Why Freelancers Are Turning to Blockchain for Payments
Freelancing has become a significant part of the global job market in recent years. As traditional job roles evolve, more people are choosing freelance work to have flexible schedules and diverse income streams.
One pressing issue that freelancers face is the hassle associated with receiving payments, however. Traditional banking methods and online payment platforms often involve high fees and may not be accessible to freelancers in all parts of the world. That’s where cryptocurrencies like Bitcoin and Ethereum are stepping in to offer an alternative that addresses some of these limitations.
The digital age has made freelancing easier and more accessible. From graphic designers in the United States to software developers in India, freelance work is no longer confined by geographic boundaries.
According to World Bank nearly 1.57 billion people worldwide are engaged in freelance work. This isn't surprising, especially when you consider that in the Asia Pacific alone, nearly 85% of hiring managers are choosing to outsource to freelancers.
The market for freelance platforms has grown accordingly, now valued at around $3.39 billion globally.
Interestingly, the freelance workforce skews young, with nearly 70% of freelancers being 35 years old or younger, according to Payoneer data. This could suggest that younger generations are more open to non-traditional forms of employment, further emphasizing how freelancing is becoming a mainstay in today's work environment.
However, this vast global reach also brings its own set of challenges, particularly when it comes to receiving payments.
Freelancers often have to deal with expensive international fees when using traditional banking systems. For instance, wire transfer fees can be quite
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