As the world of cryptocurrency extends its reach in the year 2021, the crypto sphere has opened itself up to newer innovations across many different domains. While a few years ago, the common view surrounding cryptocurrency was that it is only used for the black market and criminal activities, those days have now been left far behind.
Today, cryptocurrency has become much more accessible to everyday internet users. Among the many services offered are crypto exchange services, as well as NFT marketplaces. More recently, cryptocurrency is starting to be seen as a legitimate way for businesses and employees to get paid.
This article presents itself as a beginner’s guide to getting paid in cryptocurrency. Here we will discuss the benefits of getting paid in crypto and outline some simple ways that you can get paid in crypto starting today using Coinbase Commerce. So let’s dive right in!
Benefits of Getting Paid in Crypto
As many people today are gradually realizing, there are many benefits to getting paid in crypto. Here are some of the essential reasons why getting paid in crypto might be something you want to look into.
1. Decentralized Finance 🤑
Those who are very familiar with the inner workings of the crypto sphere often used the term ‘DeFi’ to talk about the service that cryptocurrency exchanges provide. DeFi stands for decentralized finance, and it is one of the key reasons why so many people have become attracted to cryptocurrency in recent years.
When you receive a salary in fiat currency from your employer, the transaction is mediated by a third-party bank. With cryptocurrency, there is no third-party mediator as all transactions are peer-to-peer and completely transparent. This also goes for cryptocurrency payments, which are transferred directly from the buyer’s crypto wallet to the vendor’s crypto wallet
2. Exchange Rates 💱
In today’s globalized and virtual economy, freelancing has become a major source of income for many people around the world. If you have clients in different parts of the world, however, it is possible that fiat currency exchange rates will eat into your earnings by a substantial amount over time.
This is not something that you need to worry about when getting paid in crypto. Transactions in Bitcoin or other cryptocurrencies are often far less expensive than using a remittance service or PayPal, which incorporate their own fees into the transaction. Furthermore, cryptocurrency payments can easily be converted into U.S dollars after receipt.
3. Speed ⚡
The old-fashioned way of receiving payments from your employer in fiat currency can sometimes take days or even weeks to complete. This is again due to mediation of the transaction by a third-party bank. Getting paid in crypto is a great way to avoid this inconvenience, which is becoming more necessary in the fast-paced and globalized age of the internet.
Cryptocurrency transactions do not require a third-party mediator and are hence usually immediate. At most, they can take up to 10 minutes which is an enormous leap ahead of the current system of getting paid in fiat currency.
4. New Clients 🛍️
As the crypto sphere continues to expand its reach and capabilities, more and more people are beginning to take notice of the vast potential that exists within decentralized finance. As a business owner, if you are willing to provide the option of getting paid in crypto, this is likely to attract all kinds of new clients.
This could also create new opportunities for both businesses and freelancers by opening up their network to startups and companies that pay their employees in cryptocurrency.
🤔 How to Get Paid in Crypto on Coinbase Commerce
Now that we have established a few of the many benefits of getting paid in crypto, we can guide you through one of the most common ways in which people do this. Today, there are multiple online platforms that allow merchants to get paid in crypto. In this section, we will cover the most popular online service which you can use to start getting paid in crypto: Coinbase Commerce
Coinbase Commerce is an online cryptocurrency platform that is an extension of the Coinbase crypto exchange. Coinbase Commerce enables merchants across the globe to accept crypto payments in a completely decentralized manner. As such, Coinbase does not have access to any of the funds you receive via Coinbase Commerce, as all the funds you receive are entirely controlled by you.
One of the reasons why Coinbase Commerce has become such a popular platform amongst merchants is that it allows for the option to get paid in a variety of different cryptocurrencies. This includes Bitcoin, LiteCoin, Ethereum, and others.
When you create a Coinbase Commerce account, it will automatically generate multiple wallets for various cryptocurrencies. These will be the places where your buyers will send you crypto when purchasing a product from you.
Coinbase commerce provides a variety of options that allows users to start getting paid in crypto in a few different ways. One of these options is a flexible payment, by which you as the merchant can set specific upper and lower thresholds for your product. This stops payments from getting flagged if they happen to be over or under the exact listed price for the good or service.
When buying a product from a merchant on Coinbase Commerce, the platform will display straightforward instructions on how to send crypto directly to the merchant in question. Coinbase Commerce will then monitor the blockchain for your transaction. After Coinbase Commerce is able to detect a valid payment, the merchant will be notified.
All payments made to merchants using crypto on Coinbase Commerce are completely decentralized and peer-to-peer. This means that the crypto funds will be transferred directly from the buyer’s wallet to the merchant’s wallet. At no point during this transaction does Coinbase Commerce have access to these funds.
To Sum Up 💡
Today, cryptocurrency seems to be taking both the financial and computing worlds by storm. As the capabilities of decentralized finance increase in scope, more and more people are getting on the cryptocurrency train.
Getting paid in crypto for a large variety of goods and services appears to be the latest trend in the crypto sphere, and platforms like Coinbase Commerce have been quick to offer user-friendly services to allow users to achieve this end. Start using Coinbase Commerce today to expand your reach as a vendor and start getting paid in crypto.
Get Started On Coinbase Commerce Today!