Should Freelancers Accept Bitcoin as Payment?

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Freelancers Accept Bitcoin

Should freelancers accept Bitcoin as payment? I watched a video this morning about whether or not businesses/people should be accepting Bitcoin as payment. It was published by marketing guru Neil Patel, someone for whom I have the utmost respect.However, I can’t say that I fully agree with his stance on Bitcoin. In other words, Neil believes that accepting Bitcoin as payment is a bad idea but in my own opinion, any payment is better than no payment. Besides, diversity is important, right?

Here are just a few points worth noting from the video:

Should Freelancers Accept Bitcoin as Payment?

Neil Believes that Bitcoin is the Future

“I do believe it is the future but I don’t believe you should accept Bitcoin right now”

Now: If Neil believes that Bitcoin is the future, why would he not accept it as payment?

Well, he goes on to explain why…

It’s Risky Because is Fluctuates So Much

Neil goes on to say that the price of Bitcoin fluctuates too much. In other words, traditional stock markets are a lot more stable and the price of the dollar is much more reliable.

Needless to say, this is all true. If you accept a large payment of $1,000 worth of Bitcoin and the price drops 50% overnight, you lose 50% of the value.

If You Believe in the Future if Bitcoin, Accept Cash

If you do happen to believe in the future of cryptocurrency, you can always accept cash payment and go out and buy Bitcoin on an exchange.

Hence, the message from Neil is pretty obvious – accepting Bitcoin as a freelancer is risky and cash is a much better payment option for now.

Should Freelancers Accept Bitcoin

Should Freelancers Accept Bitcoin as Payment?

I think Neil makes some pretty valid (and obvious) points in the video. After all, the price of Bitcoin is especially unstable this year. However, I think the advice is a little bit of a generalisation in that, accepting Bitcoin could be a good thing for some freelancers.

After all, one glaring oversight in the video is that Bitcoin can be converted into fiat money on an endless number of cryptocurrency exchanges. Hence, Bitcoin losing value is not so much of an issue – most especially not 50%. Also, I feel that some freelancers would enjoy having some Bitcoin in their savings as an investment and this would be one way of avoid bank fees or transferring money between accounts.

Either way, the video raises a valid argument that maybe now is not the right time to accept Bitcoin as payment.

PS. Please get in touch if you would like to contract me to write for your cryptocurrency website.

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