Five Benefits of Accepting Cryptocurrency as Payment
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Both the gig economy and the blockchain sector are expanding rapidly, and there is a growing pool of people who enjoy the benefits of both in making a living. For the digital nomad or freelancer – as well as for forward-thinking businesses – there are great benefits of using cryptocurrency to send and receive money.
1. Access new opportunities
Not so very long ago, you had to be in the same location as your employer to do your job. Even with the rise of the internet and the possibility of remote working, many businesses still preferred you not only to keep regular hours but come into the office too. But that’s changing.
The development of the gig economy, driven by new economic realities as well as new technologies, has enabled a subsection of the workforce to leave behind the conventional 9-5 and work from their laptops. Accepting cryptocurrency is another phase in the growth of that new economy. Not only is location no longer a restriction; neither is currency. Because Bitcoin and other forms of blockchain-based money are truly borderless, it’s possible to access work from anywhere in the world and get paid in crypto, no matter what the amount. You can work from your living room for an employer on the other side of the world. Forget figuring out how to accept roubles or the best way to change your dirhams to dollars: using a universal currency makes international business frictionless.
For employers, there are much the same benefits. Freelancers can access work from companies anywhere in the world, and those companies gain access to a global pool of talent. It’s win/win.
2. Work from anywhere in the world
Not only can you access opportunities no matter where the employer is located: you can work from anywhere you want, too. Feel like living the lifestyle of a true digital nomad, traveling the world but enjoying the security of regular but highly flexible employment at the same time? Crypto is your gateway to that goal. So long as you have your wallets and banking arrangements set up, you can seamlessly accept funds in crypto, and then either deposit them to your bank account to spend via a credit/debit card or keep them in crypto to use directly. You’ll find that some cities have a thriving Bitcoin and crypto scene, and you can use these networks to cash out directly to the local currency – as well as meeting some great people and finding opportunities to get involved in some amazing initiatives.
3. Kiss goodbye to bank transfer charges and delays
Banks make it needlessly time-consuming and expensive to move money from one country to another. For some reason, global financial institutions with branches around the world seem to think we won’t notice if they take three working days to update our accounts, or both charge large flat fees and impose an appalling exchange rate on each transaction. If you’re accepting small amounts of money – probably less than $200 at a time from different clients – then these charges can make it utterly uneconomical to get paid in another currency.
Crypto, on the other hand, is perfect for smaller transactions and even ‘microtransactions’ – amounts of just a few dollars or less. Transfer fees are typically no more than a few cents at the most, and the commission fee that exchanges charge is a percentage of the amount (typically around 0.5-1%). Note that if you’re regularly transacting very small amounts, you might want to use a coin with good liquidity but very low fees, such as Litecoin.
4. Become part of a fast-moving new sector
There are lots of opportunities in the crypto sector for developers, content creators and marketing specialists – all jobs that can be done from a laptop. You’ll learn new things, meet new people, and play a role in one of the most exciting movements of our generation. Crypto is still in its infancy and it’s possible to make a real difference, shaping the landscape and helping to launch projects that will change the world – and in some cases, that already are.
5. Keep some as an investment
This bit doesn’t constitute financial advice but, despite the current bear market, one of the things that has attracted early adopters to crypto are the significant increases in price we’ve seen since Bitcoin first appeared on the scene. There are no guarantees of whether these impressive bull markets will happen again, and if so when, but if you want to tuck some of your crypto earnings away as an investment, you can allocate funds across many different crypto and real-world currencies, diversifying your risk.
J.P. Thieriot, CEO of Uphold.com