I'd really like to be paid in Bitcoin so that I'm not hit with huge fees and also so that I have to worry less about different currencies. I think it would be great if this were added as a feature as for us digital nomads it would be very very convenient. I also feel that it would put Upwork far ahead of the competition.
Please consider this request as it would make a lot of people like myself very happy.
I don't really see the point in Bitcoin. I mean, unless you're buying something from one of the very few places that accept it, you're still going to have to transfer it back to normal money anyway. Sure, the fees for transferring and converting may be minimal compared to other places, but even if you get 100% of the money, that 100% might be 5%, 10% or 99% less than it was at the point you got paid, due to the relative instability of the currency.
I got paid in Bitcoin once. By the time I'd figured out how to transform it into money that the local wine shop would accept, I had about 25% less.
@Adam M wrote:
I also feel that it would put Upwork far ahead of the competition.
Have you considered that maybe "The Competition" doesn't offer it because it's just not a very good idea?
This article isn't factual in the slightest, it's just the personal opinion of someone who really doesn't like bitcoin (a lot of "big government" people share this opinion). Saying it doesn't hold any "real" value when I can go to the atm with a bit coin debit card and withdraw cash is ridiculous to say the least.
Sorry, this is a total non-starter. All the things you don't want to worry about are things that Upwork is required to worry about by law—primarily those of the United States and California, and to some extent international law and those of each country in which it operates. I am not at all suggesting that there is anything illegal about Bitcoin. I am strongly suggesting that the administrative overhead and complications of auditability for a corporation operating internationally at the nexus of contract and employment law will preclude Upwork, and likely any competitor, from touching Bitcoin or any alternative currency.
I'm sure people said the same thing about Uber and look where they are now. Tech companies generally consist of innovative problem-solvers and I have no doubt that they could make this happen. From a legal perspective I don't really see how it's much different to loading money onto a US debit card then having that card posted to you especially since the government can still see your income by requesting the information from Upwork. It merely means that you can bypass the banks which as someone who likes to live debt-free and fee-free is a huge bonus in my opinion.
Bitcoin should be accepted by Upwork. The mere act of starting to accept bitcoin by Upwork is very newsworthy and will attract tons of free publicity and as a result magnitudes of more business and profits and major support from the public.
When someone makes a payment by bitcoin, it can immediately be converted to fiat currency by Upwork via automated/API script with the exchange and thereby any risk of fluctuation in price is eliminated. The provider in turn receives either cash as usual or the money can be reconverted to bitcoin at an exchange again auto-API by Upwork and immediately paid out to the providers wallet. Bitcoin will save a lot of money in bank/credit card fees, so this is a major convenience and profit center (from cost savings).
If I was the CEO of Upwork I would immediately start accepting bitcoin as payment without any reservations, second thoughts, or qualms. This will put the company at the forefront of innovation, save money, generate much more business, and get tons of free publicity.
I'll add that fiverr is a major Upwork competitor and growing strong and fast by the day, and they are already accepting bitcoin as payment. It's time for Upwork to do the same.
@Gerhard G wrote:
I'll add that fiverr is a major Upwork competitor