This week’s Get Paid In Bitcoin’s Client Spotlight is on James Irving, Commercial Lawyer at Irving Law. James regularly gets paid in Bitcoin, converting some drawings from his business to Bitcoin each week.
“I have met a lot of sceptics who think cryptocurrency is rubbish. It’s kind of like the push-back against horseless carriages in 1902. Some people realise that the world is changing, and adopt new technologies, and some don’t.
“Don’t be a dinosaur.”~ James Irving
Why I decided to accept part of my income in Bitcoin.
When Bitcoin first came out, many years ago, I tried to set up a wallet but found it too technical and difficult and missed out. Since then, the tools have improved and become more user-friendly and, as we all know, many more people are now involved in the cryptocurrency scene.
The service provided by Where To Shop With Crypto and its partners like Get Paid in Bitcoin, have made it feasible for me to become involved, in a small way. I think it’s important because it’s the way of the future. It’s obvious to me that cryptocurrency and its associated technologies like blockchain, tokenisation of assets, and so on are revolutionising the way people do business and participate in the economy.
What’s it like being part of this community? Is information readily available?
I really enjoy being part of the WTS community and participating in its events, when I’m able to do so. There is a great enthusiasm and optimism in the community. The organisers (Abheeti and Sophie) have great energy and vision. They make a big effort to present interesting information to community members.
It’s great to take a break from my usual environment and participate in these community events. Here you connect with other people, have interesting discussions and share views. One of the great features of this technology (fintech, blockchain and cryptocurrency) is giving individuals and smaller businesses an opportunity to become involved in areas of activity that for a long time, have been the exclusive preserve of large institutions like banks.
These large institutions are starting to learn how to work with smaller players. In the end, I believe will be an expanded economy where people are being rewarded at all levels – through micropayments and so on. It’s exciting. You can feel the excitement at the community gatherings.
What do I think the future of Bitcoin will be?
Bitcoin itself as the first big cryptocurrency plays an important role and will continue to do that. It is the medium of exchange, for example, on crypto exchanges. When you trade your dollars for crypto, you usually start with Bitcoin. Then you swap Bitcoin for other tokens or coins.
The fact that it’s very volatile (goes up and down a lot in value), versus fiat currencies, probably means it isn’t very good option for new investors to park their retirement funds in. But for now, it’s the most common cryptocurrency. Having some in a wallet on your phone, gives you an instantaneous international currency with minimal transaction fees.
Being able to buy a coffee in Japan, Russia or Fremantle, Australia, or something online, with an internationally accepted currency (with no foreign exchange fees), is a brilliant thing for travellers and tourists. I think Bitcoin will always have an important role.
What do you need to get started getting paid in Bitcoin? Was it an easy process? Did it take much time?
I found it quite easy to set up an account with GPIB, which I use to convert some of my drawings from my business into Bitcoin to keep in a phone wallet. I haven’t accumulated a great amount (less than $200 worth, actually), but I wanted to participate and understand the crypto world from the inside. The process of setting up the account was easy and didn’t take much time at all.