Published on February 27th, 2014 | by Alan Cross0
First, There was Bitcoin. Now There’s Songcoin
Alternative virtual currencies are all the rage these days. Bitcoins are catching on to the point where there are even ATMs that deal with them. And as soon as we get over the Mt. Gox fiasco, virtual currencies will continue to catch on.
And Bitcoin isn’t the only game in town: Ripple, Purecoin, Namecoin and Peercoin are some of the others trying to work into this space. And now there’s Songcoin. From Evolver.fm:
The general idea with Songcoin, said Franks in an exclusive interview, will be to lower transaction and international wire fees within the music business, and to bake in pecuniary features that make sense for the music industry such as the ability to offer special promotions, leave tips for artists, and, eventually, buy concert tickets and more.
It’s basically an alternative alternative currency for musicians, fans, and merchants. Does it stand a chance? What will happen if it works? We spoke by phone with Pimovi co-founder Kasian Franks as birds tweeted in the background of his California backyard, to assemble the following Q-and-A, edited for length and clarity.