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How to Get Paid in Bitcoin or Another Crypto
If cryptocurrency is to be the future of money, it must be accessible to make and receive payments in, no? It turns out, the process of doing so is actually quite possible and even common within the cryptocurrency space. If you’re looking to get paid in Bitcoin or another asset, this post will discuss how.
There are various ways to get paid in cryptocurrency. However, just about every single one requires a cryptocurrency wallet. A wallet is a secure place to store the private keys to your digital assets. There are various types of wallets, such as a hardware or an online wallet, for example.
Types of Cryptocurrency Wallet
Each wallet has an address used to receive cryptocurrency, similar to an account number for a normal bank.
A hardware wallet is a USB device that stores your cryptocurrency. To access your assets, you plug it into a USB drive and provide it an address to send the assets. These aren’t connected to the internet, making them ideal ways to store crypto for the long-term. Examples include Ledger or Trezor.
A wallet is a wallet that’s connected via the internet. Most of these are hosted via a cryptocurrency exchange such as Crypto Exchange. They’re great for day traders who need constant access to their crypto.
A cryptocurrency wallet based on your desktop computer. They’re connected to the internet while open on your machine and are reasonably secure ways to store assets.
Similar to a web wallet, only this is an application on your mobile device. They’re incredibly easy to use, but users should be wary of theft. If you lose your phone, you lose access to your wallet as well.
The most secure way to store cryptocurrencies. Paper wallets are literal pieces of paper with a QR code on them. To access the assets, that code must be scanned.
How to Get Paid in Cryptocurrency
Now that you’re aware of the different types of wallets, it’s important to know how to use them. As mentioned, each wallet comes with a wallet address.
If you’d like to receive a payment in cryptocurrency, you must send your wallet address to the payer. They will then send the proper amount of crypto to your wallet. The payment will be received once it is validated on the blockchain network.
However, it’s important to ensure your wallet supports the type of cryptocurrency you’re requesting. Not all wallets support all types of digital assets. Some can only store Bitcoin, while others can store hundreds of cryptocurrencies.
What to Do After Receiving Payment
Once you’ve been paid, you’ll probably want to convert that cryptocurrency into your local fiat. Of course, you can hold the payment in Bitcoin if you’d like. But some users want to convert, and this is usually done via a cryptocurrency exchange.
Generally, you’d connect a bank account or a debit card to your cryptocurrency exchange of choice. From there, you’d send your cryptocurrency from the wallet they’re being held into the web one on the exchange. Then, you can convert the asset to your local fiat, assuming it’s supported by the platform.
If you’d like, you can even request payment via a crypto-focused invoice - especially ideal if you’re a freelancer in the space. Companies like Gilded, Piixpay, and Coinpayments offer this service. In fact, you can even directly pay your bills with some cryptocurrencies in certain states, like Ohio.
How to Find Payment in Cryptocurrency
Now that you’re aware of how to get paid in cryptocurrency, you might wonder how to find work that even pays you in the format. Fortunately, there are various crypto-based job sites for just that.
Blocklancer, for example, allows you to accept payment in Ethereum. The platform is great for workers in writing and translation, smart contracts, or more traditional blockchain-based jobs.
Workingforbitcoins is another platform that pays in Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. This space supports development, data entry, writing jobs, and so much more.
Now that you know everything there is about how to get paid in Bitcoin, make sure you don’t fall victim to scams. Be careful who you associate with, and ensure you keep your private keys safe!
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DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages.
TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business, CyberSchmooz, and BizCafe.