Q&A: Should I accept Bitcoin as a payment method?

Notes from Chris

Episode 1390

Today’s listener is wondering about Bitcoin, the world’s best-known cryptocurrency—should he accept it as payment for his new app?

I would tell my younger self three things:

1. Don’t be so afraid
2. Don’t let them take the edge off your rebellious side, it will serve you well
3. As soon as you can, put all your money into Bitcoin

Alas, my future self was not able to convey that message to my younger self.

"Hi Chris, this is Nick from Salem and I recently found your show after a friend recommended it. I’m really enjoying all of the side hustle stories. I’m getting ready to launch a new app that will be available for Android devices. I’m going to apply for listing in the Google Play store, as well as several other online directories, but I also want to offer it for direct sale on my own website. That way, I can sell to people who discover it there without paying commission to a third party. I can even offer a discount for direct sales and still come out ahead by splitting the commission savings between me and my customer. 

But of course, to sell directly I need a way to accept payment.

PayPal is easy enough, but a friend suggested I offer an option to take Bitcoin as well. I’m not sure if that’s a good idea, or even how I would go about doing it … since there’s not really a Bitcoin bank on every corner, at least not where I live. Also, what do you think about cryptocurrency in general? Thanks and I look forward to your response."

Listen to today's episode to learn more...

 

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SEE ALSO:

• 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.
• Gmail Tool Generates $1 Million a Year: After looking for a way to send mass emails by Gmail, this web developer stumbles on more than a million dollars a year in recurring revenue.
• Oh Snap! Photography Site Turns Into Passive Income Hustle: A traffic engineer begins shooting wedding photography to make some cash on the side, but it’s his niche tutorial website that earns the real money… at least until it doesn’t.

Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,