In the existing freelancing industry, lots of platforms just permit independent professionals to use one bank account. In addition to limiting freelancers to making use of fiat only, this can likewise trigger considerable lag times when staff members deal with companies overseas.
To attempt and fix these user issues, payroll and invoicing company Bitwage is presenting a freelance market, allowing people to hold multiple bank accounts to more smoothly procedure payments for freelancing and to accept crypto assets. The new platform is presently in beta.
” Bitwage can generate savings account for users specifically for their relationships with their company or customer,” Bitwage’s co-founder and CEO Jonathan Chester told Bitcoin Magazine. “Through a collaboration with a brand-new banking partner, we are able to generate unique accounts specific to each unique client/worker relationship.”
He described that these unique accounts allow for faster confirmation of receipt of funds, much easier accounting management and the ability to earn money from any client, employer or platform.
Simply put, it’s possible for a far more diverse base of users to efficiently carry out payment transactions utilizing Bitwage.
Bitwage Seeks to Help Freelancers Gain More Bitcoin-Paying Work
According to Chester, “A freelancer can get from Upwork, Freelancer, Toptal, etc and make money in BTC or through crypto to receive fiat into their checking account quicker and cheaper than the solutions offered straight on the platform.”
He added that the business already sees usage “from users around Latin America, particularly in Brazil, Argentina, and Mexico,” so most likely there will be room to expand.
Chester went on to say that the business has “had many freelancers around the globe requesting solutions that link to freelance platforms.” The Freelance Marketplaces are “the result of numerous months of preparation and structure relationships,” and Bitwage is “wishing to soon reveal connections into some other amazing platforms.”
While the platform is in beta, users can join by calling Bitwage via private DM on its Slack channel or by emailing the business directly at [email protected] Once it is fully launched out of beta, users will have the ability to develop accounts through a website and get automatic deposit notifications through SMS, email and on the platform.
” Bitwage is focused on being the worldwide entrance between the crypto and fiat worlds in the context of worker/company relationships,” stated Chester. “We are excited to continue innovating and introducing bitcoin to mainstream applications.”
38% of Freelancers Regularly Use Cryptocurrency, CCN Survey Reveals
According to a recent Humans.net study, part of which was covered just recently by fellow CCN’s Joseph Young, 38% (385) of the 1100 people surveyed, all freelancers living and working in the US, occasionally or routinely utilize cryptocurrencies, compared with 24% who had actually never heard of it before. 41% of people had actually never ever utilized them previously, and certainly, that figure includes individuals who had never become aware of it.
Surveyed parties pointed out global payments and lack of intermediaries (direct payment) as the benefits of cryptocurrencies in their view, as shown in the graphic below.
Digital freelancers are the jack-of-all-trades of this digital era, and tradespersons have actually traditionally preferred cash payments for many reasons. One is that you don’t always have a solid working relationship with your customers, and in spite of the many websites like Humans.net or Upwork, making money can be an inconvenience. Bitcoin and other cryptocurrencies were created as a way to take the trust out of the equation. The payment is either made or not, and as soon as it is, the receiving party has the funds so long as they manage the private secret connected with the receiving address.
As specified in our previous reporting, 29% of the surveyed people wanted to receive all or part of their pay in cryptocurrency. While services like Bitwage.com make it possible for someone to receive a portion of their income from any company in Bitcoin and the rest is transferred to their bank account as routine fiat, there is a high probability, given the growing demand, that mainstream freelance platforms will start to incorporate such functionality by themselves.
One disadvantage is that the freelancer does not have a say in whether they really want to perform the crypto purchase. If the price happens to jump up around that time, they simply get less crypto. All such problems can be exercised through beta testing, naturally.
Humans.net site is a more recent entrant in the freelancing space which boasts that it has basically changed the business model of freelance websites. Websites like Fiverr charge the employee a crazy 20%, while websites like UpWork charge for practically everything that takes place on their site. Peer-to-peer innovations like the blockchain make such situations seem absurd on the way out.
It would appear the lesson from this first study (Humans. net intends to conduct another when their platform hits 1 million users) is that there are not currently adequate freelancer-friendly options in blockchain. Coinbase is not the new PayPal, and neither is Bitpay, and definitely, neither is your basic crypto wallet. The new Waves mobile wallet goes a long way to this end, now the onus is on Waves to establish integration with platforms, and regrettably, they stay concentrated on the over-saturated digital currency exchange market.