What It's About
Today's caller wants to get paid in digital currency—but it's not as simple as it looks!
Notes from Chris
Episode 1621
Have you heard the story about the first purchase ever made with Bitcoin? It was in 2010, when Laszlo Hanyecz paid 10,000 Bitcoins for two large pizzas. At today’s exchange rate, that’s $540 million dollars. It would be easy to hear that story and think, wow, I bet he regrets that. But this guy is like, nope, I was glad to do it, it wasn’t worth that much then, and of course I had no idea what would happen later. My takeaway is: what a great attitude! Today’s listener question is pretty simple: can you get paid in Bitcoin for your product or service? The key point, however, is that some services like PayPal now allow you to accept payments in Bitcoin … but not really. Our listener Adam will say more about that, and I’ll give him a tip that could be helpful for anyone who’d like to accept payments in the world’s largest cryptocurrency."Hey Chris, this is Adam from Dayton and I’ve been following the show since last year. Thanks for the helpful content. I’m working on an e-commerce site and I'd like to add Bitcoin to our list of payment options. Who knows if anyone will use it, but if they do, I'll just hold on to those funds separately and see what happens as the price continues to go up. I know that PayPal allows Bitcoin payments now, which is cool, but it looks like they automatically convert payments into dollars. That's not what I want—I want Bitcoin payments to remain Bitcoin, with no cash conversion. You'd think this would be simple, but I've looked around a bit and can't find a good solution. Do you know of one? Thanks."Listen to today's episode to learn more...
SEE ALSO:
- Q&A: Should I accept Bitcoin as a payment method?: Today’s listener is wondering about Bitcoin, the world’s best known cryptocurrency—should he accept it as payment for his new app?
- Q&A: How to attract a low-tech audience to blockchain?: This listener wants to help a low-tech audience to understand and benefit from the ledger technology known as blockchain. How should she proceed?
- Bitcoin YouTuber Earns Thousands in Affiliate Commissions: A Dutch cryptocurrency enthusiastic takes to YouTube to explain it to his countrymen, earning commissions from tools and resources he endorses.
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