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Author Topic: When will the stock sites start paying us in crypto?  (Read 5620 times)

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« on: February 27, 2018, 16:13 »
+1
Hi all - I think the title says it all. Notice I say when and not if...
Love it or hate it crypto is here to stay and instead of being payed in dollars into paypal to exchange it to pounds to then buy crypto in dollars again (which I've been doing) and loosing a fortune on fees. When will our royalties be payed out in crypto?

It would be amazing to get the top cryptos as payment each month as an option.

What do you think? When's it coming?


« Reply #1 on: February 27, 2018, 16:23 »
+6
I think they've got better things to worry about than paying in crypto currency, Things like making sure search is improved, site availability, useful stats, better uploading tools, attracting more customers etc.

If they paid in bitcoin, people would be then asking when are you going to pay me in "XXX" crypto and what exchange rate would be used ?

I won't rule it out because agencies sometimes concentrate on things that they shouldn't be.

« Reply #2 on: February 27, 2018, 16:33 »
+1
Thanks Qwerty although I disagree with the importance that this could bring. It kind of makes sense to me. We live and work in a digital ecosystem. Everything we do is digital - we just need to transfer to digital money now.
Think about it. We take digital photos/videos. Upload them. Sell them. All with a push of a button. I don't even need to leave the house as I have a home studio.

They could become one of the first large industries to integrate crypto as payment and this would bring loads of advertising and media attention to the micro stock world (arguably it would also be an amazing investment opportunity).

I just think the industry we are in could really easily accept crypto. It would always be an option too so not compulsory?

« Reply #3 on: February 27, 2018, 16:58 »
+1
I think you should ask the stock sites if that's a payment option you're interested in.

My guess is that this will not be anywhere on their list of priorities as it's akin to being asked if they'll pay you in tulip bulbs or fine art - current blockchain "money" isn't currency.

It would be great to have better low/no fee ways to get paid around the world - we have digital transactions now, it's just the fees that are a problem.

« Reply #4 on: February 27, 2018, 17:08 »
0
Aren't there fees with buying and selling bitcoin ?

« Reply #5 on: February 27, 2018, 18:18 »
+1
There are some fees. Bitcoin being the largest but some coins are free and others very cheap (litecoin) compared to the swift system.

I disagree that they are not currencies - checkout litepay ... https://www.litepay.us/
or bitpay ... https://bitpay.com/

Cryptos are moving fast... will be mainstream in a few years (although no one will probably realize they are using XRP / BTC / LTC etc as it will be used back-end within the nations currency $ etc.

« Reply #6 on: February 28, 2018, 01:44 »
0
Why don't you just buy your crypto currency in USD from paypal, why convert it to pounds first ?? 
You cant buy bitcoin from your paypal account ?


In relation to "main stream" Using "crypto technology" for electronic transfers between institutions is much different to unregulated crypto currencies. Central governments are going to go to town on this stuff soon when they work out they're not in control and missing out on ways to charge taxes.   


« Reply #7 on: February 28, 2018, 01:47 »
0
I think you should ask the stock sites if that's a payment option you're interested in.

My guess is that this will not be anywhere on their list of priorities as it's akin to being asked if they'll pay you in tulip bulbs or fine art - current blockchain "money" isn't currency.

It would be great to have better low/no fee ways to get paid around the world - we have digital transactions now, it's just the fees that are a problem.

It seems to be OK for Microsoft, Virgin, Overstock, Tesla, Save The Children, eGifter, OkCupid, Wikipedia, Peach Aviation, Zynga, Fancy, Shopify, Square, the MIT bookstore, Lionsgate Film etc., and many, many physical stores around the world, especially in Japan.

It's only a matter of time.

Fees are zero with some currencies, and they will be very, very low for Bitcoin once the Lightning Network is fully in place. Bitcoin fees are currently around $1.
« Last Edit: February 28, 2018, 01:50 by increasingdifficulty »

« Reply #8 on: February 28, 2018, 02:09 »
+1
I don't know when (and if) we will be paid in crypto money.
But very soon we will be paid in Yuan.

« Reply #9 on: February 28, 2018, 03:55 »
0
A long time after they accept payment in crypto which I think is relatively easy.  Paying out in crypto is far more complex I think.......I'm not sure what the advantage is to them and they are not exactly struggling to attract contributors.

Noedelhap

  • www.colincramm.com

« Reply #10 on: February 28, 2018, 04:01 »
+2
Cryptocurrency is currently far too unstable to be considered a payment option. The risk for the agencies would be too high, if you pay out say, 0.1 bitcoin to a contributor, that could be worth $1000 one day and $1500 the next day. A serious loss for agencies. Of course it could go down too, so the risk is shared, but why take the risk as a contributor?

