Accepting Bitcoin for freelance work a good idea or waste of time?

49 replies
I've been coming across a trend lately and I don't know if it's worth it to mention it here. I was just wondering how many of you use bitcoin to pay for freelance work. Lately I've had issues with this as some people say they want to pay using it, but I really don't understand it. It seems like it might be more trouble than it's worth.

However if it's something that will give me an edge in terms of getting more work, then I don't want to be without it. Any thoughts on this?
#accepting #bitcoin #freelance #good #idea #time #waste #work
Avatar of Unregistered
  • Profile picture of the author DWolfe
    Bitcoin is very volatile right now,just read the price trends this week. (Note it has been going down) Are you going to constanly change your charges to adjust for the changes? What happens if someone pays you $50.00 for your time, than a few hours later you find your bitcoin value dropped $10. can you handle that type of loss as you convert it to cash ? What happens if they want a refund can you adust fot that if the value changes again. Until the wild fluctations stop it would be more trouble than it is currently worth, just to gain a few customers.
    {{ DiscussionBoard.errors[11451371].message }}
    • Profile picture of the author Jeffery
      Originally Posted by DWolfe View Post

      Bitcoin is very volatile right now,just read the price trends this week. (Note it has been going down) Are you going to constanly change your charges to adjust for the changes? What happens if someone pays you $50.00 for your time, than a few hours later you find your bitcoin value dropped $10. can you handle that type of loss as you convert it to cash ? What happens if they want a refund can you adust fot that if the value changes again. Until the wild fluctations stop it would be more trouble than it is currently worth, just to gain a few customers.

      ^ this ^


      Seriously, the best reasons to not accept BitCoin aka wooden nickels. I would never do business with anyone that accepts it. Why? If you have to ask then you obviously have never made a sale online and do not have business partners and are just a plain Fake It Till You Make It poster.
      {{ DiscussionBoard.errors[11480551].message }}
  • {{ DiscussionBoard.errors[11451374].message }}
  • Profile picture of the author PurePay
    If you have time to wait do it, if you want money fast don't do it
    {{ DiscussionBoard.errors[11451378].message }}
  • Profile picture of the author OptedIn
    Have you read todays news? It's in a free fall.
    Signature

    "He not busy being born, is busy dying." - Bob Dylan • "I vibe with the light-dark point. Heavy." - Words that Bob Dylan wishes he had written.

    {{ DiscussionBoard.errors[11451381].message }}
  • Profile picture of the author luciesmazanska
    pheonix44 I would say its good as when you are accepting any other payment ...just dont make it as a primary or only one option for customers
    {{ DiscussionBoard.errors[11451396].message }}
    • Originally Posted by luciesmazanska View Post

      pheonix44 I would say its good as when you are accepting any other payment ...just dont make it as a primary or only one option for customers
      I agree. It's good to have it as an option if it can get you more customers. Just think of bitcoin as money you can afford to lose. If it increases in value, that's great. But you don't expect it to or else you'll just end up disappointed.
      {{ DiscussionBoard.errors[11451483].message }}
      • Profile picture of the author DABK
        And if it loses value, a lot of value? It has done that.
        Originally Posted by John Jonas Phil VA View Post

        I agree. It's good to have it as an option if it can get you more customers. Just think of bitcoin as money you can afford to lose. If it increases in value, that's great. But you don't expect it to or else you'll just end up disappointed.
        {{ DiscussionBoard.errors[11479518].message }}
  • Profile picture of the author anasmalik1231
    well bitcoin is shaky at this time you cannot say anything sure about this. But i think it is a risk taking bitcoins....
    {{ DiscussionBoard.errors[11451416].message }}
  • Profile picture of the author FaelTheBoss
    Banned
    It's a good idea if you want to engage in following of the trends and trading cryptocurrencies You can accept bitcoin but my recommendation is to sell it for regular money immediately.
    {{ DiscussionBoard.errors[11451579].message }}
  • Profile picture of the author Rob Hunsons
    Well, it's not bad, but you have to learn more about crypto, as it constantly changes its value.
    {{ DiscussionBoard.errors[11451602].message }}
  • Profile picture of the author superowid
    If you want to accept BTC, you have to use your own TOS to your clients to eliminate any exchange troubles.
    {{ DiscussionBoard.errors[11451623].message }}
  • Profile picture of the author Rose Anderson
    Do you like to gamble? If so, you might want to accept some and see what happens. It's been a roller coaster ride. You have to be willing to risk a loss.

