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How do you handle Crypto as a Freelancer?

How do you handle Crypto as a Freelancer?

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How do you handle Crypto as a Freelancer?

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Hello everyone, 

 

Recently we wrote an article on best practices for freelancers who are paid in Crypto. You can read the article here. This week's task will be short and sweet. If you are a freelancer who has earned Crypto from work, tell us about your process of what you do with your crypto. 

 

For example: 

 

Do you immediately liquidate on an exchange? Or save?

How does your bank handle exchange deposits? Have they ever charged you a fee or didn't accept it? 

How do you go about freelance taxes from being paid in Crypto?

 

By hearing your stories, this helps us come up with ideas to improve our future payment processes when you earn through CryptoTask's freelance market place. 

 

We look forward to your feedback! 

 

Sincerely, 

CryptoTask Team 





59 COMMENTS 208 VOTES

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Recently we wrote an article on best practices for freelancers who are paid in Crypto. You can read the article here. This week's task will be short and sweet. If you are a freelancer who has earned Crypto from work, tell us about your process of what you do with your crypto. 

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6 months ago

NARUTO RAPHEAL guru

I am a Mechanical Engineer with expertise in power and Mecha-tronics. An Entrepreneur

more late ones for me:

1. for me when i get crypto i hold until its very profitable for me before i sell, just like i am waiting for some like the bat and ae token.

2. my bank does not accept deposit of crypto, so I have not traded with them before.

3. taxes are only those the site collects nothing more usually for me.

6 months ago

TOM STEEL guru

simple and concise.

6 months ago

Sam BTC guru

Just a common Crypto enthusiast.. Wait crypto is not common it's special :)

I am currently HODLing all my crypto based earnings. I manage all my expenses through fiat earnings/ savings and save all the crypto I earn for long learn. 

My logic is that all cryptos specially the new projects are heavily undervalued and they will be worth much more in the future say 3-4 years later. I am ofcourse aware of the risk that some currencies might be worthless but I am willing to take the risk.

As I have not sold off any crypto it has helped me avoid any tax implications as well. 

6 months ago

Karen M guru

I agree completely Sam about holding crypto for a few years. Not worth much to cash in now.....and tbe survivors surely will be worth the wait

6 months ago

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7 months ago

Alireza Husseini

Because technology is my field of study and work

In my idea the person who's a freelancer,that person has a good information about the crypto currently and how to use it in a better way.

They know they can use the achieved crypto to start a trade in exchanges or to invest that for extra profit,and I have say that crypto currency has become so popular in the world and we can spend them anywhere without any problems 

7 months ago

TOM STEEL guru

what i came across cryptotasks will be added to the list soon;

7 months ago

a very good list you got there.

6 months ago

NARUTO RAPHEAL guru

I am a Mechanical Engineer with expertise in power and Mecha-tronics. An Entrepreneur

a very good list there.

6 months ago

NARUTO RAPHEAL guru

I am a Mechanical Engineer with expertise in power and Mecha-tronics. An Entrepreneur

i will check out some there on that list.

6 months ago

Picxy Joe expert

I have not been paid in crypto for a job, but from my experience in transacting with Crypto, there is always a fee that is charged. Personally, I like to save my crypto. As for tax, what i can say is that the tax will only apply if the government of the country accept the crypto payment, else it should be exchanged and use for the transaction.

7 months ago

As soon as I get crypto for my works, I try to hodl it as much as possible, but sometimes I need to sell some to live. All sales are made by p2p, so the income is not register and I do not to pay taxes. This is Argentina.

7 months ago

dr dent18 guru

It's a great survey.. as I'm not a free lancer I wouldn't know. Maybe you need to take your survey on other platforms as well like telegram or Bitcoin talk.org so that you get more feed back from different freelancers.

7 months ago

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7 months ago

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7 months ago

KOS 500 new user

ICO Consultant and Advisor.Bounty Project Quality Supervisor

Good afternoon. Probably I want to immediately go to question 3 and start with it.

Well, first of all, I don’t think that rich and wealthy people go to work as freelancers in order to get real pennies on visits to sites or on viewing ads, on fausets or on tasks for 1 cent. Correspondingly burdening such a category of people (low-income) with taxes, I think is inappropriate and at least not correct. It would be much more correct to support such segments of the population, because at present it is difficult to find work in real life, not to mention some kind of "great" income on the Internet from which taxes could be paid.

Speaking about the question at number 1, then my answer will most likely be negative, because if the cryptocurrency / token really has the value and significance of the product, then this currency needs to be stored (hold), because it will (most likely) grow in price, from with every breaking news and with every right step in the development of the project team.