However, Paypal fees are indeed brutal, so it'd be nice if agencies offered other currencies (EUR, GBP) and handle the conversion fees themselves.

« Reply #11 on: February 28, 2018, 04:08 »
0
Cryptocurrency is currently far too unstable to be considered a payment option. The risk for the agencies would be too high, if you pay out say, 0.1 bitcoin to a contributor, that could be worth $1000 one day and $1500 the next day. A serious loss for agencies. Of course it could go down too, so the risk is shared, but why take the risk as a contributor?

However, Paypal fees are indeed brutal, so it'd be nice if agencies offered other currencies (EUR, GBP) and handle the conversion fees themselves.

You pay using the current USD value, and it's up to the agency, buyer or the contributor if they want to keep the funds in crypto or not.

For example, when it's time for monthly payouts, the agency can buy crypto for their local currency, send it to the contributors, and 5 minutes later the contributors can sell it for their local currency. For much less than the PayPal fees.

Or they can choose to keep it in crypto. So can the agency. Free choice.

I would personally save hundreds each month.
« Last Edit: February 28, 2018, 04:13 by increasingdifficulty »

« Reply #12 on: February 28, 2018, 04:12 »
0
Most agencies only pay in one currency and I would imagine there's far more demand for payment to contributors in Euros, Pounds, yen etc for some time to come and I've never seen them move much on that. For buyers completely different of course.

« Reply #13 on: February 28, 2018, 04:18 »
0

[/quote]For example, when it's time for monthly payouts, the agency can buy crypto for their local currency, send it to the contributors, and 5 minutes later the contributors can sell it for their local currency. For much less than the PayPal fees.

Or they can choose to keep it in crypto. So can the agency. Free choice.
[/quote] and in that month the crypto could be worth plus or minus 50%. The agencies would have to upgrade their financial skills greatly and take on more risk....not likely for a while. Surely if the agency cared they could just send it in the local currency. They use Paypal so they don't have to have accountants trading on foreign exchanges and its extremely cheap for them. In five years totally possible but not for a while.

« Reply #14 on: February 28, 2018, 04:26 »
+1
and in that month the crypto could be worth plus or minus 50%. The agencies would have to upgrade their financial skills greatly and take on more risk....not likely for a while. Surely if the agency cared they could just send it in the local currency. They use Paypal so they don't have to have accountants trading on foreign exchanges and its extremely cheap for them. In five years totally possible but not for a while.

Month? We're talking 5 minutes. Read the post.

« Reply #15 on: February 28, 2018, 04:29 »
0
"or example, when it's time for monthly payouts, the agency can buy crypto for their local currency"

« Reply #16 on: February 28, 2018, 04:35 »
0
"or example, when it's time for monthly payouts, the agency can buy crypto for their local currency"

Read again.

"When" it's time is a moment. Not a whole month.
« Last Edit: February 28, 2018, 04:40 by increasingdifficulty »

« Reply #17 on: February 28, 2018, 04:39 »
0
Surely if the agency cared they could just send it in the local currency.

That would require wire transfers, cash in envelopes, or bank accounts in every country. PayPal is better than all of those. For everyone involved.

« Reply #18 on: February 28, 2018, 04:45 »
0
So if someone buys a picture on the first of the month for x bitcoins worth y dollars how many dollars will the agency need to pay for bitcoins at the end of the month  We don't know!!! If the money was held in Bitcoin for the month then yes but then the agency wouldn't need to buy Crypto would they?

« Reply #19 on: February 28, 2018, 04:48 »
0
Surely if the agency cared they could just send it in the local currency.

That would require wire transfers, cash in envelopes, or bank accounts in every country. PayPal is better than all of those. For everyone involved.
You can pay in most currencies in paypal

« Reply #20 on: February 28, 2018, 05:05 »
+1
So if someone buys a picture on the first of the month for x bitcoins worth y dollars how many dollars will the agency need to pay for bitcoins at the end of the month  We don't know!!! If the money was held in Bitcoin for the month then yes but then the agency wouldn't need to buy Crypto would they?

First of all, we're talking about paying contributors in crypto. What the buyers use is another thing. Could be crypto, USD, rocks, gold.

In any case, you would use the current rate. If the company is based in the US, they might price in USD. If someone buys something for $100 on Feb 1 using Litecoin, they would pay 0.62 LTC.

When the contributor gets paid their share on Feb 28, they would get 50% (or whatever the royalty is) of $100 in Litecoin on that day. In this case 0.23 LTC.

