Ektoplazm is a community-supported free music portal serving terabytes of MP3 and lossless CD-quality audio each and every day. I have been working hard to provide an alternative to the traditional for-pay distribution system since 2007, volunteering countless hours of my time to provide independent labels and artists with a platform to share their music with the world. (Read all about the history of Ektoplazm here!) Of course, it isn’t free for me to share all this music; hosting costs are my most significant monthly expense (more than rent, presently), and I rely on donations to keep things going.
Now, it isn’t my style to solicit donations very often—I prefer to let people contribute if and when they feel like doing so—but I do want to update everyone about some new ways to donate. Until fairly recently I only accepted donations via Paypal, a service that many people don’t like to use, and Flattr, a cool micropayment system that hasn’t really caught on. After prompting by Bitcoin early adopters I had a look and decided to post an address for cryptocurrency donations. Surprisingly (for me, at least), people began to donate. When the price spiked I sold most of what had been donated and covered hosting expenses for a couple of months. Not bad! I didn’t have to pay much in the way of fees either—a welcome boon given how much of a cut Paypal takes, particularly on small donations.
In recent time I had a closer look at the broader cryptocurrency ecosystem and decided—partly based on visitor feedback—to add two more options to the mix: Litecoin and Dogecoin. Litecoin is billed as “the silver to Bitcoin’s gold”, and presently ranks as the third-largest of the new cryptocurrencies. Dogecoin, which is vying to be the default tipping currency of the internet, is a much more playful take on the seriousness and complexity of the other cryptocurrencies; a typical donation might only translate to fractions of a penny, but it is fun to mess around with and encourages spending rather than hoarding.
I have listed addresses for all three cryptocurrencies on the donation page. These addresses will likely change in the future—and the mix of cryptocurrencies may change as well—but for now, here they are:
Litecoin: address removed
Dogecoin: address removed
I have also thought a lot about how to get the most value out of cryptocurrency donations. Most of the Bitcoin I have received has already been liquidated. Now that I am more familiar with how things work (and how the market might evolve) I am inclined to abide by a general policy of liquidating only some of what I receive and holding onto the rest for a rainy day. Anyone who has owned and sold Bitcoin before the price reached an all-time high has no doubt felt a little seller’s remorse—but I remind myself that the donations I have received and converted into fiat currency have been put to good use! In any case, I now feel confident that I will make responsible decisions about how best to use cryptocurrency donations to further the cause.
Anyhow, that about wraps things up for this update. If you have any feedback please feel welcome to leave a comment! Thank you, as always, for your support of this little project of mine :)
Update: things move fast in the cryptocurrency world and it no longer makes sense for Ektoplazm to accept either Litecoin or Dogecoin. Bitcoin only, please and thank you!