Guys, you don’t have any idea the nightmare it is to try to deal with paypal and banks from 3rd world countries (where most of your sellers are from). And don’t get me started on their commissions. Please, give me the option to get paid in cryptocurrencies. Paypal froze my account last year for no reason, and my involment in this site hangs by a tread. Pay me in crypto please, thanks!
When paypal just froze your account for no reason, did you contact them for an explanation?
As I understand it, cryptocurrencies are highly volatile and largely unstable. Most national governments – particularly the large ones – don’t want to deal with that kind of uncertainty. There are plenty of stable national currencies to work with.
No cryptocurrencies supported or backed by banks and most likely never will. (Well maybe only etherium but it’s only speculation and China even manipulated its cost through news)
Anyway as @jonbaas already said cryptocurrency is super unstable and more on the side of trading and investments rather than payment options.
Actually Ripple xrp is backed by the banks and its not the only crypto involved with banks, arp is already used by banks to transfer fiat form country to country easily and without paying a lot of commissions.
Oh well, it’s not really backed by banks. It will be when all the banks decide to start using it as a unified bank currency instead of processing redundant currency exchanges.
For now only 7 banks using ripple. And to highlight they using ripple as a platform for real money transactions but not token.
And on top of that Ripple cannot be bought with fiat currencies, one must purchase existing cryptocurrencies such as Bitcoin and Ethereum to purchase XRP.
They do show a good potential but still very far from being “backed” and supported by bankers in the same way as dollar for example.
But again I’m not an expert in cryptocurrencies and happy to be proved wrong.
Yes there are banks that already use xrapid and xrp and yes you can buy xrp with fiat on coinbase for example.
I know, I’m just asking for the option, it is up to me to take that risk or not. I’m not advocating for exclusive crypto payouts.
Actually, volatility isn’t (or doesn’t have to be) an issue when getting paid in cryptocurrency. Crypto merchant services let businesses instantly convert coins to fiat (regular) cash if they want. Cryptocurrencies also represent the cheapest and fastest way to send money anywhere in the world and transactions can never be reversed. Many businesses see value in this as it completely prevents chargeback fraud.
Governments also love crypto because it is taxable. In some parts of the U.S. you can even already pay your regular taxes with Bitcoin.
The being backed by banks is really a non-issue. As it stands, the balance in your bank account isn’t backed by banks. If all the physical U.S. dollars in the world were divided equally among U.S. citizens, they would come away with less than $3K each. This is why banks fear bankruns in times of crisis.
I would like the option too. I do have some clients who pay me with crypto (not on Fiverr.) I have also had several big problems with PayPal myself. They really don’t like it when you hop around the world a bit and try to use the same account or open a new one (so you can transfer your money to a local bank) in different locations.
I have also experienced problems with Payoneer, though for completely different reasons. This being the case, I too would like a crypto payment option. However, it won’t happen. To pay sellers in crypto, Fiverr would have to get a completely new kind of license to operate just in the U.S. as a money transmission business. Similar licenses would also need to be applied for in each country Fiverr operates in.
To make matters more complicated, Fiverr paying out in crypto would make the site a magnet for hackers. This would hamper daily operations and require Fiverr to invest a ton of money in more robust security and a whole different set of operating practices.
Having worked on some crypto freelancing platforms, I can also say that there is another hurdle. Basically, a lot of my old leads used to be from people asking for… Well, what can be best described as dodgy services.
What you can do (and what I have done) is create your own website and promote the fact that people can pay you using crypto. Cryptocurrency and freelancing are quite popular search terms and not a lot of freelancers actually try to rank for these. Most of the leads I get are still rubbish. However, promoting the fact that you accept crypto today could be very lucrative when mass adoption finally happens.
Edit: BTW @polaris84, you have awesome gigs!