Payment in BitCoin
11-26-2016 01:11 PM
The people ho dont whant to change they aren't obligated to do so.
But Upwork should guive you the oportunity for u to do what whant with your money. I say Bitcoin.
Is what i do. but now i need to transfer 3 times to put in bitoins, Evrytime i lose a % of the last.
And i still do it.
Upwork should guives us more ways to withdraw our money, like bitcoin.
For instance, i have cryptopay account and a debid card. And this one works great with bitcoin.
All currencies widraws are made on the fly from bitcoin to $ to € to £,... to any coin.
You dont need to worrie to buy and sell they do that for you with a tx of 1%.
bitcoin as been increasing rapidly everymonth. < this is our way to go
Looking forward to grow with you
12-24-2016 12:39 PM
I vote for BitCoin too.
When withdrawing to my country, I have to pay 30$ for wire transfer and got a pile of paperwork to legalise the payment. With BitCoin payments my life would be way more easier and I would really appreciate Upwork for implementing it.
01-02-2017 02:28 AM
I am a Top Rated freelancer (just to make you sure, that I am not a fake) and I think that bitcoin would be a huge win as a payment method on Upwork.
Will we see any reaction from Upwork stuff?
01-02-2017 03:58 AM
I am sure Upwork has many other urgent things to do, so it's totaly clear for me that it's not a priority for you right now. But it would be great to not postpone it to much and at least make some kind of voting on how many customers want this feature.
Anyway, happy New Year and thank you one more time!
01-02-2017 05:14 AM Edited 01-02-2017 05:16 AM
I can assure you that even if Upwork does not add BitCoin as a payment withdrawal method, other platforms will.
In fact, there are already platforms that allow clients to pay in BitCoin and allow freelancers to get paid in BitCoin.
01-16-2017 03:12 PM Edited 01-16-2017 03:13 PM
Just started using UpWork recently.
As a freelancer I would gladly accept payment in Bitcoin or Ethereum.
It just makes cross border transfers so much simpler.
Hi Upwork team
I'd love the option to enable bitcoin payment on my account.
I would be happy to pay processing fees (or at least, my intention is not to simultaneously request that you reduce the amount of income you derive from my activity on your site!).
There are various third parties, such as BitGo, Coinbase, BitPay, who offer simple API's for handling tasks such as Wallet Management and Payment Processing. This was not the case two years ago, but after over $2B of investment in the space in the last few years, there are now some very solid options emerging.
I say my intention is not to save myself money. At present, my UK-Based client uses a payment source GBP to pay the USD Upwork invoice, and after 10 days the funds are released to my Upwork withdrawal balance, and I request a payment to a GBP-denominated account. This is likely a major pain point for many freelancers outside the US. I fully understand the complexity that would be involved in operating balances in a whole slew of different currencies.
My proposal is different; upon my indication in my account settings that I am happy to be paid in Bitcoin, subsequent invoices sent to a client include the option to pay the USD amount in BTC. No currency conversion would actually occur, but you can take a fee if you like, whatever - I mean, I chose to use your service, you pay for online advertising, and work tirelessly to grow Upwork and improve the service so us freelancers can get work via the platform. Excellent, thank you for the services you provide, I believe it's a great win win for both of us; I'm outsourcing a whole bunch of work to you.
My interest is to get paid faster. With the current setup, it takes at least 10 days longer to be paid, than it would if I could be paid in Bitcoin, because you need to be as sure as you can be that there's not going to be a chargeback, leaving you with a big hole in your pocket. With payments over the Bitcoin network, there are no chargebacks.
You may have security concerns regarding handling Bitcoin, I mean, plenty of sites have had funds stolen from them, right?
Bitcoin is an open source project. It has evolved considerably, since that spate of attacks. Three huge factors for increased security are the adoption of HMACs by companies holding Bitcoin, the adoption of Multi-Sig wallets, and perhaps from your point of view the most important, the huge investment in the area, resulting in a number of companies now being very capable of handling all aspects of Bitcoin payments, securely on your behalf, only requiring a few API calls at your end.
Another question you may have might be, if the client is making payment in Bitcoin, and you need to deduct your Service Fee in USD, how will you do that? I think since you're US based, there are a number of great options, perhaps Coinbase leading the pack in terms of scale and breadth of their offering (they have received over $110m in investment).
Specifically, they could pay out a portion of a transaction to you in USD.
What about legalities around Bitcoin? Well I assume that your primary concern would be US legislature. Bitcoin is legal. And unless Upwork as a company choose to hold Bitcoin, you would not be, which simplifies any questions around Tax to, there are none; your service fees would be billed in USD and you would receive USD (Coinbase are one of several companies providing this service), as per usual.
If you were to grade Upwork on a scale of 1/10 in various areas, from a foreign freelancers point of view, I would say that adding this feature under a Heading: "Payments" would increase the score a point or two, at least, and under a Heading "Payment Speed", by a much larger margin.
All the best, keep up the good work
Friday Edited Friday
Bitcoin is pretty volatile and unpredictable though which isn't very good for this type of site. it's more of a stock type currency since it changes so much, and if people start paying with it, freelancers and upworks would be losing money often or have to keep their money in bitcoin until it changes again. You may bid for something thinking you will get $1600 when it's converted from bitcoin, and then when done a project(for example, if the project took 2-3 weeks) it could suddenly be $1000 or less. There are many factors that increase or greatly decrease its value whereas the US dollar stays generally the same. One example of it plummeting is when bitfinex was hacked. i personally wouldn't accept it and many others wouldn't either.
Despite its evolution, there are still waves of scams for it when bitcoin increases in value. With the amount of scams that already happen here, i don't think we need more. i have a feeling that it would attract hacking.