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balaxi
Community Member

Accepting cryptopayments on UpWork

Hi All,

 

I am in the cryptobusiness for quite some time. Thanks to UpWork platform, I get plenty of ICO/coin/token related invitations as consultant or as a marketing/sales professional. Cryptocurrencies and blocktech is not a seasonal hype, or a boom and bust scheme. I see continuous rise in demand for blocktech services, a vivid and innovative ecosystem which slowly but steadily becomes integrated part of the traditional financial world (or at least some folks wanna represent it so) or even later overturns it.

 

I can't understand the reasons why UpWork has not started integrating BTC and ETH payments. It would have a considerable advantage on their business (as cryptominers have on chipmakers, GPU manufacturers):

 

- Opens up to millions of cryptoenthusiasts, who are eager to invest, create business, build their token, or sell their skills for BTC, ETH etc.

- Fastens and makes payments cheaper, offers an alternative to freelancers to store value, helps gaining financial responsibility (cryptos are high risk high return assets still), and it has a very powerful community building effect.

- Also it offers an alternative way to UpWork itself to store value.

- UpWork is a trusted third party marketplace and it gives for both freelancers and clients safety when crossborder services are offered or requested. Cryptoindustry is swarmed with pump and dumps, hacks, frauds and dubious schemes (is schanging slowly but still valid point). UpWork could position itself within the cryptoindustry as trusted marketplace, thanks to its efficient rating system, the relaitvely good working payment schedule system, and thanks to its size.

 

I think time has come to UpWork to open for the cryptoworld and not just passively allowing cryptocompanies/cryptostartups/ICOs to post their ads. I did not consider the legal and taxational aspects, but as slowly regulation kicks in, there are no obstacles to move ahead.

30 REPLIES 30
g_vasilevski
Retired Team Member
Retired Team Member

Hi Balazs,

Thank you for your feedback, I will share this with our team.

~ Goran
Upwork
petra_r
Community Member


@Balazs F wrote:

I can't understand the reasons why UpWork has not started integrating BTC and ETH payments.


 Let's see if you haven't answered your own question...

 


Balazs F wrote: Cryptoindustry is swarmed with pump and dumps, hacks, frauds and dubious schemes (is schanging slowly but still valid point).

 That.

And:

 


Balazs F wrote: I did not consider the legal and taxational aspects, but as slowly regulation kicks in, there are no obstacles to move ahead.

 Plus the fact that Upwork needs to be able to account for where funds come from and where they go to due to "Know Your Customer" and Anti Money Laundering and so on regulations and laws.

This is easier with the established methods, whereas the world of crypto is still pretty much the Wild West.

 

 

balaxi
Community Member

Those issues are going to be eliminated soon.

 

It could offer cryptopayments based on the location. If you are in Bangladesh, you can go to jail for handling BTC transactions.

 

If you are in Japan, there is already a legal tender.

 

I also wrote that UpWork has an efficient review and rating system, this could help clean the cryptoindustry and elevate the quality of the projects while making more money down the road and at the same time accelerating innovation.

Why should Upwork "help clean the cryptoindustry"? It's business is outsourcing and dollars are its currency. I can't see why it should change to an exceptionally volatile currency. I think at the moment, many freelancers and clients would run a mile. 

Did you know that millenials and generation Z do not really trust banks, USD and the current financial system and happy to get their salary in cryptos (https://www.reddit.com/r/Bitcoin/comments/877og1/92_of_millennials_dont_trust_banks/)?

 

Have a look at the blockchain and cryptocurrency related posts on Angel List. Now if there is a demand for full time employees, there might be a demand for part time or contractual employees too. UpWork offers a more flexible way for companies/startups to post job ads.

 

Also because the mainstream adoption grows every single day, and UpWork is a global company, and can't ignore the needs of the rest of the world. In those countries people are even more bullish about cryptos and blocktech. And it is just too big market to ignore from business perspective (just on bitcointalk, the biggest cryptoforum, there are 2 000 000 accounts, and there is a marketplace for outsourcing too). There is a lot of innovation happening in the crpytosphere (and lot of frauds too), and maybe UpWork should not become a digital oligarchy as Google or Facebook, but rather run forward and embrace the technology, or at least open toward it. It wouldn't be bad decision just from pure marketing and branding perspective.

 

And ofc UpWork makes money down the road. I think it is a win-win.


@Balazs F wrote:

Did you know that millenials and generation Z do not really trust banks, USD and the current financial system and happy to get their salary in cryptos

 


There are plenty of cryptoscammers more than happy to provide them with an alternative. An suck them dry.

