Poll: Have you started accepting Bitcoin or other cryptocurrencies as a payment option? Thread poster: ProZ.com Staff
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This forum topic is for the discussion of the poll question "Have you started accepting Bitcoin or other cryptocurrencies as a payment option?".
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| | | | | No, and I don't plan to | Feb 5, 2019 |
As far as I know the current banking system doesn't accept cryptocurrencies and I only accept bank transfers.
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and I don't see why I should.
One more thing: Nobody has asked or suggested it to me anyway.
[Edited at 2019-02-05 09:38 GMT]
| | | | Ricki Farn
Germany
Local time: 22:26
English to German
| No. TANSTAAFL. | Feb 5, 2019 |
Whatever the catch is, there must be something wrong with a concept that has the status of a "get rich quick" scheme. Or is even just associated with such schemes.
I have good old wire transfer that even comes with a brick-and-mortar bank in town, and during the carnival, the bank employees dress up. Nothing beats a serious young man in a suit with little angel wings attached to his shoulder blades.
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earlyesther
Local time: 03:26
English to Indonesian
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I needed to set up a metamask account to accept the token, aergo, then I needed to set up another account at an exchange that accept that token (not every exchange accept smaller diffusion coins), then I needed to transfer the coin from my brave wallet to that exchange (fees apply), then I needed to exchange that token with ether or bitcoin, so I can cash it to USD (fees apply again). Once I have it in ether, I needed to check whether that exchange facilitate withdrawal or not. If not, I needed ... See more I needed to set up a metamask account to accept the token, aergo, then I needed to set up another account at an exchange that accept that token (not every exchange accept smaller diffusion coins), then I needed to transfer the coin from my brave wallet to that exchange (fees apply), then I needed to exchange that token with ether or bitcoin, so I can cash it to USD (fees apply again). Once I have it in ether, I needed to check whether that exchange facilitate withdrawal or not. If not, I needed to transfer my eth to Binance (fees again), and really that's what I had to do at that time. In Binance, before exchanging the token for USD, I had to choose whether I want to cash the token via international transfer (traditional, expensive bank fees apply) or whether I wanted to transfer the eth (or btc) to local exchange (fees again) then cashed it directly to local currency (fees again). I transfereed my eth to local exchange because the amount is not significant and the total fee is still smaller than traditional bank fee. Account/wallet approval took one day per account, so it was a lengthy process. To make matter worse, the btc exchange rate plunged 50%, which affected all other crypto rate, making the total IDR (local currency), or USD, amount I received very ugly.
Enough is enough. ▲ Collapse
| | | | Michael Harris 
Germany
Local time: 22:26
Member (2006)
German to English
esther tanuadji wrote:
I needed to set up a metamask account to accept the token, aergo, then I needed to set up another account at an exchange that accept that token (not every exchange accept smaller diffusion coins), then I needed to transfer the coin from my brave wallet to that exchange (fees apply), then I needed to exchange that token with ether or bitcoin, so I can cash it to USD (fees apply again). Once I have it in ether, I needed to check whether that exchange facilitate withdrawal or not. If not, I needed to transfer my eth to Binance (fees again), and really that's what I had to do at that time. In Binance, before exchanging the token for USD, I had to choose whether I want to cash the token via international transfer (traditional, expensive bank fees apply) or whether I wanted to transfer the eth (or btc) to local exchange (fees again) then cashed it directly to local currency (fees again). I transfereed my eth to local exchange because the amount is not significant and the total fee is still smaller than traditional bank fee. Account/wallet approval took one day per account, so it was a lengthy process. To make matter worse, the btc exchange rate plunged 50%, which affected all other crypto rate, making the total IDR (local currency), or USD, amount I received very ugly.
Enough is enough.
That was a process!
Something that I would not have let myself into in the first place.
| | | | | No, and I don't plan to | Feb 5, 2019 |
I spend euros, so any other currency, crypto or no crypto, will only decrease my earnings or increase the customer's spending, while making banks richer.
No added value whatsoever.
Philippe
| | | | Thayenga
Germany
Local time: 22:26
Member (2009)
English to German
+ ...
Why would I even bother to go to such a process like Esther did...and lose some 50% when the good old currencies are still in use?
At such a loss - aside from the inconvenience of following such a strenuous procedure - my clients would have to face a 100% surcharge, or bear all fees involved which nobody does, just to receive my basic rate.
Maybe this would be normal in the 22nd century, but by then I surely won't be working anymore.
