It goes without saying that there’s been a lot of change in the last few years; one of the biggest is how we work and, more importantly, how we control our finances.
Embracing crypto payments and their flexibility can have a huge impact on the incredible talent you can attract to your business, giving you access to people worldwide without the complexities of traditional banking for them. Read on to learn more about why more people are turning to crypto payments to get paid.
A little refresher: What is Crypto, and what are Crypto payments?
You’ve more than likely heard about Cryptocurrency and Crypto payments but might not actually know what it is.
Getting geeky, the word itself tells us a lot. Crypto means ‘hidden’ or ‘secret’, is because of the secure technology that is used. The technology is important as it can track who owns what and how payments are made. Currency is pretty self-explanatory as it means cash, in this instance, a type of electronic cash. However, instead of the types we have had before, this type of currency is a peer-to-peer system.
In terms of payments, however, that’s where things get interesting. Crypto payments themselves are the transactions of digital currency, whether that’s Bitcoin, Ethereum, or Ripple. These currencies use blockchain technology for secure and decentralized transactions that also use cryptographic algorithms, which make any fraud attempts extremely difficult.
But what does cryptocurrency mean for the global workforce, and how can it change things for the better? Read on to find out more.
Crypto Payments Impact on The Global Workforce – A Match Made in Heaven?
Getting paid in Cryptocurrency might seem futuristic, but it may not be as far-fetched as people once thought. The world has changed drastically in the last few years, and while a lot of us maybe have finished Netflix and made way too much sourdough during the pandemic, it also put remote working at the centre of the conversation about the future of work. While at the same time, over a third of the US workforce alone became freelance over the pandemic, as reported by CNBC.
With these changes, the reality of being paid in crypto is already here. As Eric Barbier, CEO of Triple A, explains, “Over 400 million people around the world are using crypto; it has become something as big as Paypal, that’s why more and more people should pay attention to it.”
The importance, he explains, also extends to how freelancers and contractors are looking to be paid “More and more people in emerging markets such as freelancers are using crypto to get paid. In many emerging markets, it’s quite difficult to keep US dollars at their highest rate as it automatically gets converted into the country’s currency, so more people are turning to crypto to keep the value in USD and convert when they are ready.”
Ok, so what are the positives of crypto payments?
There are many positives when it comes to switching to cryptocurrency for payment, but the most prominent is the opportunities it can bring for both businesses and freelancers.
As Vamsi Krishna, Co-Founder and Chief Product Officer at Multiplier, explains, “There are multiple benefits to being paid in crypto; first and foremost is the access to global opportunities. Currently, you may need to worry about opening a bank account in the same currency you’re being paid in, such as USD, worrying about baking and regulation limits, but having crypto as a payment option enables you to get employed anywhere in the world, there are very limited restrictions compared to traditional fiat models, meaning it really opens up the talent pool for companies and the opportunities for freelancers.”
A crypto solution, whether via a crypto payment platform or outsourcing to a crypto payment provider, is crucial to the future, particularly as the gig economy continues to grow. It’s expected that over 50% of the US workforce is likely to be a part of the gig economy by 2027 while generating $204 billion in gross volume globally.
You snooze, you lose
A Triple A survey showed that 61% of freelancers surveyed across 11 countries own a cryptocurrency – further showing its increase in popularity. For businesses that work with freelancers, being able to pay them in their chosen currency is crucial and, let’s face it, makes them much more appealing to work with. This means, in short, attracting the best freelance talent in the gig economy, making crypto payments crucial to the future of finance. Is getting ahead of the crowd on crypto payments a flex? We definitely think so.
Want to try crypto payments or find out more about them? Talk to our experts.