-----------
"Where darkness shines like dazzling light"   —William Ashbless
petra_r
Community Member


@Balazs F wrote:

Those issues are going to be eliminated soon.

 


You think?

 

The crypto-evangelists have been posting the same stuff on this very forum for years.

Fact remains: At this point it is not available.

If it ever becomes available, I am sure Upwork will let us know.

 

datasciencewonk
Community Member

Nope.

 

The world of cryptocurrency isn't ready for "prime time" as of yet. 

 

Certainly, it's being worked on...

 

But, it's too high risk at this time. 

It should be noted that Kat C. is a specialist in blockchain technology (writing) -- among her many other mathematically erudite offerings!

versailles
Community Member


@Balazs F wrote:

Cryptocurrencies and blocktech is not a seasonal hype,


You're confusing blockchain and creeptocurrencies. Blockchain is a technology that is here to stay. It has valuable applications.

 

Creeptocurrency is a seasonal hype, at least for now. Yes, it generates a lot of interest, but mainly from get-rich-fast scheme people. It's an environmental disaster, and its volatility makes is a fertile ground for con artists.

 

Maybe one of those days we'll see the emergence of a new monetary system, but I'm afraid we're far from here. On a personal note, I would add that I don't think you can run a parallel monetary system that works on the long run without having the banks taking control of it. It might even not be a bad thing actually that banks get involved.

 

We'll see, but as for now, on a practical side, who wants to get paid in a currency which tomorrow's value is totally unpredictable?

-----------
"Where darkness shines like dazzling light"   —William Ashbless

"Yes, it generates a lot of interest, but mainly from get-rich-fast scheme people. It's an environmental disaster, and its volatility makes is a fertile ground for con artists." - It looks like more con artists joined the seasonal hype -> http://www.businessinsider.com/goldman-sachs-bitcoin-trading-desk-new-hire-2018-4

 

Banks got involved already but they have no clue what to do with blocktech (except using it to implement cost-efficiency measures) while those stripped-down and agile techbanks like N26, Revolut, the crypto hedge funds, wallets are eating up slowly portions of their market. If you go to China, Alipay and WeChat pay offers loans, like a bank.

 

And cryptocurrencies mean the decentralization AND democratization of money, and to get rid hundred years old monetary models.

petra_r
Community Member

I honestly don't understand why cryptocurrency evangelists have this overwhelming desire to convert everyone and everything in their path to their cryptothingies while chanting "Hare Krishna" "Bitcoins, Bitcoins!".

 

It's like putting a crusading ex smoker and a Jehova's Witness into a blender and then multiplying their obsession to evangelize by a factor of 100 and then feeding them rocket fuel. It really is the most peculiar phenomenon.

 

Not the entire universe wants to be converted to it.

 

There are plenty of high-risk trading instruments already available, ready to blew, but cryptocreep has its own appeal.

 

I say let's people get into what they want. I hope the crypto BS will go down soon because of the environmental issues that it creates with all those power sucking mining farms. This is basically the only reason why I see it as a plague. Other than that, if people want to trade coins and hope to get rich fast with them and end up ruined, why not.

-----------
"Where darkness shines like dazzling light"   —William Ashbless

Actually, I would prefer Upwork accepted Wupiupi.  If that was good enough for Jaba the Hutt it is good enough for me. Druggats or Nova Cystals would also be acceptable.

I hope the crypto BS will go down soon because of the environmental issues that it creates with all those power-sucking mining farms. This is basically the only reason why I see it as a plague.

 

PoW is guilty of this.

 

We've yet to see if a robust PoS system will alleviate that issue (and to what degree, if any). Governance and consensus models are still evolving; it's just hard to determine since a plethora of ICOs are being launched each year.  

 

And, of course, it's hard to tell what will happen to Ethereum should Vitalik make the jump to PoS via the Casper protocol (especially with the rumblings of an intermediate PoWS hybrid implementation). 

"PoW is guilty of this."

 

I do not think PoW is bad. On the contrary, it spurs innovation in the energy sector. Those miners are continuously looking for the cheapest sources, obviously they have to turn to renewables or some unknown energy sources to keep the servers humming, stay profitable, while the difficulty, competition is rising + reward goes down.

No one said it was bad (except for maybe Rene).

 

I'm just reporting facts based on my endless (yes...endless) research into both cryptocurrency and blockchain technology on a daily basis (as my clients pay me to do). 

 

All too many crypto-enthusiasts come to the forums spouting RAH RAH RAH and try to postulate about what "could" happen. 