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| Yes, hell yes! | Feb 5, 2019 |
I accept and I use my cryptos. The thing with Bitcoins and other cryptcurrencies is that is quite difficult to explain and you have to search quite a lot of information before getting into. Esther's case could have been easily avoided. My advice here is: 1) Read as much as you can before accepting any kind of cryptos (I suggest Andreas Antonopoulos as a start point). 2) Check if there's a crypto eco-system where you live or closer, in case you want to exchange your coins for fiat money, and 3) s... See more I accept and I use my cryptos. The thing with Bitcoins and other cryptcurrencies is that is quite difficult to explain and you have to search quite a lot of information before getting into. Esther's case could have been easily avoided. My advice here is: 1) Read as much as you can before accepting any kind of cryptos (I suggest Andreas Antonopoulos as a start point). 2) Check if there's a crypto eco-system where you live or closer, in case you want to exchange your coins for fiat money, and 3) set up a wallet in your phone or PC (even better if you can afford a trezor). In case that you need to know more, quote me or send me a private message. I'd be happy to help you ▲ Collapse
| | | | earlyesther
Local time: 03:26
English to Indonesian
+ ...
| you can't avoid the rate plunge | Feb 5, 2019 |
Mario Acosta wrote: I accept and I use my cryptos. The thing with Bitcoins and other cryptcurrencies is that is quite difficult to explain and you have to search quite a lot of information before getting into. Esther's case could have been easily avoided. My advice here is: 1) Read as much as you can before accepting any kind of cryptos (I suggest Andreas Antonopoulos as a start point). 2) Check if there's a crypto eco-system where you live or closer, in case you want to exchange your coins for fiat money, and 3) set up a wallet in your phone or PC (even better if you can afford a trezor). In case that you need to know more, quote me or send me a private message. I'd be happy to help you
First of all, I am not trying to discourage people to avoid crypto payment.
I agree that the set up part was easy and once everything is set up, we can repeat the cashing in part with no trouble. However, you can't control the "rate plunge" part. This confuses everything. Crypto clients usually prefer quotations in ETH or BTC, not USD, and we quote on "current" exchange rate. Once the exchange rate plunges, there is nothing we can do. We can't ask the client to "pay for the difference".
| | | | neilmac
Spain
Local time: 22:26
Spanish to English
+ ...
| No, and I don't plan to | Feb 5, 2019 |
None of the people or businesses that I have to pay, for example for rent, tax, vehicle repairs, foodstuffs... etc etc etc.... or from which I receive payment, would accept cryptocurrencies or even know what to do with them. So, the whole notion is a non-starter for me.
[Edited at 2019-02-05 14:11 GMT]
| | | | | They are totally unpredictable and NOT environment friendly | Feb 5, 2019 |
The security system alone, and keeping track of who owns what with bitcoins, consumes vast amounts of electricity - enough to power a country like Ireland or Switzerland. Denmark, where I live, has lots of wind turbines and solar panels around, but still needs fossil fuels for energy. I would go for a more environment-friendly currency on principle.
Apart from environmental considerations, my bank advises against it. The tax implications here are terrifying! I accept Kroner, Sterlin... See more The security system alone, and keeping track of who owns what with bitcoins, consumes vast amounts of electricity - enough to power a country like Ireland or Switzerland. Denmark, where I live, has lots of wind turbines and solar panels around, but still needs fossil fuels for energy. I would go for a more environment-friendly currency on principle.
Apart from environmental considerations, my bank advises against it. The tax implications here are terrifying! I accept Kroner, Sterling or Euros, and would not know what to do with cryptocurrency - nor would anyone I pay bills to. The bank system works fine for me - if it ain´t broke, don´t fix it! ▲ Collapse
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esther tanuadji wrote: Mario Acosta wrote: I accept and I use my cryptos. The thing with Bitcoins and other cryptcurrencies is that is quite difficult to explain and you have to search quite a lot of information before getting into. Esther's case could have been easily avoided. My advice here is: 1) Read as much as you can before accepting any kind of cryptos (I suggest Andreas Antonopoulos as a start point). 2) Check if there's a crypto eco-system where you live or closer, in case you want to exchange your coins for fiat money, and 3) set up a wallet in your phone or PC (even better if you can afford a trezor). In case that you need to know more, quote me or send me a private message. I'd be happy to help you First of all, I am not trying to discourage people to avoid crypto payment. I agree that the set up part was easy and once everything is set up, we can repeat the cashing in part with no trouble. However, you can't control the "rate plunge" part. This confuses everything. Crypto clients usually prefer quotations in ETH or BTC, not USD, and we quote on "current" exchange rate. Once the exchange rate plunges, there is nothing we can do. We can't ask the client to "pay for the difference".
In this I would suggest to charge in USD/EUR or other fiat currency of your choice and be paid the equivalent amount in BTC/ETH/Bitcoin Cash/etc.
Guys, most of the comments I'm reading here are myths and desinfo news...Please, search on this subject. The Blockchain technology and Bitcoin is probably one of the best inventions of this century. Check this out: https://youtu.be/ffmu6t7PtO0
| | | | Mario Freitas
Brazil
Local time: 17:26
Member (2014)
English to Portuguese
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| No, and I don't plan to | Feb 6, 2019 |
For two reasons:
1. I don't understand how a currency can exist without any ballast behind it, so I think this bubble will burst soon enough, and many people will break along with it, making a few very rich.
2. I live in Brazil, and there isn't much I can do with Bitcoins but to convert it into real currency to be able to use it. So, it would only mean adding one more step between receipt and money in my hands.
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