The post-pandemic working world is a different place entirely. These days, many people have given up their nine to five jobs to work from home, joining the gig economy where projects are more short-term and schedules are flexible. After all, all one needs is a reliable internet connection and a space to work.
These temporary projects allow for more freedom when it comes to creative licence, time constraints and living a life best suited to the individual. And they just got a whole lot easier thanks to the electronic payment system that is Bitcoin (and other crypto assets).
The gig economy meets blockchain
There are plenty of upsides to working in the gig economy, most notably that you can pick your own hours. As you are in control of your schedule you can choose your vacation times, you’re your own boss, and you get to choose what jobs you take on.
In the UK alone the gig economy between 2016 and 2019 doubled in size, equating to a staggering 4.7 million workers. Meanwhile, in the European Union, the number of freelancers rose by 24% between 2008 and 2015, from 7.7 million to 9.6 million people.
The U.S. Bureau of Labor Statistics reported that 36% of all employees in the United States are part of the gig economy, approximately 57 million people. Unfortunately of these 57 million, 58% reported that they have not been paid for work that has been completed.
This problem could be solved through the use of blockchain and smart contracts. Smart contracts are digital agreements that automatically execute once the criteria have been met. Say you agree to complete a project within a certain time frame, once the project is completed and submitted, the payment is released. No need to request or accept payment, the funds are cleared and deposited directly into the relevant account.
Another positive to merging the gig economy with blockchain technology is the use of cryptocurrencies.
4 reasons why getting paid in crypto just makes sense
While smart contracts would need to be made in order for them to smoothen out the wrinkles of unpaid jobs, cryptocurrencies are available right now. The benefits of crypto transactions when it comes to working remotely are outlined below.
1) Cryptocurrency transactions are fast and cheap
While the thought of using Bitcoin payments might sound scary, they are in fact simple to send, receive and withdraw. With the use of blockchain technology and the Bitcoin network, international transactions can be completed in minutes with considerably fewer fees. Not just Bitcoin, all digital currencies for that matter.
All you need to do is pick a cryptocurrency, share your wallet address and wait for the crypto transaction to clear. Ideally, find a platform that can spend the funds directly to your bank account.
2) Anyone can make crypto payments
While opening a bank account is typically a very tedious task, opening a crypto account is less so. Anyone anywhere in the world can easily create an account, add funds, and start transacting. As the network is entirely digital, employees and employers based anywhere in the world can tap into this and effortlessly make crypto payments.
3) You can work from anywhere
On that note, cryptocurrencies give you the freedom to work anywhere in the world as there are no constraints on receiving payments allowing you to sell your skills in the global market. There has also been an increase in jobs looking for freelancers that are willing to accept cryptocurrencies.
4) Low transaction fees make small jobs worth it
If you've ever been hesitant about accepting small jobs, this is the one for you. When small jobs pay less, the payments might frequently be entirely overwhelmed by the transaction fees associated with receiving your payment for the job.
That is not the case when it comes to some cryptocurrencies, with Litecoin for example charging $0.02 per transaction.
How to get paid in cryptocurrencies
If you’ve decided to take the plunge, you can either request that your employer pays in crypto, or specifically look for crypto-paying jobs (more on this below). The next step is to set up an account from where you can receive said crypto.
If you do not have one already, you will need to create an account on a cryptocurrency exchange or set up up a crypto wallet. Typically for an account on a cryptocurrency exchange, you’ll be asked to fill in some personal information and then verify your identity with a government-issued identity document. This is all very normal and is required by law.
Once your wallet is set up, locate your specific wallet address and share the details with your employer. As always, approach cryptocurrencies with caution and ensure that you understand the risks associated with them beforehand. Please contact a financial advisor should you be unsure, and only work with licenced and regulated crypto platforms.
If you’re looking for jobs that specifically pay in crypto, look to Purse.io, Ethlance and Coinality. These are part of the gig economy and pay in cryptocurrencies.
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