Never get your payment in the project token
If we work on a project to earn additional income, we must be compensated well. In the crypto world, things are different. In the regular world, the currency is FIAT anyway. Sometimes the project pays with a stablecoin and some projects pay with their project token. At the time of selling the project token may have good value but gradually it might start coming down and that's when it will be too late to realize that it is not worth the effort. This is not just my learning but some of my friends have also experienced this.
Get the payment and convert to stablecoin immediately
This is one thing that I should have done. At least half of it should have been liquidated immediately to see some profit for the efforts. We cannot predict the market and if something bad happens and the value of the token goes down, there is no benefit for us. Make hay while the sun shines. So at least 50 percent of the payment should be liquidated and converted to stablecoins immediately.
Stabe coin is good because we don't have to worry about the value of the stablecoin. If we are using the right stable coin, then we should not be having any issues with the value going down. There are a few stablecoins that can go down. USDT is a stable one as far as I have seen. I prefer using HBD for this stability. Even in bad markets, HBD can hold its value.
Best deal is to get 50% payment in stablecoin
In the previous paragraph, I'm mentioned about selling at least half of the payment and convert it to stablecoin so that we at least get paid for half of our efforts. Instead of doing it by ourselves, it is also good to ask the project owners to make the payment in stablecoins instead of us making the effort to sell the tokens in the market.
These days I have started asking my clients to pay me mostly in stablecoins and I don't prefer getting the payment in any of the cryptocurrencies. I'm not even interested in getting the payment in the top cryptocurrencies either.
If you like what I'm doing on Hive, you can vote me as a witness with the links below.
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Stable coins serve as the perfect hedge against market volatility so, yeah, it's most advisable to convert payment for each project into stablecoins. Also staking stablecoins is safer than staking any other coin. What I do is if I receive payment for a project in it's coin I convert at least half to usdt immediately, except if it's a utility coin with significant future promise. Thanks for writing.
Stable coins are good for money transactions and storing money, so payments should be made in stable coins
Yeah, I must admit I've done it. I have a few bags of worthless tokens I spent hours (months?) earning.
I love stable coins as well. I don’t like to get paid in cryptocurrency because it is volatile but when I get paid in a stable coin, I will know the exact amount of money I have
In the long run, balancing the excitement of potential gains from project tokens with the practical need for financial security is essential.
Be that as it may the crypto landscape continues to evolve, maintaining a strategy that prioritizes stability.