The future of e-commerce is gradually evolving. For example, last month, El Salvador made headlines as the first country to accept Bitcoin as its official legal tender. This is a massive milestone in the widespread adoption of blockchain technology.
As a small business owner, entrepreneur, and writer, I made sure to research the pros and cons of accepting cryptocurrency as a payment. In this article, we will explore this new-age form of revenue and how to make it work for you.
What Does a Freelance Writer Do, Exactly?
A freelance writer is a self-employed person who writes articles, ad copy, or other types of content for a living. For me, my skills are mainly utilized for content marketing, blog composition, and copyediting. It’s
How I Got Started Freelancing
Last year, I was in my fifth year bartending at a neighborhood Tavern. Today, I am a freelance writer working remotely and getting paid in both Cryptocurrency and USD. Although both jobs are vastly different, I enjoy them equally in different ways.
Leaving a solid job with a steady income was hard. But I had a firm push from the COVID-19 Pandemic, which led me to explore other career options. I’ve always had a passion for storytelling and writing, and the idea of profiting from my passion seemed unreachable. But, I started researching, taking online courses, and searching for mentors to guide me through this unexplored terrain.
Finally, I started gaining momentum after marketing myself and releasing my work online. I was then approached by Michael Scott, the Senior Editor Gokhshteinmedia.com, with a unique opportunity.
Initially, I was employed to compose lifestyle articles, which were mainly about digital nomadism. At that time, I was renovating a 1971 Aristocrat and had plans to live, work, and travel in my camper. I, unfortunately, turned down the option of cryptocurrency as payment and preferred USD through Paypal. Michael encouraged me to change my mind; he offered to teach me about crypto and ensured that this was the right decision. I’m glad that he did.
As time went on, the subject of my lifestyle blogs began to involve the subjects of blockchain and cryptocurrency. In the beginning, it was pretty challenging. My expertise fell in travel, food, mental health, and other topics unrelated to crypto. But, I was determined to learn and evolve. And as most challenging experiences go, I benefited greatly. Thanks to Michael and this lifestyle change, I’m inspired to help others get started in the crypto universe.
What You Need To Know About Accepting Cryptocurrency as Payment:
Setting Up Your Wallet
There are TONS of crypto wallets available at your fingertips. When I began with Gokhshtein, I was set up with an Exodus wallet. The interface of this wallet was seemingly understandable and straightforward for me as a novice, which I appreciated. But I noticed when I was short on cash and needed to pay rent, I couldn’t withdraw USD directly from my Exodus wallet.
This is what led me to download Coinbase. You can transfer your crypto earnings from Exodus to Coinbase, allowing you to exchange your coins for USD. This process is quite simple, but be mindful always to select the correct coin and the accurate destination address.
Cryptocurrency Transactions are Irreversible
Once a cryptocurrency payment goes through, it is for the most part permanent. Therefore, if a refund is required, it must be manually paid back.
Enjoy Less or No Fees
Crypto has much lower transaction fees than Paypal, Venmo Business Accounts, and other digital wallets.
Tax Implications
The IRS considers cryptocurrency to be “property” for tax purposes. This means that when accepting crypto, you must report it as gross income based on its fair market value when received. To put it simply, each time you sell, buy, or use Bitcoin, you are subject to capital gains tax. The IRS also states that when accepting this form of currency, you must keep track of the value for each transaction on the day it was received and the day it was sold.
The Bottom Line…
Accepting cryptocurrency is a fast and efficient way to get paid as a freelancer. The blockchain is a decentralized system (no one authority has complete control), and you can send/receive payments from anyone in the world. It’s worth looking into, even if you’re not a freelancer.
To learn more about the endless possibilities of utilizing cryptocurrency, visit us here at https://gokhshteinmedia.com for helpful tips and advice in the blockchain community.
