Cryptocurrencies are all over the place and if you haven’t heard of at least Bitcoin then you’ve obviously been living under a rock. They’re the hip new way of making and spending money and as a streamer you can get in on the action too. Here is how you can accept cryptocurrency as a streamer.
Cryptocurrency Isn’t Real Money
Or at least, some people don’t see it as that so making money using cryptocurrency is a great way to increase your streamer earnings. There are many people who just think of this digital change in a similar way to Twitch’s Bits system in that it’s just coins inside the internet.
This means they’re not shy when it comes to donating via their currency of choice, whether it’s Bitcoin, NANO, Ethereum, Litecoin or any of the other ones.
In a similar way to StreamLabs or StreamElements, streamers can pop a link in their panels that give their viewers the chance to donate to their stream using a special page that will deposit the donations into their online wallet – a bit like PayPal. All the streamer needs to do then is sell their currency, when they’re ready, and it is converted to real cash in their local currency.
The main site is 1UpCoin but before jumping straight to them it’s worth signing up for the two websites they use for handling the cryptocurrency. You can sign up the other way round but I think this is the quicker process.
Nanex offers the buying and selling of a range of currencies but they specialise in NANO. Signing up for one of these wallets is quick and easy, as well as being very secure.
As with most online wallets, Nanex has additional authentication methods which keeps your details and currency safe.
Coinbase will be your main wallet as this company, in my opinion, is more popular than Nanex. Again, this site is extremely secure with two-factor authentication.
Both wallets have a range of fees that are charged for buying and selling, as well as withdrawing funds. One bonus for Nanex is that they don’t charge a fee for NANO transactions. You can check the fee costs for each service below:
After setting up both wallets you can then register for an account with 1UpCoin which is the main base for your donations.
Similar to StreaLabs or StreamElements, you have a donations page which you can customise with your own heading. While here, donators can leave you a message and select their currency of choice.
If you’re a StreamLabs user who has notifications set up for donations then you can link your accounts so a cryptocurrency donator also receives an on-screen donation, like the others.
With a simple to use dashboard, you’re able to check who donated with their included message.
Obviously like any currency, cryptocurrencies fluctuate in value. You might get donated $25 today and tomorrow it’s worth $15 or, if it’s in your favour, $50. This is something you have to bear in mind when it comes to withdrawing your donations.
Other than that, I personally don’t see why every streamer isn’t already accepting it as a form of donation, I know I am. If you’re a new streamer, even if you haven’t hit affiliate yet, then I recommend adding this option to your panels – you never know who might pop along.
If you have any questions about getting started then drop me a message below and I’ll do my best to answer it as soon as I can.