As for the bank commissions, these are the usual transfer / deposit commissions and no more. There are no certain fees for replenishment when converting from cryptocurrency / fiat. After all, fiat funds are sent to the bank account, not Bitcoin)))

7 months ago

Karen M guru

Congrats to Cryptotask on launch date of 1/9/20..... looking forward to it!

7 months ago

Thanks to the team, which does a lot to make our life more comfortable. In addition, thanks to your work, the popularity of cryptocurrency among the population will grow.

7 months ago

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7 months ago

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7 months ago

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7 months ago

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7 months ago

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7 months ago

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7 months ago

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7 months ago

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7 months ago

De Gem guru

Cryptocurrency enthusiast, avid reader, rapper and SDG advocate.

... and please clap for the medium article too while waiting for the AE Waellet...

7 months ago

De Gem guru

Cryptocurrency enthusiast, avid reader, rapper and SDG advocate.

When I earn crypto from the little freelancing I do, I just leave most of it in my account and withdraw the rest. There are companies here that exchange your crypto for fiat so I do use them. My favourite is called PayPlux. I convert whatever crypto I earn into BTC or Ethereum and just sell it to them, get paid in Cedis (my country's currency) and deposit it into my bank account or withdraw it for spending. I have never tried exchanging crypto for fiat directly with my bank. In fact, almost all banks here do not have crypto/fiat exchange options. As Kaaba said, most people in my country are oblivious of what cryptocurrency is and just don't care to know, especially the old folk. There has never been an instance where our Securities and Exchange Commission (SEC), Internal Revenue Service (IRS) and Central bank (Bank of Ghana) have included cryptocurrency among its list of legal tradable currencies or even mentioned it, yet, quite a number of people over here use it, Millenials especially. I don't pay taxes on any crypto I earn. I don't even think the companies that buy and sell crypto over here do. I believe the situation is similar in other African countries. Who cares anyway? Cryptocurrency here is similar to the situation in the early years when bitcoin was launched. I believe the next bullish cryptocurrency market will trigger some massive attention to crypto here.

I am very surprised that some Crowdholders in western countries have to declare their earnings and pay taxes as well after withdrawing whatever they want to withdraw. What is the anonymity of your cryptocurrency then? 

Note: Don't forget to copy and paste your answers here on the medium article.

7 months ago

Nuno Caeiro guru

I’m software developer/team leader for 15+ years

Hi guys.

If I receive my paycheck in crypto I’ll change it immediately. I’ll need it for my month expenses.

So dar I was able to send money from an exchange to my bank with no issues. Only small amounts.

An interesting idea to use crypto for tax purposes.

 

7 months ago

Ivan Leon new user

Ubikalo Team co-founder and active as crypto educator for 2 years in the streets

Hello guys, I hace working as freelance since march 2018.

There have been a lot of changes and improvements along this time.

My routine now is:

Get payment, keep part (1/3) in original tokens/coins received, (1/3) is exchanged to BTC as part of long time investment/savings.

Rest (1/3) is exchanged to , BTX, eth,  ltc or Dash, in my country these coins are easily changed to Fiat money. I do exchange crypto to Fiat in small amounts, only for daily use. 

Since november I have been buying grocery stuffs, food, fast food and other things directly with cryptos in a group of merchants accepting them. This has made my life so much easier.

I think i am living what we all live un a nevar future, daily use of cryptos for usual things such as buy a burguer, or buy cheese or a beer.

For a crypto freelance like me this is like Disneyland.

Note: 100% of my income is crypto.

Keep this good job guys.

7 months ago

De Gem guru

Cryptocurrency enthusiast, avid reader, rapper and SDG advocate.

Which country are you in and what are some sites you earn crypto from?

7 months ago

Ivan Leon new user

Ubikalo Team co-founder and active as crypto educator for 2 years in the streets

I live in Venezuela, I am Aeternity ambassador, Bitcore Ambassador and these communities fund our educational program here, our main job is take education to people (seminars, workshops, courses for free)

7 months ago

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Karen M guru

If you can earn all income in crypto, good for you. Maybe with the launch, I will get to earn some too. (I hope)

7 months ago

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Karen M guru

Hi Ivan, welcome to crowdholding! Nice to see you here. Being here in the US, it's hard to imagine all income being Crypto.

7 months ago

Ivan Leon new user

Ubikalo Team co-founder and active as crypto educator for 2 years in the streets

hello, it is amazing to live something others can not now. In my country is possible and good to have crypto income and actually there some parts where we can buy groceries, food, fast food paying directly with crypto, it is like living the future. Thank you for your coment!

7 months ago

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De Gem guru

Cryptocurrency enthusiast, avid reader, rapper and SDG advocate.

