A report from the RMIT University of Melbourne and The Busking Project reveals that Paypal and Bitcoin are means of payment used by musicians who work on the streets.
Crypto adoption flourishes in sectors far removed from technology. In this case, an investigation by economists at RMIT University in Melbourne, Australia, found that more and more buskers are incorporating Bitcoin as a form of payment for the donations they give them on the street. In addition to crypto, Paypal is also a trending app.
According to data from researchers at RMIT University in Melbourne and data collected from The Busking Project, digital payment methods are now ranking as the first way for street performers to get paid. According to the study’s statistics, the research followed payments from 3,500 buskers from at least 121 countries.
Street performers who receive payments through digital channels enjoy the benefits of different methods for quite some time. A host of stories and forum posts had shown that some performers have been receiving bitcoin payments for the past ten years.
Dr. Meg Elkins, Senior Lecturer in RMIT’s School of Economics, Finance, and marketing, led the study. Elkins explained in detail that the report’s findings show that street performers have more entrepreneurial skills than ever. Buskers performing their art in public for coins is an ancient activity, but they have to move online as our society becomes increasingly cashless.
The economist believes that digital payments and QR codes are the best way for independent artists to get paid. The university study found that passersby often donated more when paying through digital platforms such as apps, QR codes, PayPal, and even Bitcoin, compared to the traditional currency payment method.
Elkins said that soon, we might see QR codes playing a vital role in street performances, which would make it easier for performers to receive their payments.
New Payment Methods due to The Pandemic
The location of the artist and his profile on social networks also influenced the receipt of a donation. Artists who joined The Busking Project platform after the World Health Organization (WHO) announcement that COVID-19 was a pandemic in March 2020 achieved more digital contributions, ranging from the US $ 1. and more than the US $ 500, with an average of a little more than the US $ 14.
People desire to spend less cash in times of pandemic since the use of coins and bills that go through hand-to-hand transactions is the usual way of transmission.
The RMIT study also showed that circus acts obtained more prominent donations, but the probability of musicians receiving such a donation is the highest. However, musicians also get smaller payments than circus performers.
Digital Payments are Easier
Project Busking is an app that street performers and fans use to connect with the crypto-world. It is vital to consider that it is, according to the website, a massive community of street artists in the world, which promotes the work of these musicians and makes complaints about the mistreatment of their right to work. It gathers in one platform more than 9,000 artists, according to its statistics.
The platform allows tipping from bank transfers in a few different fiat currencies. However, some of The Busking Project blog posts also highlight the use of Bitcoin for payments.
By: Jenson Nuñez
