Hello fellow Udemy Instructors, hope we're making sales!! 😀😀
Okay. I have a suggestion to make and I hope other instructors as well as Udemy buys the idea
My suggestion is that Udemy should consider adding crypto payment method for instructors as this will really really be appreciated by many of us, and no doubt, greatly ease out the issue with payment, withdrawals delay, and other unforseen problems the already available payment methods has.
As a new instructor on Udemy, there is nothing more encouraging than to be able to withdraw your 'hard-worked' money without stories. Currently, I use payoneer and I know what it's like to have only $12 in that account, but unfortunately I can only see that money but can't withdraw as they have set the threshold to $50. When on earth will I save up to that amount? To even make things worst, my hard earned $12 was deducted for Account Activation fee! 😢😢 This is not fair. I wonder what am supposed to do when all I have is $12, but if we were to have crypto payment, all we need to do is add our wallet address and get paid seamlessly.
Pleeaasse, please, let Udemy look into this area for us instructors. That will be a great boost for us to even create new courses 😁
Please, fellow instructors, what do you think about this? Your contribution matters. Please, let Udemy hear our voice!
Crypto payment should be a priority in this 21st Century and beyond, not only on Udemy, also on other platforms.
There was a post about this a few years ago. Most of the respondents were against it (and so was I).
But I think the past 3 years, and in particular this year, have shown that crypto is starting to become an established means of storing and transferring money. Many governments are starting to recognize crypto as assets (and tracking/taxing appropriately), and many large and established financial institutions are getting involved. Together, these are starting to stabilize and legitimize the crypto scene.
Bitcoin and Ethereum are too expensive for making frequent and often small transfers, but there are plenty of other coins that have extremely low usage costs, and the flow of money can be easily tracked through wallet addresses.
So I can imagine having registered wallets (that is, instructors must prove that they own the wallet that gets paid into) as a payout option, and instructors could then immediately transfer it to their local currency/bank, or leave it in the coin if they want. I know the US instructors all think paypal is fine, but the international instructors are really losing a lot to useless middlemen and crappy forex.
Other coins aside Bitcoin and Ethereum can be used for this purpose. As a matter of fact, many people this days are going after those smaller coins. I mean, shying away from embracing cryptocurrency as a means of payment or transaction in this 21st century is like shying away from using the internet, and that would be very funny.
Udemy, please, look into this for the sake of those instructors that are not US based. If we worked hard enough to put a course together to educate and help people, why should we be losing our rewards to people that knows nothing about how the course came about?
I would base that on if it would actually bring new students or not, I would assume only a tiny fraction would ONLY be able to pay with bitcoin, vs PayPal/CC.
Then there are the implementation costs for something that may not raise profits, and the tax regulations that Udemy has to comply with, this will just complicate them.
Would it be fun to do? yes.
Would it drive more revenue? Probably not.
I wasn't thinking about students paying for courses, but for Udemy paying out to instructors. From that perspective, it wouldn't increase revenue; it would be prevent us from needlessly losing money (I lose many thousands of euros each year in payoneer/forex fees, which could all be avoided).