Get paid out in Fiat

[Milo123459]

Hi all. I really like Storj, but I want to get paid out in Fiat (preferably without touching any crypto). Any ideas on how I could go about achieving this? Is there a way to do this in the dashboard?

[Roberto]

No, it’s not possible. Storj pays in crypto so as not to have to fight with all the laws of the various countries where the nodes are held.

[Milo123459]

Thank you for the reply. Do you know of any automated services? Perhaps I can chuck it into a crypto.com wallet and convert to fiat?

[Roberto]

They advise against putting a wallet for which you don’t have the keys, but it’s not forbidden and it simplifies things a lot…

[Milo123459]

Right. Just to be clear, does it have to run on Ethereum? The fees kill it.

[littleskunk]

You can also use zkSync. I don’t think any fiat gateway supports zkSync at the moment so you could only covert it into another crypto currency without having to leave the zkSync ecosystem.

[Milo123459]

What is zkSync? Please let me know.

[bre]

zkSync is a L2 solution on Ethereum

zkSync — Accelerating the mass adoption of crypto for personal sovereignty.

This thread will explain zkSync in the context of SNO payments

SNO Payment mega-FAQ

SNO Payment mega-FAQ What is Storj? We explain a lot more over on our website, but Storj is basically AirBnb for hard drives. Some people have free hard drive space (you?), and some people need hard drive space to store their data. Storj connects people who have space (storage node operators, or SNOs), with people who will pay to store data. Data is stored on the Storj network. How do I get paid as a storage node operator? Certain peers (called Satellites) on the Storj network manage details of…

[Alexey]

In case of Ethereum, you need to have either keys for your address or their wallet should support ERC20 tokens.
Please note - it’s their wallet, not yours if you do not have keys. So if you send something what they do not support - it would be probably lost. They could also change a deposit address every time without a previous notice, but your payouts will be sent to a previous one. The result will be the same - they likely would be lost.
If they decide to stop withdrawals for any reason (or even run with your money), the result would be the same.

[Arkina]

Here the Process how i usually handle the Payouts:

I switched to zksync a few Months ago (less fees, 10% Bonus, yay!). When i get the payment (to an address which i hold within my Ledger) i swap is asap out to a Stablecoin (USDT in my case) via the zksync chain. With the 10% Bonus usually i get a bit more as i have earned and for sure enough to cover all fees, also i do not have to deal with the pricefluctuation anymore at this point. I still hodl a small percentage in storj tokens, so if the price rises, payment day

In my case have an ecommerce shop where cryptos are accepted and thus i reinvest the earnings for bigger Drives. Otherwise i would keep the USDT and once gathered enough i will trigger an Payout via Binance (as i have an verified account there).

[Milo123459]

So, from my understanding, I can get payouts on the zkSync chain. Then I can swap whatever crypto I am paid out in for something I can exchange in my Crypto.com wallet.

[Roxor]

@Mitsos

You shouldn’t. You should sell your payout the moment you receive it. This isn’t an investment.

This. So much this. The STORJ token is just a way to distribute value worldwide without dealing with the hundreds of restrictions on moving fiat globally. Sell every coin immediately.

[Pentium100]

@Mitsos

You should sell your payout the moment you receive it.

And get most of it eaten by transaction and exchange fees?
I wait to get what I think is enough tokens, then I wait for the price to increase and then I sell them.

[Mitsos]

@Pentium100

And get most of it eaten by transaction and exchange fees?
I wait to get what I think is enough tokens, then I wait for the price to increase and then I sell them.

And get most of it eaten by transaction and exchange fees?
I wait to get what I think is enough tokens, then I sell them.

FTFY, you are welcome.

[Pentium100]

I wait for a good price first. I may sit on the tokens for long time until I decide to sell them.

[Mitsos]

Sending your payout to an exchange means you are risking 1 month’s payment in exchange (no pun intended) for a -0.40% fee (typical exchange fee). While you are waiting for “a long time”, the loss could be 10%.

[Pentium100]

Or it could be gain. I treat STORJ tokens like any other crypto that I have mined.

[gingerbread233]

I collected a few tokens over time, because the monthly payout was mostly small, I did not sold my tokens immediately, in this time I noticed that even though I got paid, my overall value in € shrunk (excluding possible bullmarkets). So now I’m willing to hold a fixed amount of Tokens (for potential altcoin seasons), an will sell the rest immediately. Depending on your monthly payout, it can be seen as recommended.

[Pentium100]

To each his own. I usually wait for having enough tokens to be worth the effort and transaction/exchange fees and a favorable exchange rate compared to ETH (usually when ETH is low), then I exchange STORJ for ETH. I think I made a profit doing this (as long as ETH does not crash to zero).

[Alexey]

@IsThisOn

Moving fiat globally is mostly easier and cheaper.

Did you ever try? You are in EU, try to send something to Asia. Or receive somewhere like Africa. I wouldn’t say about countries with a Currency Control like Russia or Chine. Even in EU it is not easy to even use Credit Cards, see

Accepting PayPal as a payment method on Storj

I don’t know if it has to be simple. It has to be what the customer has. I know a potential user would eventually use Storj as backup who has Paypal but no credit card. And no, Storj tokens are not an option.

Do not tell me stories how is it easy for the company to pay their contractors in fiat. To 105 countries and being compliant with all their requirements. Good luck.