Buy me a Coffee—as many of you might already be aware—is a crowdfunding platform that enables content creators to receive payments from their fans and supporters. Read on to learn about this new mode of Content Creator support as well as some of its alternatives.
What is ‘Buy me a Coffee?’
Buy Me A Coffee—as we already explained in the opening line—is a company that develops a content creation platform designed to receive monetary support and share premium content. It allows to sell exclusive content and digital downloads as well as solicit donations online.
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What is crowdfunding?
Crowdfunding is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet. Crowdfunding is a form of crowdsourcing and alternative finance.
Crowdfunding has been used to fund a wide range of for-profit, entrepreneurial ventures such as artistic and creative projects, medical expenses, travel, and community-oriented social entrepreneurship projects. Its use has also been criticized for funding quackery, especially costly and fraudulent cancer treatments.
Some of the types of crowdfunding are:
Reward-based crowdfunding has been used for a wide range of purposes, including motion picture promotion, free software development, inventions development, scientific research, and civic projects.
Equity crowdfunding is the collective effort of individuals to support efforts initiated by other people or organizations through the provision of finance in the form of equity. In the United States, legislation that is mentioned in the 2012 JOBS Act will allow for a wider pool of small investors with fewer restrictions following the implementation of the act. Unlike nonequity crowdfunding, equity crowdfunding contains heightened "information asymmetries
Software value token
Another kind of crowdfunding is to raise funds for a project where a digital or software-based value token is offered as a reward to funders which is known as Initial coin offering (abbreviated to ICO). Value tokens are endogenously created by particular open decentralized networks that are used to incentivize client computers of the network to expend scarce computer resources on maintaining the protocol network
Debt-based crowdfunding (also known as "peer to peer", "P2P", "marketplace lending", or "crowdlending") arose with the founding of Zopa in the UK in 2005 and in the US in 2006, with the launches of Lending Club and Prosper.com. Borrowers apply online, generally for free, and their application is reviewed and verified by an automated system, which also determines the borrower's credit risk and interest rate.
Litigation crowdfunding allows plaintiffs or defendants to reach out to hundreds of their peers simultaneously in a semiprivate and confidential manner to obtain funding, either seeking donations or providing a reward in return for funding.
Running alongside reward-based crowdfunding, donation-based is second as the most commonly used form of crowdfunding. Donation-based crowdfunding is the collective effort of individuals to help charitable causes. In donation-based crowdfunding, funds are raised for pro-social or pro-environmental purposes.
What are some ‘Buy Me a Coffee’ alternatives?
Kickstarter—Kickstarter is a global crowdfunding site that started in 2009. Like Patreon, there are plenty of Kickstarter competitors on the market, but it still boasts over 16.3 million backers and $4 billion in pledges.
Podia—Podia launched in 2014 as Coach and, in 2017, it rebranded to its current brand name. Though it doesn’t identify as a crowdfunding site, Podia allows thousands of creators to sell digital goods to customers. It markets itself as a creator-friendly alternative to Patreon.
Memberful—Memberful started in 2013 as a way to help independent creators sell memberships and build business. It continues to do just that even though Patreon acquired it in 2018. Instead of serving as a crowdfunding platform, Memberful is a plugin for your website that allows people to subscribe for exclusive content.
Indiegogo—Indiegogo is a crowdfunding platform that ranks at the top of the list for Kickstarter and Patreon competitors. It was founded in 2008, and it operates on a reward-based system that allows people to raise funds for ideas, charities, startups, and products.
Hope you learnt a thing or two about generating links on Buy me a Coffee so you—the content creators of SuperChillin—can keep them funds flowing to help supplement your income. Be sure to keep checking this site for more incredible content.
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