Freelancers are finding themselves more and more in demand in a global work culture dictated by the internet. These self-employed people are increasingly adopting cryptocurrencies as it has brought in more security and transparency to the system, reports CCN.
In a survey conducted by Humans.net, it was revealed that a small majority of freelancers working in the United States, preferred cryptocurrencies as their primary mode of payment. 38% of the respondents have been reported to periodically or regularly conduct their business via cryptocurrencies.
Freelancers who receive payments from companies which are overseas, consider the cryptocurrencies as a welcome relief. In the survey, 13% of the respondents preferred them for their ease of international payments. Traditionally, bank wire transfers and online platforms such as PayPal were the only way anyone could receive their payments. But the problem with traditional methods is that they charge a huge conversion fee in the range of five to ten percent of the total amount, and once they cross a specific amount, additional paperwork has to be filled out.
Cryptocurrency solves this dilemma by allowing the freelancers to receive payments instantly with low fees and with no paperwork. Hence, they not only ease transactions but also take the middlemen out of the equation.
Some respondents also referred to the security offered by blockchain technology for their preference of digital cash. Nearly 10% of respondents used them for low commission rates and high transparency that they provide.
Though cryptocurrencies are being preferred by growing number of freelancers, they have not yet taken over the traditional methods of payments. 41% of the people surveyed have never used a cryptocurrency, and a percentage of them have not even heard of such a phenomenon at all.
However, there is a downside to such an exchange. If there are price crashes, as observed recently, then the person would receive crypto worth less than the real-world money which they bargained for. Also, they have to be cashed out regularly to meet daily expenses as in the real world, and cryptocurrencies are still not an accepted form of payment throughout. This survey also indicates the lack of any standardized friendly options in blockchain like a PayPal, which is much needed if more people are to conduct their business via digital currencies.
Humans.net which conducted this survey is a job recruitment platform which makes it easy for a freelancer to connect with the people whom they want to work with. With no middlemen and no fees for using their site, Humans.net claims to have changed the business model of freelance sites. They would conduct another survey when their platform hits 1 million users, reports CCN.