Top Solution Authors
Top Kudoed Members
Featured Contributor

Feature Request: Bitcoin payments

Showing results for 
Search instead for 
Do you mean 
Reply
Power Member
8 Posts
Member Since: ‎09-19-2015

Feature Request: Bitcoin payments

Hello,

I'd really like to be paid in Bitcoin so that I'm not hit with huge fees and also so that I have to worry less about different currencies.  I think it would be great if this were added as a feature as for us digital nomads it would be very very convenient.  I also feel that it would put Upwork far ahead of the competition.

 

Please consider this request as it would make a lot of people like myself very happy.

 

Thanks,

Adam

Community Leader
384 Posts
Member Since: ‎07-26-2015

Re: Feature Request: Bitcoin payments

I don't really see the point in Bitcoin. I mean, unless you're buying something from one of the very few places that accept it, you're still going to have to transfer it back to normal money anyway. Sure, the fees for transferring and converting may be minimal compared to other places, but even if you get 100% of the money, that 100% might be 5%, 10% or 99% less than it was at the point you got paid, due to the relative instability of the currency.

 

I got paid in Bitcoin once. By the time I'd figured out how to transform it into money that the local wine shop would accept, I had about 25% less.  

"Welcome, humans. I'm ready for you!"
- Box, Logan's Run (1976)
Community Guru
1,114 Posts
Member Since: ‎08-03-2011

Re: Feature Request: Bitcoin payments


Adam M wrote:
  I also feel that it would put Upwork far ahead of the competition.

 



 Have you considered that maybe "The Competition" doesn't offer it because it's just not a very good idea?

 

http://www.zdnet.com/article/bitcoin-is-going-to-teach-you-a-lesson-a-costly-one/

Power Member
8 Posts
Member Since: ‎09-19-2015

Re: Feature Request: Bitcoin payments

This article isn't factual in the slightest, it's just the personal opinion of someone who really doesn't like bitcoin (a lot of "big government" people share this opinion).   Saying it doesn't hold any "real" value when I can go to the atm with a bit coin debit card and withdraw cash is ridiculous to say the least.

Community Guru
677 Posts
Member Since: ‎05-22-2015

Re: Feature Request: Bitcoin payments

Adam,

 

Sorry, this is a total non-starter. All the things you don't want to worry about are things that Upwork is required to worry about by law—primarily those of the United States and California, and to some extent international law and those of each country in which it operates. I am not at all suggesting that there is anything illegal about Bitcoin. I am strongly suggesting that the administrative overhead and complications of auditability for a corporation operating internationally at the nexus of contract and employment law will preclude Upwork, and likely any competitor, from touching Bitcoin or any alternative currency.

 

Best,

Michael

Power Member
8 Posts
Member Since: ‎09-19-2015

Re: Feature Request: Bitcoin payments

I'm sure people said the same thing about Uber and look where they are now.  Tech companies generally consist of innovative  problem-solvers and I have no doubt that they could make this happen.  From a legal perspective I don't really see how it's much different to loading money onto a US debit card then having that card posted to you especially since the government can still see your income by requesting the information from Upwork.  It merely means that you can bypass the banks which as someone who likes to live debt-free and fee-free is a huge bonus in my opinion.

Power Member
5 Posts
Member Since: ‎09-28-2015

Re: Feature Request: Bitcoin payments

Bitcoin should be accepted by Upwork. The mere act of starting to accept bitcoin by Upwork is very newsworthy and will attract tons of free publicity and as a result magnitudes of more business and profits and major support from the public.

 

When someone makes a payment by bitcoin, it can immediately be converted to fiat currency by Upwork via automated/API script with the exchange and thereby any risk of fluctuation in price is eliminated. The provider in turn receives either cash as usual or the money can be reconverted to bitcoin at an exchange again auto-API by Upwork and immediately paid out to the providers wallet. Bitcoin will save a lot of money in bank/credit card fees, so this is a major convenience and profit center (from cost savings).

 

If I was the CEO of Upwork I would immediately start accepting bitcoin as payment without any reservations, second thoughts, or qualms. This will put the company at the forefront of innovation, save money, generate much more business, and get tons of free publicity.

 

 

 

 

 

 

Power Member
5 Posts
Member Since: ‎09-28-2015

Re: Feature Request: Bitcoin payments

I'll add that fiverr is a major Upwork competitor and growing strong and fast by the day, and they are already accepting bitcoin as payment. It's time for Upwork to do the same.

Community Guru
797 Posts
Member Since: ‎05-23-2015

Re: Feature Request: Bitcoin payments


Gerhard G wrote:

I'll add that fiverr is a major Upwork competitor


 Sadly true.

If liberty means anything at all, it means the right to tell people what they do not want to hear.― George Orwell
Ace Contributor
23 Posts
Member Since: ‎08-15-2014

Re: Feature Request: Bitcoin payments

I don't think Upwork will implement payment in Bitcoin anytime soon.

 

In all honestly, if the fees are the main reason you'd really like to see this happen, then maybe you need to increase the price you charge for your work to compensate.

 

When working out what I should charge and/or what price I should settle with, I take into  account any currency conversion fees involved.

 

Upwork takes a 10% service charge? Up your rate by 10%.

 

Your bank charges you a fee to convert foreign currency? Take that fee into account, too. For instance, my bank charges me £5 for conversion under £100, then adds 25p on top of that for each £100 increment.

 

So, let's say I need to earn £250 for a particular job, right? Increase to £275 (10% Upwork fee), then to £280.50.

 

I would need to charge the client £280.50 for me to actually earn £250 in the end.

 

Outside of Upwork, fees related to taking payment via PayPal, for example. All you need to do is figure out how much you're really getting in the end and adjust accordingly to make sure that you getting paid what you need to pay your bills or to make doing the work worth it.

 

As a freelancer, fees that you may incur when getting paid need to be considered when you present your fees to clients. Sure, might be charging them more than you'd like to, but it has to be done.