Accepting bitcoin & other crypto payments by writers?

Hey there gang. I'm in the process of finalizing crypto payment option for my site, and was looking to see if anyone had experience with implementing (I don't use checkout, just invoicing so that makes things less complicated). I decided to go with bitpay, but if any1 has a better (read cheaper) alternative, let me know.

My experience is solely with PayPal and credit/debit cards and the very occasional bank transfer. I'll definitely be following this post to see what others say and recommend. Also, let us know your experience with bitpay when you know more.

I also like/use the invoicing option. It streamlines things for me as I only invoice projects I am 100% confident I can successfully complete for my clients. Plus, invoicing cuts down on refunds for things we can't or don't have time to do.

From Bitpay's featured paragraph: "Turn Bitcoin into dollars and spend anywhere" - if you have to turn a virtual currency into a mainstream currency to use it, what's the point of adding all these unnecessary steps and fees? :)

Because many of my clients ask if that specific form of payment is available. I pay PayPal fees, so why not pay Bitpay fees?

I'm not saying that it doesn't make sense, but I'd personally prefer to receive a canned fish as a form of compensation than a virtual currency that in reality can go as low as zero (or a string of zeroes). Maybe in some years (when most people are "chipped") it will change, but the current state of virtual coins is not practical and too risky in my opinion.

Well, the way it works is I get paid in bitcoin calculated for that day, and the money gets transferred to my bank account every day. That way the exchange rate doesn't really affect me (at least not as much), as it would if I actually kept the crypto currency for longer periods.

What is the exchange rate / fee? With Paypal it's about 3%. Let's say someone pays you 1 bitcoin (to make it simple) - with Paypal you'd receive 0.97 bitcoin in your account; how about bitpay? I know that the regular currency exchange rates can add a lot to the cost, but maybe virtual rates are better.

They take 1% fee per transaction, that's it.

I see they also mention some "miner fee" - it'd be best to test it and see what the real fee is..

While I will admit that Bitcoin is an impressive emerging currency, I (and freelance writers I know) would not be so quick to accept it as a mode of payment until banking regulations or government oversight has been established for the transactions.

There are just too many unknowns as far as I am concerned when it comes to the bitcoin payment scenario.

In my mind, it is yet as reliable as it could be. Maybe that will change for me as the rules for the use of the virtual currency becomes more established.

For now, I would rather stick the with "traditional" internet payment methods.

This is an interesting thread that I am going to be checking out from time to time for updates.

The payment system of the world is changing and it is exciting for me to see that our small community is beginning to take notice and participate in it.

Who knows, this might turn out to be the best payment method for the active writers here.

It appears that Bitcoin was just a passing fad when it came to its promise of eventually replacing cash as a payment type. Like previously mentioned, the unknown factors led to the decline of its usage among people. I think that the fact that the machines did not become widespread, and the problem with converting digital to hard cash cause the format to become unpopular. The stores, both mainstream and online, did not accept bitcoin as legal tender, governments, banking oversight and regulation committees questioned how the system worked, what safeguards surrounded it, and why it should be seen as a legal currency all put pressure on Bitcoin. Being unable to fully explain how it works really helped to enlighten people about its pitfalls. Not to mention, the death and sudden disappearance of several Bitcoin executives, taking the digital currency with them, put the final nail into the bitcoin coffin.

Good riddance. I've had a few prospective clients ask whether I accepted bitcoin and then I never heard from them again after I said no.

While bitcoin continues to remain popular in some third world countries, it has become problematic to use by legitimate users because of its tendency to be used in money laundering. The people that used to believe in crypto currency have lost big time and been burned so badly that they do not have any hope of recovering their investments in that field. So no, it was never adopted as a currency by freelance writers then and now. Not even companies and businesses accept this as an official currency when transacting locally or internationally.