FAQ

What is WatchMyBit?

WatchMyBit.com is the first pay per view video platform to utilize micropayments in order to view video content. This is done by accepting the world wide currency Bitcoin and soon PayPal. It allows Content Creators to control and set prices paid for each view with DAILY payout, and allows fans to directly support their favorite artists with no ads!

For viewers: WatchMyBit allows you to access and pay individual Content Creators for their creative works such as video and audio content as a Pay Per View Service through use of digital payment tokens such as bitcoins. Currently, individual works of audio and video will be available for 24 hours after the payment has been transmitted and recognized on a particular digital payment token system. “Art, Not Ads” is of our mottos; WatchMyBit places no advertising anywhere in the videos however, individual Content Creators are free to place ads in their own creations.

For Content Creators and Agents: WatchMyBit allows you upload content for free and sell it on a Pay Per View model directly to individual viewers. WatchMyBit currently pulls a service fee of 25% of the cost for each view. For example, if you charge viewers 10 cents to watch a particular video, WatchMyBit passes 7.5 cents to you. We never hold your money permanently. The net amount earned is automatically passed through to you at predetermined times (currently every 24 hours at 8am CST). The price charged for access to your content is determined solely by you in the form of digital payment tokens such as bitcoins, but easily displayed as your local currency. Currently, your individual works of audio and video will be available to viewers for 24 hours after their payment has been transmitted and recognized on a particular digital payment token system.

What is Bitcoin?

It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin is the only currency that has no borders. It is accepted internationally and crosses oceans and borders as easy as sending an email. It can be turned into almost any local currency and gift cards; also more and more businesses accept Bitcoin directly.

How does one acquire bitcoins (see next section)?

• As payment for goods or services, for example, offering videos for rent on WatchMyBit.
• Purchase bitcoins at a Bitcoin exchange.
• Exchange bitcoins with someone near you.

How do I help my fans get bitcoins so they can buy my videos?

Depending what country your fans are in, they can buy bitcoins from various places. Below are a few:

• Bank connections, such as Coinbase, Circle, and the Airbitz wallet (through Glidera) are similar to the way PayPal works linked. Coinbase and Circle are available in over 30 countries, and in some you can buy bitcoins with credit cards. NOTE: these companies require a good amount of personal information.
• Peer to Peer markets like Local Bitcoins sets up meetings face to face between buyers and sellers and is available in 246 countries. The Mycelium Android wallet has a built in Local Trader which has end to end encryption and functions in a similar way. NOTE: This means you will be meeting a real person (in most cases), so meet in a busy public place.
• There are several faucets that give away very small amounts of bitcoin. Many can be found here .

How do I Make money on WatchMyBit?

1. Set up an account
2. Add Bitcoin addresses and define splits
3. Upload videos
4. Send the links out to your fans
5. WatchMyBit pays out every day!

I don’t want to keep bitcoins. How do I get ‘real’ money?

Selling your bitcoins for your local fiat currency or gift cards is just a few clicks away. If you have an account set up at Coinbase or Circle, simply sell your bitcoins. Fiat money will be deposited into the bank account you have attached. The Airbitz Wallet has a built in Buy-Sell feature also. NOTE: This transaction travels at the speed of banks, so this could take a few days depending on the country.
If you represent a corporation like a studio or label, BitPay is a business only Bitcoin exchange.
Another great way is to buy gift cards. Gyft is an iOS and Android app that pays you back 3% for purchasing gift cards with your bitcoins.
Another great way is to buy gift cards. Gyft is an iOS and Android app that pays you back 3% for purchasing gift cards from Target, Whole Foods, Starbucks, Home Depot and hundreds more when you use your bitcoins.

You can also sell bitcoins directly to other using Local Bitcoins or the Mycelium Local Trader.

Plus today, there are thousands of companies that take bitcoins directly like Overstock.com, CheapAir.com plus thousands of brick and mortar stores (the Airbitz wallet has a local directory to show you where).

More reasons we use Bitcoin -- and why you should too.

Why We Use Bitcoin?

• Bitcoin is the only currency that has no borders. It is accepted internationally and crosses oceans and borders at the speed email. It can be turned into almost any local currency and gift cards; also more and more businesses accept Bitcoin directly.
• Bitcoin is becoming increasingly popular, trusted and used, especially by millennials.
• No credit cards, PayPal or even a bank account is needed – it is available to everyone even to the youth and “unbanked” adults anywhere in the world (over 2 Billion adults are unbanked and many live very ‘western’ lives, have the internet, and smart phones).
• Bitcoin makes it easy to create tools where Content Creators, not us, can set their own prices giving them unprecedented control over monetizing their works. Our fee, currently 25%, can be changed site wide, or even on per user or per video levels. We can easily offer special rates for large entities who manage multiple artists and large content libraries, or to offer discounts, and promotions.
• WatchMyBit can easily accept many other cryptocurrencies if something other than Bitcoin becomes popular. We will be adding several this year.
• Bitcoin lives on mobile platforms where everything else will soon live including WatchMyBit.
• Bitcoin allows Content Creators to offer videos for MICRO-payments. This is not possible with other payment systems and it frees us from managing credit card balances or some site specific ‘credit’ system that can’t be used anywhere else.
• Using Bitcoin means we will have miniscule payment processing costs saving millions each year.
• We will have ZERO risk of chargebacks and greatly reduced chances of any fraud.
• Because we don’t store user’s names, addresses, phone numbers or credit card information, we are not an interesting target for hackers.
• Bitcoins are sent daily to the content owner’s Bitcoin wallet or their Bitcoin accounts. We don’t store any value on behalf of others.
• Because of the immense savings realized from using Bitcoin, we can pass on orders-of-magnitude higher returns to Creators and managers.
• Bitcoin allows for easy splitting of payments to any number of people or organizations, saving accounting and bookkeeping costs.
• WatchMyBit is ahead of the curve and ready for the future—way ahead of the competition who are stuck trying to work with the old financial systems of the world.