What is cryptocurrency

how to pay with crypto
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Christian Jacobsen  January 18th 2024
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If you already accept credit cards, debit cards and cash as a means of payment in your freelance business, why not accept bitcoins and other cryptocurrency payment methods?

Crypot is so popular nowadays that according to a Mastercard survey, 40% of consumers in 2022 are using cryptocurrencies, bitcoin being the most known one. They have gained so much visibility lately because of their rapidly increasing value; but, like every currency type in the world, they have both advantages and disadvantages, both of which we’ll be talking about in this article.

Cryptocurrencies are virtual currencies that are created and stored electronically. You will never be able to hold a bitcoin or a Litecoin in your hand because they only exist in the virtual world and emerged with the aim of becoming a means of exchange of goods and services without the need for an intermediary. What do we mean by intermediary? Banks or any financial institution basically. They do not participate in transactions because the system itself (which uses blockchain technology) regulates and validates the transactions that are made around the world. This happens through a network of multiple computers that are interconnected reviewing code and creating more bitcoins.

The cryptocurrency market is highly speculative and constantly fluctuating due to the previous fact that no one regulates it. It works on supply and demand, which means that it doesn’t take much for it to go up, or down.

So, although they were born as a means of payment, because of the way they work they have become an asset capable of storing value over time and could be equivalent in some way to investing in gold or some other asset.

But before considering whether to include them as a form of payment in your freelance business, there are some things you need to know (spoiler: you should include them):

Getting paid in cryptocurrencies is really easy to do, you just need an e-wallet to make the transactions and approach and exhange; if you want to be paid as soon as you get paid, the conversion from bitcoin to pesos is made without worrying about anything in each transaction. There are more than 9 thousand cryptocurrencies, but bitcoin is an amazing way to start.

Living with uncertainty is out the window. The transactions made in bitcoin are made at the moment, which means you would be receiving in you account the exact amount in pesos, or dollars.

More security. In addition to the fact that a definitive cryptocurrency transaction is done practically instantly and since it is secure, it would be protecting you from fraud and abusive customers who want to make undue refunds.

If you want to keep the bitcoins you will be exposed to fluctuations in value of the market. This is why it is know that the cryptocurrency market should be thought of in the long term. If you are not in it for the long run, just accept them only to make transactions and do not keep them.

The instantly rich idea behind cryptocurrencies can be true, but it can also be false. It all depends on how the market moves.

Invest gradually and get to know the crypto world little by little. Start by approaching an Exchange (a cryptocurrency exchange house) and get a wallet so you can start investing.

Now that you have all of this information you can give the option to your clients to not only pay you in traditional currencies, but in crypto. This way you will become a multi-faceted freelancer and your boundaries will no longer exist.

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