Stable Coin. USDC, USDT, or DAI.
All subscriptions on BackedBy are paid in stable coins. USDT, USDC, and DAI. These three stable coins are pegged to the US Dollar and have a long-standing track record of retaining their value. They can be swapped for dollars and vice versa all over the world. On many exchanges, Coinbase for example, you can convert fiat US Dollars in your bank account to USDC in your Polygon wallet for free.
Why Stable Coins?
You can’t plan your future in a fluctuating currency. If you are making $1,500 in subscriptions every month, you don’t want to wake up and discover that you’re making half because the crypto market tanked. Likewise, you don’t want to price out your subscribers because Dogecoin or Monero happens to moon. Look at what happens when Netflix raises their subscription rates by $1.
Maybe someday the price of milk and rent will be given in Bitcoin, but for now, it’s in USD. And that means subscription are stable coins.
Can I get paid in RANDOM TOKEN?
Not right now. Eventually, the BackedBy protocol (the smart contracts) will be configured to accept any ERC-20 compliant token. That means you’ll be able to build your own Doge platform, or even your own token or other payment contract! We plan to roll out several widely used currencies in the future, but we will always give creators the option to opt-in and never force them to accept a currency they don’t want.