Keeping the 0.62 LTC in LTC from Feb 1 to Feb 28 would be up to the company. If they directly exchanged it for USD this method would just be a way around PayPal.

---

What you might be thinking of is if they priced in LTC, kept the funds in LTC, and paid out royalties in LTC, based on the price in LTC. Never touching USD. That's another story of course and would include price fluctuations, given that you would want USD or EUR at some point. If you can pay for your daily life (like taxes in Arizona, bill passed a few weeks ago) with crypto, you wouldn't need to go to USD at all, and the USD price becomes irrelevant. Long way from that scenario of course.
« Last Edit: February 28, 2018, 05:14 by increasingdifficulty »

« Reply #21 on: February 28, 2018, 05:19 »
0
Thanks I can see how that could work.... Although the agency could just pay $ anyway and pass the costs of conversion to the contributor......my biggest doubt really is what is the reason at the moment why an agency would want to do this? But in the long term its a possibility I'm sure.
« Last Edit: February 28, 2018, 05:25 by Pauws99 »

« Reply #22 on: February 28, 2018, 05:28 »
+5
This is the weirdest topic I have ever read in this forum.

The value goes up and down extremely and you dont even know how it will be regulated in a few years or if trading with cryptos gets forbidden in some countries. It is like gambling.

If you have family and children to support from a fulltime stock income you surely dont want be paid in bitcoin, or at least I dont want to.

« Reply #23 on: February 28, 2018, 05:29 »
0
Thanks I can see how that could work...so essentially the contributor takes all the risk/reward which the agencies might like ;-). Although the agency could just pay $ anyway and pass the costs of conversion to the contributor......my biggest doubt really is what is the reason at the moment why an agency would want to do this? But in the long term its a possibility I'm sure.

Well, the main thing would be to make international transfers or funds cheaper and faster. If the contributor directly converts to USD/EUR/whatever there is no risk compared to doing it all in USD. The only difference is bypassing PayPal when transferring money internationally.

For Americans getting paid from a US company, there would be little to no benefit of course. But to contributors making 4-5 figures per month in other countries, it could mean a nice boost.

The reason an agency would want to do this is simply to meet contributor/buyer wishes. Look at it as marketing.

One other advantage with accepting payments in crypto - no credit card chargebacks.  ;)

« Reply #24 on: February 28, 2018, 05:30 »
0
This is the weirdest topic I have ever read in this forum.

The value goes up and down extremely and you dont even know how it will be regulated in a few years or if trading with cryptos gets forbidden in some countries. It is like gambling.

If you have family and children to support from a fulltime stock income you surely dont want be paid in bitcoin, or at least I dont want to.

Why don't you read the posts?

Look at it as an alternative way of transferring funds. Completely optional.

« Reply #25 on: February 28, 2018, 05:36 »
0
Thanks I can see how that could work...so essentially the contributor takes all the risk/reward which the agencies might like ;-). Although the agency could just pay $ anyway and pass the costs of conversion to the contributor......my biggest doubt really is what is the reason at the moment why an agency would want to do this? But in the long term its a possibility I'm sure.

Well, the main thing would be to make international transfers or funds cheaper and faster. If the contributor directly converts to USD/EUR/whatever there is no risk compared to doing it all in USD. The only difference is bypassing PayPal when transferring money internationally.

For Americans getting paid from a US company, there would be little to no benefit of course. But to contributors making 4-5 figures per month in other countries, it could mean a nice boost.

The reason an agency would want to do this is simply to meet contributor/buyer wishes. Look at it as marketing.

One other advantage with accepting payments in crypto - no credit card chargebacks.  ;)
Buyer wishes I get....I simply don't think in current conditions they care much about contributor wishes. It may be a selling point for a new agency I guess if they can break into the market. I think we can just wait and see.

« Reply #26 on: February 28, 2018, 05:38 »
+1
Buyer wishes I get....I simply don't think in current conditions they care much about contributor wishes. It may be a selling point for a new agency I guess if they can break into the market. I think we can just wait and see.

Yeah, they might not care too much about the contributors, until a competitor does.

Anyway, I guarantee there will be an agency accepting crypto in 2018, but maybe not paying out in crypto. I bet one LTC (@Feb 28, 2018 USD value).
« Last Edit: February 28, 2018, 05:41 by increasingdifficulty »

« Reply #27 on: February 28, 2018, 05:47 »
0
Buyer wishes I get....I simply don't think in current conditions they care much about contributor wishes. It may be a selling point for a new agency I guess if they can break into the market. I think we can just wait and see.

Yeah, they might not care too much about the contributors, until a competitor does.

