Getting Paid in Cryptocurrencies – What Should Freelancers Know
By Mark Thomasson, a biz-dev hero at Invoicebus – a simple invoicing service that gets your invoices paid faster. He passionately blogs on topics that help small biz owners succeed in their business. He is also a lifelong learner who practices mindfulness and enjoys long walks in nature more than anything else.
Many people are trying to find their place under the Bitcoin sun these days. The craze of Bitcoin mining has taken the world by storm and a large number of people are trying to make money that way.
The popularity of Bitcoin isn’t only changing the labor marker, but it also affects the way people pay each other for the work they’ve done. Since a growing number of online workers are turning to Bitcoin and other cryptocurrencies as their payment methods, there are some questions that need to be answered. In the next few paragraphs we’re going to analyze why getting paid in cryptocurrencies can be useful for freelancers.
Receiving payments in cryptocurrencies
Since the number of online workers is growing, there’s a bigger demand for international financial transactions. Logically, banks and other institutions that mediate in such procedures have realized that they can make substantial profits if they increase their transaction fees. Although they rarely exceed 3%, it’s still a significant amount of money.
In order to get round such high commission rates and to ensure getting paid without delays, freelancers can turn to alternative solutions. On the one hand, you have various online payment tools that offer better rates than traditional banks.
On the other, you can receive your payments in cryptocurrencies. Although these transactions are also performed via mediators, their rates are much lower, as you’ll see in the tool reviews below.
Apart from that, you don’t have to bother with opening a special bank account for that purpose. What you need is a digital wallet, where you’re going to keep the earned digital money. Then, you can simply connect that wallet and your regular bank account, to withdraw your cryptocurrency in the form of any existing currency. Only pay attention to exchange rates and use a reliable currency calculator, so as to get the most out of your payments in crypto-money.
Practical payment tools
If you want to easily receive, send and keep your Bitcoin in a safe environment, the Coins.ph service is the right choice for you. When you register as their user, they’ll automatically open you very own digital wallet. You can use this feature with a user-friendly interface for all your Bitcoin transactions.
What you need to do to get paid via this tool is to send your wallet address to the payer and they can immediately transfer the agreed amount to your account. The other option is to share your QR code with your client, so that they can make their payment via that code.
The Coins.ph tool comes with an Android and an iOS app, which allows its users to pay and get paid in a simple and accessible way.
If you want to expand the number of cryptocurrencies you accept and invoice, the CoinGate solution might be the best option for your needs. You can easily accept Bitcoin and other digital currencies via a simple and practical interface.
The processing fee is only 1%, which makes this service much more financially acceptable that most credit card fees.
As for the invoicing side, you can easily pay a Bitcoin invoice using CoinGate. Only follow this guide and you’ll make your payment in the shortest time possible.
BitPay is a perfect choice for all sorts of freelancers and businesspeople, because it’s available on all sorts of computer and gadgets. As such, it can be easily used for payments no matter where you are at the given moment.
This service also charges only 1% for their mediating role in Bitcoin payments.
Also, you can easily integrate it with your bank account, in order to exchange your cryptocurrency for any of the most widespread currencies in the world.
Further, you can pay a BitPay invoice in three ways. The first one is by opening the transaction invoice in your wallet, the second one is done by scanning your QR code and the third one includes copying the URL from the invoice to your digital wallet and making the payment manually. Read more about it here.
This cryptocurrency service provides its users with some basic, yet practical payment options. BitBill enables you to make any payment in a few simple steps. You just enter the information about the receiver and choose the cryptocurrency in which you want to make your payment.
This service doesn’t include the invoicing as we know it, but they play on a different card. Namely, they’ve utterly simplified the payment process. By simply entering the receiver’s data and the amount of the cryptocurrency, you can make your payment in a smooth and hassle-free way.
Due to its simplicity and no required verification, BitBill is a great option when you want to pay your bills or make other simple payments in cryptocurrencies.
Getting paid in Bitcoin is fast and simple, but freelancers who decide to take that road should closely observe the crypto market. Due to its volatility and no central supervising body, this market is constantly changing. That way, one bitcoin can today be worth $15,000 and already tomorrow drop under $10,000.
Because of that, people who get paid in cryptocurrencies need to keep a good eye on these exchange rates and sell their digital money on time. Here you can learn more details about selling cryptocurrency and how to make it work for you.
The omnipresence of the Internet is increasing the number of people who work as online freelancers. As those workers keep connecting on a global scale, they’re using alternative methods of payments. Knowing that, it’s no wonder that cryptocurrencies are becoming more and more popular with various users of the Internet. Still, since it’s a relatively new way of paying, you should learn more about money transfers and fees before you start getting paid in Bitcoin or any other cryptocurrency. We hope that the solutions presented in this article will help you become a pleased freelance user of cryptocurrencies.