Monday, August 26, 2013

Monetize your content with bitcoin micropayments

We live in a time where news has never been more accessible. Mobile technology has taken over. The most prominent news publications, from the Post to the Times, have built websites but they haven't quite mastered the digital age.

Should they charge for their content? At what price point? They're in this awkward monetization stage, using paywalls that alienate customers who would rather read through Twitter feeds than pay a $10 monthly subscriptions.

Traditional payment methods have high interchange fees that make micropayments impractical.  Customers would gladly pay 10 cents or 20 cents to view a specific piece of content, but merchants must pay 30 cents to a payment processor to collect 10 cents.  And if you want to collect 10 cents from a customer in another country? Forget it.

Bitcoin, as a peer-to-peer electronic cash, can easily handle micropayments over the Internet. In addition, it can handle international payments in a frictionless manner.  So how can a publisher easily accept bitcoin payments inline with their content delivery?

BitMonet was started in 2013 by Ankur Nandwani and Valerie Chao to give publishers a simple monetization tool for digital content.  BitMonet is free and easy to install, and allows publishers to sell individual content a-la-carte, or through time-metered access.

Even at a price point of 1¢ per piece of content,  publishers will receive $10 per 1000 views, a much greater return than traditional advertising. Additionally, the consumer will gain an improved reading experience, that allows them to focus on the content rather than advertising.

Publishers with a BitPay merchant account can install the BitMonet script on their website and start collecting payments.  Through BitPay, merchants can always choose to either keep the incoming bitcoins, or receive a daily settlement into their bank account.

Try a live demo of BitMonet.