Let me look at the world from the perspective of a 12-year old girl in Afghanistan who could be given away, possibly against her will, for marriage a few months later. She might be able to access the Internet through her school where companies like Film Annex and organizations like Women's Annex Foundation helped create Internet classrooms. She can participate in social media, she can write blogs and comment on videos on platforms like Film Annex. She can be ranked with a BuzzScore and generate generous revenues, but she can't walk in to a bank and create her own bank account. Even if she could, the banking restrictions between the USA and Afghanistan would take away much of her income through traditional banking fees. Paypal doesn't work in Afghanistan and banks have high domestic and international transfer fees.
Photograph courtesy of Angela Shah.
I am seating in NYC and I can interact with the Film Annex community of 300,000 registered users from 245 different countries and territories. Of those, nearly 5,000 are high school girls, and they generated great revenues based on their great work on Film Annex. I know them through their blogs and videos. Possibly, I know them better than Chase or Citibank knows most of their customers, but if I must send them money, I must surrender my control to traditional banking systems that take away most of the value and make it nearly impossible for the recipient to benefit from the money and financial support they generated and deserve.
Today's only solution and best alternative are digital currencies, starting from BitCoin. This is why on February 1st, Film Annex will switch from USD ($) to BitCoin (BTC) for its compensation system and algorithm.
The BuzzScore is Film Annex's proprietary algorithm to measure the quality, originality and reach of the content and user who created the content. The Film Annex BuzzScore is the closest equivalent to a worldwide credit evaluation where we can measure the potential and reliability of a user and with it, her/his financial power and potential. Combining the BuzzScore with BitCoin creates the first financial equalizer where people are NOT DISCRIMINATED based on their geo-location, age, gender, religion and many other factors that unfortunately reign in developing countries societies.
Digital currencies are the fuel to equality and development. Digital literacy and digital citizenship need digital currencies to exist and prosper. We can't dream of equality when there is a cost of $50 in banking fees to send money to a user and when this user can't access it due to regional traditions. Digital currencies bypass all those hurdles and give direct power to the user and direct beneficiary with no fees or bureaucratic hurdles.
Film Annex is embracing digital currencies like BitCoin to sponsor digital literacy and digital citizenship without borders. Film Annex is NOT embracing digital currencies like BitCoin for speculation purposes. Film Annex is the first believer in digital currencies like BitCoin from a true philanthropic perspective.