Should Medium Writers Be Paid In Cryptocurrency If They Choose?
Not all writers can open a Stripe Account, and cryptocurrency brings options to earn interest and get paid faster.
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Today I’d like to dare to dream a little. As many of you know, Medium pays writers to produce content that is helpful, inspires, entertains or elicits a laugh through the partner program
Anyone can join the program and you don’t need to be a professional writer. By being part of the program, you can earn money. At the end of the month you are paid in USD via a Stripe account. (Currently, this is the only way to be paid as a writer.)
But what if there was another way to be paid? It’s my dream as a writer to be paid in cryptocurrency. Here’s why?
Exchange rates
As a writer, you work damn hard to produce work that is worthy of reading. When you are paid in USD, if you live anywhere but America, you’re going to have to deal with exchange rates.
The exchange rate game is a huge business and it doesn’t work in your favor.
Every time you get paid for your writing by Medium, without having the choice, your payout is converted into your local currency.
The transparency around when the currency was converted, how much it cost you, and what the rate was at the time of converting (without the hidden spreads known as profit for the financial institution doing the conversion) is kept a mystery. There are ways to figure it out, but even then, it’s challenging.
When you see the “rate of the day” listed on the internet, what’s often missed is that there is no central exchange for foreign currency markets. At any point in time, every bank, payment provider and financial institution has a different rate of conversion for any currency swap.
Cryptocurrency is a digital currency for the internet and allows you the freedom to avoid a lot of the headache of foreign exchange rates.
Earning interest
When you get paid by Medium and store the money in your bank account, one of two things happen:
- In places like Australia, the interest…
