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That makes sense. Also, for now, I don't believe the bitcoin denomination would hold up in court.
If there were significant appreciation, they could probably get away with paying at the initial exchange rate, so you also need to have a lot of trust in your counterpart.
I don't believe the bitcoin denomination would hold up in court.
Depends on the jurisdiction. Though the ones that uphold foreign denominations that I personally have experience in ban Bitcoin denominated contracts, so I can't say I've gone through that motion. Worse, in the case I mention above, all Bitcoin contracts are extralegal: you can't turn to the courts.
they could probably get away with paying at the initial exchange rate, so you also need to have a lot of trust in your counterpart.
Yes. In my case, they paid all milestones during price depreciation, just not the last one after significant appreciation and aren't willing to negotiate, or at this point, respond to me at all. In my mind I have written it off.
That sucks. I can't even imagine how bitter I'd be about that situation. I'm still holding a grudge about someone not paying me $75 twenty years ago.
all Bitcoin contracts are extralegal: you can't turn to the courts.
Why would that be? I'm only familiar with silver and gold denominated contracts, in this context. Those are considered legally binding in America, although the obligation to make the payments in the specified media is not.
bitter
I'm often very forgiving, but in this case I'm not. Also because it actually hurt me, a lot.
Note that I am not in the US. Without doxxing too deeply, there are a couple smaller jurisdictions on the planet that simply declared Bitcoin (or well, "crypto") extralegal by saying: do whatever you want, but by doing so you're not operating within the legal system, so don't come running to the court if you have a problem. That's pretty much what that law says. Unfortunately, that's where my client is domiciled, and more unfortunately, that law was introduced during the project, but before I started on this last unpaid milestone. I do think that there is an opportunistic component to this, but I will hold a grudge even if that isn't so.
As an independent contractor that is still owed a couple whole coins from a contract that was set a couple of years ago and delivered late 2024, I don't recommend doing BTC-denominated long-term contracts, for now, unless you're doing business with a counterparty that has more income denominated in sats than you are owed.
For small contracts, the volatility can still be brutal, but the impact is smaller and easier to negotiate.