How Bitcoin Will Add to the GoPro Awards

GoPro's performance was beyond most people's expectations. GoPro not only produces several commonly used cameras, but also plans to collect excellent photography works from users with prizes. This project is called GoPro Awards and will last for one year.

GoPro awards prizes to users for their photographs, with prizes of $5 million awarded each year.

     Technological innovation can change people's lives, and GoPro Awards is the best example. Users use GoPro cameras to record videos or take photos, and upload their works to GoPro Awards to win prizes. Users' works will be classified according to content, and the official will select them. The authors of the winning works will be able to win cash rewards.

     The amount of the prize depends on the type of entry. The author of the winning photo entry can win up to $500, while the winning video can win up to $1,000. Users who edit videos carefully will have the opportunity to win a grand prize of up to $5,000. There is no limit to the number of entries that users can upload.

     The year-long photography competition has a total prize pool of $5 million, and GoPro has to make careful planning for this. According to the information we received, the GoPro Awards will select winners every day, and the categories will change regularly. Users who participate in the competition should read the service agreement carefully.

     Once uploaded, the work will be irrevocably licensed, GoPro will also receive royalty-free rights to the work, and the company will also have the right to award prizes for the material. Some users who participate in the competition want their work to appear on posters or film productions, and this agreement is just what they want. The company modified the agreement to a surprising extent, and users will retain ownership and interest in the work, and they will be eligible to win prizes again after the work is published in the media.

     The GoPro Awards have attracted a lot of attention and shown that GoPro is not only making money but also giving back to its users. Although the annual prize of $5 million is a small amount for a company as big as GoPro, it is enough to attract users to actively participate and upload their works. In a way, GoPro is building its own sharing economy, even if it is currently only exchanging prizes for works.

Will Bitcoin be introduced at the GoPro Awards?

     One thing GoPro and contestants need to pay enough attention to is that they need to distribute and receive prize money. In most cases, winners will receive bank transfers or checks. However, this method of distributing prize money may require taxation to the IRS, because this "extra income" is not distributed by GoPro for free. At this time, Bitcoin can show its strength, which is not only efficient, but also tax-free.

     That being said, we need to remember that Bitcoin is not used to evade taxes. But it does help companies pay individuals. The transfer of funds is instant, transaction fees are minimal, and there is no need to go through complicated paperwork. In addition, verifying the transfer is very simple because blockchain technology records the transfer as it happens, and the public ledger is open to the world and can be easily checked.