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  1. #1
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    Getting Paid in Bitcoin?

    One of my clients has a customer who wants to pay in bitcoin. Transaction will be about $20K. Client's bank (US Bank) doesn't accept virtual currency.

    Anybody have experience getting paid in bitcoin? Any advice on the easiest way to set up and process payments? Best payment processor, setup hassles, etc?

    FWIW Client will be totally above board with reporting and taxation of these payments.

    Thanks
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  2. #2
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    Run, don't walk.

  3. #3
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    Quote Originally Posted by riser3 View Post
    Run, don't walk.
    Pretty much.

    Actually maybe run really fast.

    Quote Originally Posted by telebobski View Post
    Any advice on the easiest way
    If there's an "easiest way" it shouldn't be any problem for his customer to cash in his bitcoins and pay in $?
    Quote Originally Posted by Downbound Train View Post
    And there will come a day when our ancestors look back...........

  4. #4
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    Depending on the time it takes to turn the bitcoins into paper money, I'd do it for a premium.

  5. #5
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    Your client's customer wants to unload something that is barely transferable. I am assuming your client knows he/she will have the same problem coupled with complete speculation on any long term value. I know you are looking for just the facts, maam, but dear Jeebus why? Is it because your client doesnt expect to get any payment unless its bitcoin and the owed amount is right in that monetary range that precludes filing suit for fear of spending as much pursuing as the principle amount?

    edit: the Brit basically said the same thing in fewer words.

  6. #6
    Hugh Conway Guest
    sure, settle for a 100% premium on the exchange rate at the day payment's due.

  7. #7
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    Quote Originally Posted by Mazderati View Post
    I'd do it for a premium.
    20,000 bitcoins and a handful of magic beans?
    Quote Originally Posted by Downbound Train View Post
    And there will come a day when our ancestors look back...........

  8. #8
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    Quote Originally Posted by PNWbrit View Post
    20,000 bitcoins and a handful of magic beans?
    Lock it up!
    Quote Originally Posted by Hugh Conway View Post
    Hugh Conway sucks
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  9. #9
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    Quote Originally Posted by PNWbrit View Post
    20,000 bitcoins and a handful of magic beans?
    This.

    Those magic beans really hold their value.
    Move upside and let the man go through...

  10. #10
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    make sure you get at least 40k in BTC

    1:1 ratio would be retarded

    try and defraud the guy too
    Zone Controller

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  11. #11
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    Also bookmark this thread.

    Quote Originally Posted by telebobski View Post
    One of my clients

    Anybody have experience getting paid in bitcoin?
    It's going to come in useful when your clients offer to pay you in bitcoins (or magic beans)

    (Are magic beans gluten free/paleo? New thread needed?)
    Quote Originally Posted by Downbound Train View Post
    And there will come a day when our ancestors look back...........

  12. #12
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    As long as the magic beans - or magic bullets for that matter - can be monetized in short time frame, I'm still in.

  13. #13
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    Trident seems to be an accepted currency these days. Why not get paid in gum, rather than Bitcoin?

    Quote Originally Posted by powder11 View Post
    if you have to resort to taking advice from the nitwits on this forum, then you're doomed.

  14. #14
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    No response from telebob yet = (telebob = telebob's client)

  15. #15
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    I would normally try to avoid being involved in money laundering, but hey, it works for the Swiss.
    No longer stuck.

    Quote Originally Posted by stuckathuntermtn View Post
    Just an uneducated guess.

  16. #16
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    Yup we know bitcoin values are volatile and theft isn't covered by FDIC. And the routine hacking of the exchanges make things interesting.

    This is a one-off or at best infrequent deal. Customer operates on the ragged edge of legitimacy and takes bitcoin as a matter of course.

    Client's payment terms are 50% down, 50% at shipment. Client has no interest in maintaining a bitcoin account - they will convert to USD at earliest possible moment.

    Bitpay claims to process/deposit USD into client's bank same day at "best rate" among all the bitcoin dealers. So, it seems to us like the downside is we have to recall the shipment if the second half of the payment goes sideways. Like Mazderati sez, if you can convert to a fungible currency quickly, who cares?

