Author Topic: Payment costs due to exchange rates/paypal cost - can I get paid in BTC/ETh ? (Read 2820 times)

7Horses · « **on:** December 28, 2019, 08:04 »

At the moment my stock earnings are mostly paid in $ but living in Europe I'm paying costs on my paypal conversion in €.
What do you think of getting our fees paid in crypto currencies like bitcoin or ethereum ? Stock agencies are by nature internet competent so adapting to crypto can not be that hard.

Dirk

tpack · « **Reply #1 on:** December 28, 2019, 08:17 »

IMHO it’s bad idea. Did you notice that BTC and ETH dropped significantly in their value over last 3-4 months ... and it may go down even more...

MysteryShot · « **Reply #2 on:** December 28, 2019, 16:42 »

...what about Tax?

Pauws99 · « **Reply #3 on:** December 29, 2019, 13:00 »

I'm not sure Microstock companies are well versed in the financial side of this as most seem unable to pay in more than one currency and either pay monthly or take weeks to process payments so I don't think they are at the leading edge of finance ;-). Given the volatility of Crypto it would probably need instant pay outs or you could find yourself earning +/- 50% of what you thought. Crypto seems to me to be as far from the mainstream as ever to me.

Noedelhap · « **Reply #4 on:** December 30, 2019, 12:24 »

Quote from: 7Horses on December 28, 2019, 08:04

What do you think of getting our fees paid in crypto currencies like bitcoin or ethereum ? Stock agencies are by nature internet competent

I see you haven't met Getty/iStock!

On a more serious note: most agencies are surprisingly rigid and always a few steps behind when it comes to implementing the latest site technology, let alone implementing a crypto payment system. As long as crypto is not mainstream and widely adopted, agencies won't invest in such a new system.
I also think the volatility of the crypto market at this moment makes it more of a gamble than a cost-saving opportunity for you. Paypal's fees are relatively hidden, but I think it's around 2.5% to convert to another currency? The question is whether getting paid out in crypto will be less expensive.

Uncle Pete · « **Reply #5 on:** December 30, 2019, 12:57 »

Quote from: tpack on December 28, 2019, 08:17

IMHO it’s bad idea. Did you notice that BTC and ETH dropped significantly in their value over last 3-4 months ... and it may go down even more...

Maybe a look at the crypto currency market would be a way for anyone to see how it's not so great?

https://coinmarketcap.com/

If you bought Etherium last January, it was around .03 BTC, now it's at .017 BTC, that's not even close to those who bought during the boom, when everything was easily triple. I think the crypto coins need to be sorted out and stable, before they will be useful in any trading other than speculation.

With that, I wouldn't want to be paid at one rate and the next day, my earnings dropped 10%, just because of the market. Of course if they go up, we'd all celebrate the extra money. There are transaction fees for coin transactions. At least with Paypal, anyone knows in advance that there are fees and what they are.

Easy for me, I pay no Paypal fees for getting my money, spending it or depositing it into my bank account. I'm guessing the sting for others is the conversion rates?

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Author Topic: Payment costs due to exchange rates/paypal cost - can I get paid in BTC/ETh ? (Read 2820 times)

7Horses

tpack

MysteryShot

Pauws99

Noedelhap

Uncle Pete

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