    I wouldn't count on it to pay the rent next month or buy groceries this week. I'd limit it to a small percentage of income such as 5% or any amount that you don't need to pay the bills.

    It can be a hassle, though, so you might find it not worth the extra trouble.

    Rose
    {{ DiscussionBoard.errors[11451641].message }}
    • Profile picture of the author OptedIn
      Originally Posted by Rose Anderson View Post

      It can be a hassle, though, so you might find it not worth the extra trouble.
      Precisely. One of the main rules of business: KISS.
      Signature

      "He not busy being born, is busy dying." - Bob Dylan • "I vibe with the light-dark point. Heavy." - Words that Bob Dylan wishes he had written.

      {{ DiscussionBoard.errors[11451654].message }}
  • Profile picture of the author pheonix44
    Bitcoin is very volatile right now,just read the price trends this week. (Note it has been going down) Are you going to constanly change your charges to adjust for the changes? What happens if someone pays you $50.00 for your time, than a few hours later you find your bitcoin value dropped $10. can you handle that type of loss as you convert it to cash ? What happens if they want a refund can you adust fot that if the value changes again. Until the wild fluctations stop it would be more trouble than it is currently worth, just to gain a few customers.

    All of what you said in this post rings very true. My worst fear would be the value going down. It's like shorting a stock and having the price go up significantly shortly thereafter.
    {{ DiscussionBoard.errors[11451703].message }}
  • Profile picture of the author Ronish Baxter
    You should wait because bitcoin is in kind of shaking. If you want to use don't use it as primary option otherwise you might loose.
    {{ DiscussionBoard.errors[11451821].message }}
  • Profile picture of the author pheonix44
    People keep saying it's volatile, but isn't this the nature of all such currency? I wouldn't expect it to just keep going up and up or stay where it's at long term.
    {{ DiscussionBoard.errors[11452570].message }}
  • Profile picture of the author OptedIn
    Today's headline: "Bitcoin skids to a 13-month low, nearing $5,000" - CNBC

    That's down from $20,000. Who needs it?
    Signature

    "He not busy being born, is busy dying." - Bob Dylan • "I vibe with the light-dark point. Heavy." - Words that Bob Dylan wishes he had written.

    {{ DiscussionBoard.errors[11452577].message }}
  • Profile picture of the author Obermair
    Not worth it... potential clients wanting to use bitcoin is way to small - notwithstanding the cost of the transaction and volatile conversion price.
    {{ DiscussionBoard.errors[11455221].message }}
  • Profile picture of the author schwartz
    It is risky to accept bitcoins, especially with this volatility.
    {{ DiscussionBoard.errors[11460763].message }}
  • Profile picture of the author Brent Stangel
    Banned
    I wouldn't touch it with someone else's ten-foot-pole.

    Brent
    Signature
    Get Off The Warrior Forum Now & Don't Come Back If You Want To Succeed!
    All The Real Marketers Are Gone. There's Nothing Left But Weak, Sniveling Wanna-Bees!
    {{ DiscussionBoard.errors[11461100].message }}
  • Profile picture of the author greatness008
    It's a GREAT idea. Don't listen to the naysayers, crypto is here to stay and will only become bigger and more mainstream with time. Right now it's in a bear market and dirt cheap. 2019 Bitcoin will rocket past 5k by the first half of the year. Your future self will thank you.
    Signature
    {{ DiscussionBoard.errors[11461177].message }}
    • Profile picture of the author OptedIn
      Originally Posted by greatness008 View Post

      It's a GREAT idea. Don't listen to the naysayers, crypto is here to stay and will only become bigger and more mainstream with time. Your future self will thank you.
      My basement is for rent. Keep it in mind.
      Signature

      "He not busy being born, is busy dying." - Bob Dylan • "I vibe with the light-dark point. Heavy." - Words that Bob Dylan wishes he had written.