    So, any of this august body have actual experience transacting in bitcoin?

    And no, I don't take bitcoins as payment. I want a solid reputable currency, like C$, but am forced to accept USD.

    ETA for commonlaw - nope, not me. Transaction costs too high to play in bitcoin. Client builds/sells cutting edge capital equipment that COULD be used to manufacture products that are legal in some states, notsomuch in others.
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  17. #17
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    Quote Originally Posted by telebobski View Post
    one-off
    or?

    Quote Originally Posted by telebobski View Post
    takes bitcoin as a matter of course.



    Quote Originally Posted by telebobski View Post
    they will convert to USD at earliest possible moment.
    Why doesnt the client just have the customer do this now? Is your client getting a premium?


    Sorry I can't answer the call of the question, but this still sounds weird, thus the questions.

  18. #18
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    Quote Originally Posted by telebobski View Post
    I don't take bitcoins as payment.
    Sounds like really good advice.

    You should give it to your client.

    And when you say client... what kind of relationship is this? You're a lawyer? Accountant? Dentist? Barber?
    Quote Originally Posted by Downbound Train View Post
    And there will come a day when our ancestors look back...........

  19. #19
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    Here's an idea: if they're legitimate, let the customer convert their BitCoins to USD and THEN pay the client. I know there are fees involved in both of those, but it's their fucking problem for running a quasi legit business and taking payments in a crypto currency, or whatever it's called.
    If they gripe about doing this because of legal/tax ramifications, then you know it's time to bail.
    No longer stuck.

    Quote Originally Posted by stuckathuntermtn View Post
    Just an uneducated guess.

  20. #20
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    Quote Originally Posted by stuckathuntermtn View Post
    Here's an idea: if they're legitimate, let the customer convert their BitCoins to USD and THEN pay the client. I know there are fees involved in both of those, but it's their fucking problem for running a quasi legit business and taking payments in a crypto currency, or whatever it's called.
    If they gripe about doing this because of legal/tax ramifications, then you know it's time to bail.
    Or, take the bitcoins with a thirty day conversion to cash contract. You are not paid until the bitcoins convert to USD at your price. If the client has a large capital gain in bitcoin this could be a tax dodge for him which is not your problem afaik.

  21. #21
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    Quote Originally Posted by PNWbrit View Post
    Barber?
    ....shave and a haircut two bitcoins
    Quote Originally Posted by Downbound Train View Post
    And there will come a day when our ancestors look back...........

  22. #22
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    OP are you that dumb?

    stop fucking asking everyone for their experiences and get paid.

    whats your overhead? zero probably... shut the fuck up and start exploiting
    Zone Controller

    "He wants to be a pro, bro, not some schmuck." - Hugh Conway

    "DigitalDeath would kick my ass. He has the reach of a polar bear." - Crass3000

  23. #23
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    Aren't there some odd rules with the IRS treating Bitcoin as property and not currency?
    "These are crazy times Mr Hatter, crazy times. Crazy like Buddha! Muwahaha!"

  24. #24
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    Strippers get upset when you stuff bitcoins in their g-strings

  25. #25
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    I advise B2B manufacturing and technology businesses on finance and biz dev matters.

    Commonlaw - read again. My Client sells to the Customer, which Customer regularly transacts in bitcoin. My Client transacts payments in USD but the basic rule is "make it easy for customer to do business with you". With a lot of large companies (Tesla, Overstock and Virgin come to mind) accepting Btc, seems like the risks can be managed.

    BitPay claims they convert bitcoins to USD on same day as transaction with no backsies, so it doesn't seem much different from getting paid in renminbi, Mexican pesos or S African Rand. It's all a matter of volatility between payment and settlement - I think. That's why I inquired of the padded room crew for practical guidance - figured a bunch of outlaws like y'all would know the inner workings

    Char - yep, there's a IRS notice (2014-21) on topic. It applies to anyone that keeps an inventory in bitcoin- gain/loss recorded when converted to USD. Same principles apply when someone holds any currency other than USD or does any sort of barter xaction.
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