking about why you would want to use Bitcoin if more popular currencies are being used. Bitcoin has qualities meaning it may make buying and selling art more accessible and more secure.
Is it helpful to buy art with Bitcoin?
One of the biggest of using bitcoin is security. There can be a lot of fraud and safety concerns in the art world, especially with the most expensive pieces. It’s impossible to forge Bitcoins, so there’s no need to worry about ‘fake notes’ being used to buy art pieces.
As another layer of security, only the person who owns the Blockchain account can send the Bitcoins over. These extra security factors make buying art with Bitcoin even more secure than using a credit card.
When using standard currency, you end spending a lot more when buying art because of transaction costs. Buying overseas can add a small fortune because of international fees! With Bitcoin payments, you avoid most of these extra costs because no banks or governments are involved.
Accessibility is another benefit of using Bitcoin for art transactions. When sending large amounts of money or money overseas, you may need to use systems such as wire transfers.
These systems may take days to complete transactions and make buying art relatively inefficient. With Bitcoin payments, you can transfer money anywhere that has an internet connection pretty much instantly.
This means no more having to wait for long processes and payments before paying for your beloved art pieces.
In short, Bitcoin could be a great benefit to the art world and represent a modern and safer way of distributing art.
For more information about buying art, please visit Kay Hare Art at https://kayhare-art.com/.