It's possible in Ghana mainly because majority of the people don't even know what it is. It's one target of mine - earning all my income from crypto

7 months ago

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De Gem guru

Cryptocurrency enthusiast, avid reader, rapper and SDG advocate.

Sure why not? You definitely can.

7 months ago

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Karen M guru

Sounds like Venezuela is in the forefront of the crypto world. Not many here even know what it is yet, but I think it will catch on here soon.

7 months ago

Karen M guru

You are an Aeternity ambassador? We learned about AE here on CH and did some tasks. Did you know AE & CH are partnering? You can view expired tasks on CH to learn about any project that was featured on CH.

7 months ago

De Gem guru

Cryptocurrency enthusiast, avid reader, rapper and SDG advocate.

I believe he knows but might not have participated in earlier tasks.

7 months ago

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De Gem guru

Cryptocurrency enthusiast, avid reader, rapper and SDG advocate.

Wow Ivan, I'm impressed. For the record, I used to own some bitcore a few months ago but withdrew them when the value dwindled. I love the bitcore project and of course I'm a fan of Aeternity too. I'll sure love to learn from you more on the bitcoin project.

7 months ago

De Gem guru

Cryptocurrency enthusiast, avid reader, rapper and SDG advocate.

Sorry, I meant Bitcore.

7 months ago

TOM STEEL guru

being a freelancer has been good and in terms of payment even though it wasn't as expected i did get a lot from it.

1. most of the job i did as a freelancer i have been paid with fiat currency either in my default in naira or in dollars, the free crypto i get was in bitcoin, i saved them to d0sell when the price was higher, so for me, it was always to keep and sell at a higher price.

 

2. being paid with dollars i usually do the transaction with PayPal so most times the transaction was free of charge, so for the crypto, i did get,  i was to sell it and also make the transaction through PayPal so for me it was good since my bank doesn't deal with crypto PayPal was there to get me good coverage.

3. the only tax i did face was the one that found on the freelance site and since my freelance job was more of a personal contract i don't think i did have much business to do with taxes.

it was good and was worth the time and the pay.

7 months ago

crytpo is the best long term investment.

6 months ago

NARUTO RAPHEAL guru

I am a Mechanical Engineer with expertise in power and Mecha-tronics. An Entrepreneur

very good tom.

6 months ago

my time working as a freelancer has been fun and the way that i use the money from the site can be given simply as follow.

1. when i receive the crypto i check the price value on the market first before moving whether to sell or not, if the price is good then i will sell, if the price is poor and look like it will increase soon then i will save to sell later.

2. my bank does not accept crypto payment of any form so all the tr4asaction that i have done has been through my crypto wallet and also through a crypto exchange, so for me, i have never done any tr4acnsactionh about crypto with my bank before now.

3. apart from the fee that is being collected from the free lancing site i don't think that i have been a concern with any other tax that is associated with crypto freelancing before.

freelancing is cool and can benefit you a lot when you got a lot doing there, either being paid in crypto or other wise it is still very benefitting.

7 months ago

TOM STEEL guru

very good rapheal, carry on.

7 months ago

thanks.

6 months ago

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NARUTO RAPHEAL guru

I am a Mechanical Engineer with expertise in power and Mecha-tronics. An Entrepreneur

i am rapheal also, thanks.

6 months ago

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TOM STEEL guru

which site did you use more often.

7 months ago

binance.

6 months ago

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NARUTO RAPHEAL guru

I am a Mechanical Engineer with expertise in power and Mecha-tronics. An Entrepreneur

i love free lancing.

6 months ago

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7 months ago

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7 months ago

I actually save. I believe once you work on a project and earn tokens or coins, selling immediately is showing lack of support for the project.

In a situation where I sell or cashout, I don't do it through the bank. We have private entities who buy and sell crypto so I send them what I have and they send me cash. Bank charge fees though.

Since crypto isn't a widely understood phenomenon in my country, there are no taxes. No one cares actually. I tell them I am a trader and withdrew my earnings. Its treated as a deposit in my account.

7 months ago

Karen M guru

I am currently not a freelancer but hope to become one soon. Any freelancing I do will be 'extra' income.  Therefore, I most likely would not cash out right away. I would have to check on any tax consequences, fees etc and would go with what benefits me most financially.( No sense working if it all goes to taxes and fees). I do have wallets to send it to.

7 months ago

Dean Walsh guru

Don't listen to me because of who I am, I'm nobody like everone else.

These days I usually do cash out immediately just to keep it simpler for taxes. I then just declare the amount I get from selling it as income.

In the past when I first got into crypto I earned my first coins and didn't cash out immediately, I saved them. But this did make the tax situation more complicated. Today I have some crypto separate from my income which I am saving so I don't feel the need to horde any that I earn.

7 months ago