Anyway, I guarantee there will be an agency accepting crypto in 2018, but maybe not paying out in crypto. I bet one LTC (@Feb 28, 2018 USD value).
I wouldn't take the bet as I agree I fully expect it to become a payment method for buyers. I think though for contributors it  is a completely different kettle of fish ;-).   Genuine question how many businesses who accept payment in Crypto pay their supply chain with it?....I'm guessing this is rarer and a much harder nut to crack.

« Reply #28 on: February 28, 2018, 05:51 »
0
Genuine question how many businesses who accept payment in Crypto pay their supply chain with it?....I'm guessing this is rarer and a much harder nut to crack.

Not many yet, except of course all the mining companies, but GMO Internet Group in Japan is one large company offering to pay salaries in Bitcoin (thousands of employees).
« Last Edit: February 28, 2018, 05:58 by increasingdifficulty »

namussi

« Reply #29 on: February 28, 2018, 08:33 »
+2
When will the stock sites start paying us in crypto?

Not while cryptocurrencies are ridiculously volatile.

« Reply #30 on: February 28, 2018, 08:48 »
0
When will the stock sites start paying us in crypto?

Not while cryptocurrencies are ridiculously volatile.

As has been said before, volatility doesn't matter if it's just used as an international transfer method instead of PayPal. You don't have to keep the funds in crypto if you don't want to.

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #31 on: February 28, 2018, 10:04 »
+1
Buyer wishes I get....I simply don't think in current conditions they care much about contributor wishes. It may be a selling point for a new agency I guess if they can break into the market. I think we can just wait and see.

Yeah, they might not care too much about the contributors, until a competitor does.

Anyway, I guarantee there will be an agency accepting crypto in 2018, but maybe not paying out in crypto. I bet one LTC (@Feb 28, 2018 USD value).

What agencies? If it's some tiny upstart, I wouldn't bet you, if you make the bet one of the top ten on the right, it might be an interesting proposition. But "will be an agency" is far too broad.

As for paying us in crypto, it makes no difference to most of us and implementing the system to convert credits, dollars or pounds into some crypto, then send it, by the way, which there's a transaction fee, and as you pointed out the the system sometimes has delays and break downs. Plus when we convert it to something we can spend, there's another fee. I don't think this is currently a good idea. But that doesn't mean it won't happen.  :)

As for buyers using crypto currency, might be a good idea since it simplifies the exchange, except again, dollars, pounds and credit cards that convert, already exist.

Let me put it another way. People should not adopt something new, just because it's new. There should be a financial or business reason. By the same logic, we shouldn't just do things the same way just because, "that's the way we always did it before".

With the complications in accounts and transfers, instability, and other potential problems like tax reporting, crypto currency is an unlikely alternative to Paypal or and other current payment method.

One LTC is $210 right now, no thanks. But good luck on your prediction.

namussi

« Reply #32 on: February 28, 2018, 19:14 »
0
When will the stock sites start paying us in crypto?

Not while cryptocurrencies are ridiculously volatile.

As has been said before, volatility doesn't matter if it's just used as an international transfer method instead of PayPal. You don't have to keep the funds in crypto if you don't want to.

Volatility may not matter to contributors, but it could play havoc with the agencies' treasury management.

« Last Edit: March 01, 2018, 02:14 by namussi »

« Reply #33 on: March 01, 2018, 00:27 »
+2
When will the stock sites start paying us in crypto?

Not while cryptocurrencies are ridiculously volatile.

As has been said before, volatility doesn't matter if it's just used as an international transfer method instead of PayPal. You don't have to keep the funds in crypto if you don't want to.

And if you're away from the computer for a day or two - doing something odd like taking photos, for example, instead of gambling or currency speculating - your month's payout could lose 30% of its value between being transferred and you converting it into a traditional currency. Or maybe the agency buy the crypto on a Friday but don't transfer it to you until the Monday, after its value has halved. But, as you say, the volatility doesn't matter because it is, after all, the ideal currency type for those for whom "the money isn't what makes you happy".

« Reply #34 on: March 01, 2018, 01:50 »
0
And if you're away from the computer for a day or two - doing something odd like taking photos, for example, instead of gambling or currency speculating - your month's payout could lose 30% of its value between being transferred and you converting it into a traditional currency. Or maybe the agency buy the crypto on a Friday but don't transfer it to you until the Monday, after its value has halved. But, as you say, the volatility doesn't matter because it is, after all, the ideal currency type for those for whom "the money isn't what makes you happy".

Notice the key term: "optional".
« Last Edit: March 01, 2018, 02:13 by increasingdifficulty »

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