Hey there! I’m a newbie over here and wanna ask your opinion on being paid in crypto. Have you even received payment in crypto? The issue is that I was offered to get paid in Bitcoin by one of my clients. Is that ok? I have to setup a crypto wallet to get it, right? Any advices pls
I do not know much either but I think Blockchain.com is a wallet you can use. It takes time to create an account there because money is involved; they must validate you and such. Create an account and verify that it works. The following might be other possibilities but I know nothing about them.
It is unfortunate you have not been paid yet. The value of Bitcoins have gone up this week; what was worth about $9K is now worth nearly $12K, about where it was a year ago. You can use CoinDesk to check on the value of Bitcoins.
You do not mention where you are located, in most countries crypto is legal, and while it in most places are not considered a currency, it is taxable. However some countries have banned some cryptos, so make sure to check local regulations.
The main problem with accepting crypto as payment, is that you need to have a good way to convert it back to fiat. This is a process that can take some time, as most exchanges require that you verify who you are.
We have accepted crypto for years, and have not had any issues with it. We receive the funds, and normally convert them to fiat at once, and transfer the funds to the business account. The only times we have not done so, is if it is smaller amounts, or if we believe the market will go up.
In regards to wallets, always use wallets that you setup locally on your computer for storage (or a hardware ledger) do not use a wallet that is setup at a provider, website etc. as they will have full control of your wallet, and the funds in it.
It is also important that you never share your memonic or private key with anyone, since with that you have full access to your wallets.
The only person who can answer that question is you.
Cryptocurrencies are vastly more volatile than actual currency; as such, it’s a risk and a gamble. As Samuel pointed out,
… but keep in mind that the opposite could certainly be true.
If you agree to a contract payable in a cryptocurrency, you take the risk in the volatility of that currency, especially if you fix a price in that cryptocurrency instead of a real currency value. “You will pay 1 Bitcoin to have this work done” could be worth pennies or thousands by the end of the contract. “You will pay 1000$ in Bitcoin, payable at completion of work” will always be worth 1000$ at the end of the job; after that, you play the volatility market on your own buck.
Personally, I will be paid in actual currency for all my transactions, certainly until the crypto ‘bubble’ settles out.
Of course, and I assume that Nytron understands that.
Hey there! For me getting paid in cryptocurrency is a good way to get crypto, especially if you haven’t dealt with it before. Being curious about it I began to accept some payments in Bitcoin about half a year ago. However, I don’t use online crypto wallets as I don’t believe they are secure enough, I have Blackcatcard which is a mix of a euro account and hot crypto wallet. I get crypto on my wallet in the app, then just keep it there or when I need fiat money, I make a crypto-euro exchange and transfer the money to the bank account.