How to Accept Ethereum Payments in 2023?
February 7, 2023
Ethereum is second to none when it comes to usability. The first smart contract blockchain, Ethereum, has been termed an “infrastructure asset” by analysts at J.P. Morgan. It has a market capitalisation of $137 billion, which is second only to Bitcoin. The smart contract compatibility of Ethereum allows the development of applications on top. Since its conception in 2013, many decentralised applications have deployed on Ethereum, which currently supports $47 billion in value locked on its infrastructure.
$ETH is the base currency that powers all activity on the blockchain. As a result, $ETH has become a blue-chip asset preferred by institutions and retail alike. While nothing is certain here, we can rest assured that $ETH is here to stay for the foreseeable future, if not forever. This is the reason why $ETH is considered a safe bet when it comes to investments or exchanges.
The stability of $ETH is lending to its adoption for payments. Companies and freelancing platforms that pay in cryptocurrencies offer salaries and gig payments in $ETH.
To accept payments in $ETH:
- you must have a wallet set up on the blockchain or an exchange account.
- The wallet/account will have a public address and your identity on the Ethereum blockchain.
- This address should be known to the payer for you to accept payments in $ETH.
- You should always be aware not to reveal your seed phrase or private key to anybody, not even your employer.
- The payer will transfer the agreed amount to your address. This will attract a transaction fee called Gas. It has to be borne by either of the parties as per agreement.
Today, you don’t have to set up a blockchain wallet or exchange account as payment gateways make it easier to accept and make payments in crypto. But if you are salaried or have one of those freelance jobs which pays in crypto, we know you are still looking for the best solution.
Payment in $ETH on Binamite!
Binamite makes accepting payments in $ETH as intuitive as receiving money in your bank. Binamite is a cryptocurrency payroll management system that provides end-to-end solutions for sending and receiving payments in any combination of fiat or crypto. To accept $ETH payments on Binamite, there are fewer steps.
- If you are a professional who delivered a $108 gig to your employer, you can issue an invoice from your account to your employer with a deadline.
- You will receive the payment when the employer pays, and you’re done accepting payment in Ethereum. But with Binamite, you don’t just stop here!
You can use Binamite to take your personal finance up a notch. Divide your salary into a cocktail of Bitcoin, Ethereum, $USDC and your local currency. A well-diversified selection will also protect you against the volatility in crypto prices. Until the next bull market dawns upon us, you can strategically cater to your daily needs in fiat and keep stacking crypto simultaneously.
The flexibility exists not only for the professional but even the payer. If your employer doesn’t want to pay in $ETH, you can still have em! The $108 invoice can be honoured using any form of payment, credit cards, bank transfer etc. by the payer. Any crypto/fiat that you receive on Binamite is withdrawable into your wallet or bank account at all times.
Ethereum is undergoing a major development in merging its Proof of Work consensus with Proof of Stake. Many benefits are expected from this change, like lower transaction costs in time and money. This will make $ETH a better form of payment, and Binamite will manage it like a breeze for you. Put your financial strategy to task, and devise the best mix of payments for you. Head to https://www.binamite.com/ to onboard Binamite in a few simple steps.