      {{ DiscussionBoard.errors[11461189].message }}
  • Profile picture of the author Brent Stangel
    Banned
    2019 Bitcoin will rocket past 5k by the first half of the year.
    I've always wanted a future-telling crystal ball...will you sell yours? I'll pay in BrentBux.

    Brent
    Signature
    Get Off The Warrior Forum Now & Don't Come Back If You Want To Succeed!
    All The Real Marketers Are Gone. There's Nothing Left But Weak, Sniveling Wanna-Bees!
    {{ DiscussionBoard.errors[11461222].message }}
  • {{ DiscussionBoard.errors[11461223].message }}
    • Profile picture of the author OptedIn
      Originally Posted by pheonix44 View Post

      What's brentbux?
      So much for your crypto expertise. Epic fail.
      Signature

      "He not busy being born, is busy dying." - Bob Dylan • "I vibe with the light-dark point. Heavy." - Words that Bob Dylan wishes he had written.

      {{ DiscussionBoard.errors[11461229].message }}
  • Profile picture of the author blackout17
    Some shocking answers in here. Wow.

    Accept Crypto 1000% seriously. If you can have a portion of your sales as in invest in a new asset class that is here to stay, do it.
    Signature

    Connect with me via Facebook
    Crypto Mob: Click Here

    {{ DiscussionBoard.errors[11463630].message }}
    • Profile picture of the author OptedIn
      Originally Posted by blackout17 View Post

      Accept Crypto 1000% seriously.
      Go bankrupt, 1000% slowly, but surely.

      I have a very large, finished basement. It can be easily partitioned.
      Signature

      "He not busy being born, is busy dying." - Bob Dylan • "I vibe with the light-dark point. Heavy." - Words that Bob Dylan wishes he had written.

      {{ DiscussionBoard.errors[11463667].message }}
  • Profile picture of the author Oziboomer
    Wasn't Bartercard the first crypto?

    At least once you got paid via barter you could see the value of your trade being eroded via fees and inflated pricing.

    Until there is some stability with crypto you may have to follow the barter extreme pricing model to extract a return worth cashing in.

    Best regards,

    Ozi
    {{ DiscussionBoard.errors[11463678].message }}
  • Profile picture of the author bertosio
    Unfortunately, as much as i love the whole idea around bitcoin and actually do own a small amount i would advise against it at the moment. It looks like bitcoin is dying a slow death but the tables could turn. Nobody knows what the future holds.
    Signature

    Gouranga

    {{ DiscussionBoard.errors[11463855].message }}
  • Profile picture of the author payger
    Hey Pheonix44,
    That is a good question. Most of the people here are correct, Bitcoin is a highly volatile asset and not directly the best choice to get paid as freelancer but I think there are some good alternatives.

    Why do you not ask your clients to pay you in stable coins like Circle USD (USDC) or Stasis Euro (EURS)? When you are using stablecoins instead of bitcoins for payments, you do not have to worry about the price volatility, the price will stay close to $1 and you can easily get paid in a few seconds to minutes, the costs per transfer are less than a few cents, so super cheap too. We (Edit out ) clients.

    So what can you do with the stablecoin?
    You can use the stablecoin for online shopping, you can buy other crypto currencies for trading and speculation or you can convert the stablecoins back to USD or EUR and wire the funds to you regular bank account. Over the long term you probably have a better return in keeping the stablecoins and buy something nice online. You could also pay a other freelancers for their work in some other countries.

