Should I Accept Payment In Crypto?
A lot of buzz has been created with people making millions investing early into various crypto currencies such as Bitcoin, Ethereum and even meme coins such as DOGE and SHIBU. Major entertainers and athletes have already started accepting multi-million dollar payments in Bitcoin. Most of these people already have deep bank accounts and that is something important to keep in mind.
If DJing is your full-time gig, we would recommend against accepting a form a payment with such volatility. This is because one moment you may have more than enough to pay all of your bills, then a cyrpto sell off happens and you can barely afford groceries for the week. Now if DJing is a part-time or side gig, then you may have some flexibility and accepting crypto may be more feasible.
There is reason to believe that the world will eventually move towards crypto as a common form of currency. Should you put all your eggs in a crypto basket? Definitely not. While some folks have had an opportunity to make it big off of digital tokens, it is not a common occurrence and those that do get a crypto killing usually could’ve afforded to lose all of their initial investment.
Instead of ditching bank accounts for virtual wallets, consider putting a small percentage of your earnings into crypto that you believe will experience growth. If you can afford to lose 5% of your income each month then invest that into a coin. You will accumulate crypto wealth overtime, and if you are keen to watching charts, you can “buy on the dip” each time. Most folks aren’t in a position to drop $60k on a single Bitcoin, or a $60k car. When purchasing the latter, the buyer can make payments over time, sometimes at a fixed rate, sometimes unfixed. Purchasing crypto will be at an unfixed rate, but you can use that to your advantage depending on the coin.
Don’t accept just any ol coin. Before crypto, DJs would either accept the local currency, if performing abroad or their home currency for working events. Due to the constant changing of foreign exchange rates, accepting the local rate can be its own risk as most currencies have a different centralized banking system and a slew of other factors that can contribute to a change in its value.
As the Metaverse grows, so will the use of crypto and as that becomes more common there will be more opportunities to receive it. Popular apps such as Cash App and PayPal already allow you to pay others in Bitcoin or Ethereum. The next time someone tips you for a song request, it could very well be in a form of crypto. Again, we don’t recommend putting all your eggs in a crypto basket, but having some digital coins in the mix shouldn’t be a bad thing.
Just like with any investment, it is important to do your diligence about any crypto you may be open to accepting as a form of payment. In addition to understanding the respective crypto currencies, you must also be able to grasp the concept of crypto wallets! To store, receive and send crypto, you must have a secure digital wallet. The easiest way to store crypto is within the marketplace you purchased the coin. However, that means you put all your trust into Cash App, PayPal or whatever app you use to secure your digital money.
The world of crypto is new and exciting with lots of potential to change the landscape of finances around the world. There may be a day when we are paid exclusively in crypto or when your $10 DOGE tip is now worth enough to purchase a new Tesla. When the Earth was first formed, the volatility was too much for any life to exist. After the dust settled, Earth became the perfect environment to develop our beautiful planet.
How do you feel about crypto? Is it the future or a flop? Let us know in the comments!