Freelancing and Bitcoin: the Standalone Economy

How do freelancing and bitcoin coincide for good? What are their roles in this new digital economy? For those who love bitcoin, and seek career and financial freedom, this article is for you.

Also read: Europeans Can Now Get a Bitcoin Salary, Save Their Boss Money

The Increasingly Freelance Workforce

In America today, there are 53 million freelancers. Over the last five years, the number of freelancers has doubled. 

Moonlighters who freelance while keeping their day job has also increased three times, making them 20-percent of the total freelancers’ cohort.

By 2020, this number is forecast to increase to a whopping 50-percent of the entire U.S.’ workforce.

Freelancing, Discipline and Technological Unemployment

To set the record straight, “freelancing” is not a word of convenience for the unemployed group who refuse to step into clockwork working society.

Freelancers often have to go through qualifying rounds before getting freelance work. Therefore, more often than not, they are the ones with the self-discipline and passion for the work style they chose.

Traditionally, there has always been a positive correlation between productivity and the employment rate. However, this may no longer be the case.

The birth of Internet and other technologies benefited individuals and economies significantly. Efficiency, convenience and productivity all increased. However, they do not come without negatives.

One of these is “technological unemployment”: i.e.: technological progress increased economic growth by accelerating productivity and output levels — paradoxically at the cost of employment rates within specific sectors.

Nonetheless, in part, the term technological unemployment may have been exaggerated. Many individuals grew fond of technology, and recognize that flexibility and adaptability are crucial.

Therefore they begin to pick up new skills and learn the technical know-how to ensure a place in the workforce.

Technology as the Driving Force for Freelancing

The rise of startups leveraging the power of the decentralized internet, concurrent to the development of blockchain applications, have helped to redefine remote work as an acceptable norm lately.

Thus, it did not come as a surprise that most freelancers came from the financial, technology, software and recruitment industries.

Bitcoin provides economic liberty for the unbanked as it goes where the big banks deem troublesome. For the billions of people who are unbanked, freelancing and bitcoin pull talent and banking together instantly.

Also, most freelancers do not get to enjoy retirement schemes, and their insurance payments are mostly out-of-pocket. Therefore, the mode by which they receive their wages could make a difference.

Bitcoin Freelance Platforms Begin to Emerge

The concept of freelancing and bitcoin together are gaining popularity in every part of the world.

Platforms like XBTFreelancer, BitLancerr, and Fiverr (to name a few) gave rise to freelancing and bitcoin as income rewards. These platforms that marry freelancers and hirers seem to place all parties in a win-win situation- Fees are usually no more than 10 percent*, halving that of a fiat payment freelancing site, e.g.: XBTFreelance vs. UpWork.

This savings average out to higher hourly wages for the freelancer. Assurance from escrow features and removal of risks from credit card information theft are among the many attractive factors.

Bitcoin’s Volatility and Cashing Out

One man’s meat is another’s poison: while some love the possibility of their earnings doubling in the next few months, others have second thoughts about that.

Freelancing and bitcoin are not all that risky. Users can rely on less volatile altcoins as a hedge, options and futures trading to cushion volatility are also available.

If cashing out bitcoin into fiat currency seems inconvenient and pricey in some regions, there are websites like MyDish, Quantified, Bylls, coinsfer, and others. Also, don’t forget the many bitcoin-accepting merchants online.

Card providers such as WageCan allow freelancing and bitcoin to co-exist in freelancers’ favor. Unlike some card providers, selling bitcoin prior to needing fiat money is not necessary. Bitcoins are only converted, based close on real-time exchange rates, at points-of-sale or ATM withdrawals. 

Thus freelancers can better manage their finances and only utilise bitcoin as a payment method when the value of bitcoin is to their favor.

A Whole New Standalone Economy

Freelancing and bitcoin have, and will continue to, disrupt employment — but in a positive way.

Whether one is in a cash-strapped situation or has the need to feel richer, the escalating growth in this new bitcoin economy is ready to do wonders for you.

Are you part of this freelancing and bitcoin economy? If so, what are your thoughts? If no, share with us what could have been stopping you.

Image Credit: Pexels, techinasia (Ds02006)

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