    Bitcoin sparked a new form of internet money, it failed as currency but it created the path for new types of internet currencies.
    {{ DiscussionBoard.errors[11473662].message }}
  • Profile picture of the author Ankush Mittal
    It actually depends for ex if you do have a good income then you can receive some money in BTC and hold it for long time because in long run it willl go up. you can say its internet gold.
    But if you are just earning residual income then due to high volatilty you may face problems.
    {{ DiscussionBoard.errors[11473719].message }}
  • Profile picture of the author RuthFrench
    The great thing about Bitcoin-specific sites is that you'll be seeing opportunities that aren't posted anywhere else. You may be getting compensated with cryptocurrency, but there's nothing cryptic about the simplicity of doing work you'll be paid for within hours of completion.
    {{ DiscussionBoard.errors[11476548].message }}
  • Profile picture of the author deu12000
    I would accept it if someone wanted to pay with it. You don't have to worry much about the volatility. You cash it out as soon as you receive it and it's the same as any other payment form. Just open an account at an exchange like Circle where you can instantly cash out.
    {{ DiscussionBoard.errors[11477974].message }}
  • Profile picture of the author MSutton
    If you've seen a spike in people wanting to pay with bitcoin in the past 12 months or so, that's because it has been plummeting for quite a few months now, so some BTC owners are scared and wanting to dump their BTC before they lose more money, just like people get scared when a stock plummets and they want to get rid of the stock.

    You have to understand that the vast majority of BTC owners are not in it for the long-haul. They just bought BTC because they heard it was the trendy thing to do. But they get scared when it plummets...so they want to dump it. Some might think that dumping it by using it to pay for a service or product is better than exchanging it so they ask service providers and product sellers to take it in exchange for product/services.



    Unless you are a risk-taker and you know how it all works, don't become a BTC dumping ground just to get work.

    If they wan to get rid of their BTC, let them go to any BTC exchange site and change it to their local currency at a loss...then pay you
    {{ DiscussionBoard.errors[11478073].message }}
  • Profile picture of the author Rendition
    I dabble in BTC as a speculative move and also trade a bit from time to time, but wouldnt dream of using it for client fees at this time. If they wanted to pay me with a stablecoin thats a different story.
    {{ DiscussionBoard.errors[11480256].message }}
  • Profile picture of the author pheonix44
    What if the rate of your business overall increased due to being able to accept this form of payment? What if there were particular clients who had tons of business, but due to restrictions in their country could only use bitcoin or some other form of cryptocurrency?
    {{ DiscussionBoard.errors[11480526].message }}
    • Profile picture of the author Rendition
      Originally Posted by pheonix44 View Post

      What if the rate of your business overall increased due to being able to accept this form of payment? What if there were particular clients who had tons of business, but due to restrictions in their country could only use bitcoin or some other form of cryptocurrency?
      In this case I may well reconsider. I would just convert to fiat once I receive the money. Something like coinbase which has easy paypal integrations.
      {{ DiscussionBoard.errors[11480591].message }}
  • If you work with a lot of international clients it may be worth considering. As other people have mentioned, it is volatile so you either want to decide you want to invest in it long term or cash out quickly so the value of it does not change.

    That said, if you are getting paid from someone from a different country bitcoin can be a good way to avoid international exchange fees and currency changes.
    {{ DiscussionBoard.errors[11480534].message }}
  • Profile picture of the author pheonix44
    Here's a question. What if some clients are willing to pay extra as a form of hedge against the volatility of the currency?
    {{ DiscussionBoard.errors[11480547].message }}
    • Profile picture of the author Jeffery
      Originally Posted by pheonix44 View Post

      Here's a question. What if some clients are willing to pay extra as a form of hedge against the volatility of the currency?

      That has already been answered...


      Originally Posted by DWolfe View Post

      Bitcoin is very volatile right now,just read the price trends this week. (Note it has been going down) Are you going to constanly change your charges to adjust for the changes? What happens if someone pays you $50.00 for your time, than a few hours later you find your bitcoin value dropped $10. can you handle that type of loss as you convert it to cash ? What happens if they want a refund can you adust fot that if the value changes again. Until the wild fluctations stop it would be more trouble than it is currently worth, just to gain a few customers.
      {{ DiscussionBoard.errors[11480558].message }}
    • Profile picture of the author DABK
      Here's a question for you:


      You charge $50. They're willing to pay $60, in bitcoin. By the time you're converting, the bitcoin that was $60 when sent to you is worth $27?