 

I'm in the trenches daily and working with clients who are doing the work to manifest shifts in the industry. We're not just sitting around getting a lambo/moon adrenaline bump because BTC cracked whatever threshold in the last five minutes. 

 

Ideas are great in the mind. But, actually implementing them and working out the kinks is a whole other story. That's the primary difference between all of the scam pump and dumps and those in the industry who actually want to solve a technological problem. If you believe whatever ideas you have are "workable", then I encourage you to dive deeper into the technology side (especially cryptography) and take actionable steps to helping solve the current challenges on the cryptocurrency side (specifically volatility and illiquidity). 

 

 

 

"I hope the crypto BS will go down soon because of the environmental issues that it creates with all those power sucking mining farms."

 

The environmental disaster what bitcoin mining is causing is a common misconception (https://coincenter.org/entry/five-myths-about-bitcoin-s-energy-use). As the "bitcoin miners boil up the oceans" headlines too. In fact, a mainstream media BS.

 

Yeah, let the time tell. Still I say, it would be cool to have alternative unit of exchanges on UpWork. Tech and innovation blurs the borders between traditional sectors and industries. Nowadays every techgiant could run its own bank too. Why not on UpWork as well.

balaxi
Community Member

"I honestly don't understand why cryptocurrency evangelists have this overwhelming desire to convert everyone and everything in their path to their cryptothingies while chanting "Hare Krishna" "Bitcoins, Bitcoins!".

 

After reading it it felt like veganism vs. meatlovers a bit :).

 

Personally, I do not consider myself evangelist, I just think, that sometimes you have to shake up things on a global scale and better to do it in a peaceful way (i.e. via innovation).

In the future there WILL be a major freelance work platform which allows clients to pay with Bitcoin or other cryptocurrency, and which allows freelancers to withdraw payment that way.

 

At this point in time, we do not know if that platform will be Upwork or a competitor.

petra_r
Community Member


@Balazs F wrote:

1) After reading it it felt like veganism vs. meatlovers a bit :).

 

2) Personally, I do not consider myself evangelist, I just think, that sometimes you have to shake up things on a global scale and better to do it in a peaceful way (i.e. via innovation).


1)  It does, doesn't it lol 😄

2)  You're sort of nice about it, at least, but there is still that zeal to ram it down people's throats. Innovation is great and shaking things up is great but for the moment (and, I would bet, the foreseeable future) it's not available on Upwork and that's that. There are long threads of Crypto-fans going on and on about it (hence the "Oh please. No. Not that old chestnut AGAIN" kind of pained responses on your thread.)

 

 

Yeah, and most of the cypto cool-aid people refer to this or that blog articles. Don't they know that some freelancer has written that garbage for $5?

jrobinsonprosvc
Community Member

You can’t pay the bills or buy food with crypto-currencies.

Balazs you wrote:

 

"And cryptocurrencies mean the decentralization AND democratization of money, and to get rid hundred years old monetary models."

 

In what way is money centralized and how will cryptocurrencies "democratize" money? The person who coined this absurd phrase obviously does not know the meaning of democracy. If this means in the very loosest terms of the word equality for all,  whatever the currency and whatever handle you give it, there is no such thing as "equal" money! By definition, money is an exchange - the more you have - the more you can buy. Nothing will change with cryptocurrencies. 

 

And it will certainly not do away with governmental control - eventually. 

 

In the future all of humanity's material needs will be met, and there will be no need for money.

 

Cryptocurrency will be more prominent and there will be little distinction between cryptocurrency and high scores in video games.


@John R wrote:

You can’t pay the bills or buy food with crypto-currencies.


By and large you are correct. Unless you live in an area where some places accept cryptocurrency. In NYC, for example, there are bodegas that take Bitcoin. Not many, but they exist. It's also important to remember that something you cannot personally do today might be something you do every day 10 years from now. It's not long in terms of a lifetime, but 10 years is enough to thoroughly change the way society does some things. 

Ok, ket's try and find a compromise. If they stop mining their coins with GPUs so I can build a new gaming rig without having to sell my right arm, I'll support cryptocurrencies. I swear.

-----------
"Where darkness shines like dazzling light"   —William Ashbless

I am doing my part in not taxing the GPUs.  Since joining this forum, I have stopped reading blogs.

Something that might happen 10 years from now is irrelevant if you can’t pay your bills or eat today.

If memory serves, it was Pat who said (in relation to another topic) that activity should never be mistaken for progress. In the case of cryptocurencies, I would say that  innovation (introducing "unregulate-able" pseudo currencies) should never be confused with anything other than creating a financial/economic disaster.

 

    

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