      Originally Posted by pheonix44 View Post

      Here's a question. What if some clients are willing to pay extra as a form of hedge against the volatility of the currency?
      {{ DiscussionBoard.errors[11480566].message }}
  • Profile picture of the author Jeffery
    Originally Posted by pheonix44 View Post

    What if the rate of your business overall increased due to being able to accept this form of payment? What if there were particular clients who had tons of business, but due to restrictions in their country could only use bitcoin or some other form of cryptocurrency?
    That has already been answered...

    Originally Posted by DWolfe View Post

    Bitcoin is very volatile right now,just read the price trends this week. (Note it has been going down) Are you going to constanly change your charges to adjust for the changes? What happens if someone pays you $50.00 for your time, than a few hours later you find your bitcoin value dropped $10. can you handle that type of loss as you convert it to cash ? What happens if they want a refund can you adust fot that if the value changes again. Until the wild fluctations stop it would be more trouble than it is currently worth, just to gain a few customers.
    {{ DiscussionBoard.errors[11480560].message }}
  • Profile picture of the author pheonix44
    Here's a question for you:


    You charge $50. They're willing to pay $60, in bitcoin. By the time you're converting, the bitcoin that was $60 when sent to you is worth $27?
    Could also work the other way around. What if t hat $60 by the time I convert it turns into $93? What if you're a little savvy about understanding the volatility of bitcoin and understand how to hedge against some of the risk? Second to last poster came off as closed minded so no real point in addressing him. Your example though is interesting. This would be an extreme fluctuation and as others have stated if I wanted to protect against the risk I could just convert it right away.
    {{ DiscussionBoard.errors[11480569].message }}
    • Profile picture of the author DABK
      My point was:

      you're gambling.

      You could win on some, lose on some and lose overall, or win overall.

      Question is: Are you willing to risk it?


      You have to be very careful how you explain... and even if you're truly thorough, you'll have more headaches than it is worth, in my opinion.

      How would you hedge. Your fees today, when I talk to you about my project is $50. We agree on 50 regular or 60 bitcoins. But I actually start 3 days from now, when 50 regular is worth 86 bitcoins. We already agreed, so if you change, me, I'm going to be upset. That's one variation. Or course, some people will say, yeah, we agreed on 60 but now the same value is 86, so 86 it is.

      How long can you sit on a payment till bitcoins are worth as much as you want them to be? What if that is years? What if that never happens?


      How long is the gap between when they agree to pay to when they pay to when you cash the bitcoins?



      Originally Posted by pheonix44 View Post

      Could also work the other way around. What if t hat $60 by the time I convert it turns into $93? What if you're a little savvy about understanding the volatility of bitcoin and understand how to hedge against some of the risk? Second to last poster came off as closed minded so no real point in addressing him. Your example though is interesting. This would be an extreme fluctuation and as others have stated if I wanted to protect against the risk I could just convert it right away.
      {{ DiscussionBoard.errors[11480598].message }}
  • Profile picture of the author GDIIT
    Bitcoin is decentalized that is why many people want to use it as payment for products and services.

    It is good that you also give options like this to your customers. The more options you have, the more you can gain customers.

    In short term, you will probably have to lose some because of its price volatility.

    However, if you come to think of other people using their own money to invest in bitcoin, you only accept it through your services.

    Long term, bitcoin and crypto has a huge opportunity.
    {{ DiscussionBoard.errors[11480649].message }}
  • Profile picture of the author naviown
    Personally I am always paying for my freelancers with btc, it's fast and easy.
    It's a bit harder to find people who can do the work and accept btc as a payment, but for me it's working well.
    {{ DiscussionBoard.errors[11482558].message }}
Avatar of Unregistered

Trending Topics