The internet has completely changed the way freelancers not only make money, but also where they can find work and start building a portfolio of clients in the process. Over the past several years this process has become more effective and easier to turn into a legitimate business as more freelance marketplaces have found success in many different global and niche markets online.
However, we would be jumping the gun to say “all is well” in the world of freelancing. There is always room for improvement, which may now be closer than ever thanks to the recent implementation of blockchain and cryptocurrency being used not only for payments but also for information and connecting individuals together — especially in the world of online business and hiring freelancers.
Today we are going to look at a few different ways blockchain and cryptocurrency can start making the process of online transactions and freelance work a whole lot better for all sides.
Say Goodbye to Transaction Fees
While every marketplace is likely going to have a transaction fee in place, they don’t need to be massive in size, nor pass along these fees to the freelancers. Often times, transaction fees are in place for marketplaces to make money, but this fee should often be paid on the client side, and not those accepting incoming payments.
When looking at blockchain and cryptocurrency, these elements can potentially eliminate the need for transaction costs all together — while also making each transaction more trustworthy and seamless.
A perfect example of this can be seen with CanYa, which is a decentralized marketplace for peer-to-peer services. Instead of limiting their users to traditional payment methods like bank accounts and credit cards, they have their own cryptocurrency in place to work as a universal payment across as users.
The way this works is simple. After becoming a member on their site, users can load their digital wallet with crypto, which can then be used to buy something or seamlessly pay on the go with an account linked credit card. In reference to freelance work, CanYa also has a global marketplace that allows for anyone to retail their skills and services to clients around the world. The benefit here is that it’s all done through a trustless payment system, where $100 in payment and actually results in $100 in payment.
With more than 200 different ways to spend and earn cryptocurrencies on the network, CanYa is quickly paying the way for digital transactions.
No More Waiting Around for Payments
When running any type of freelance business online, whether it be writing, design or programming work, one of the most frustrating aspects of it can be waiting around for payment or having to chase after clients for payments altogether. While they may be an opportunity to earn more when working directly with a client, there is also the chance for not getting paid, or having to waste too much time and resources on managing them.
As more businesses and online marketplaces continue to adapt cryptocurrency into their business models, waiting for payment from clients will essentially no longer be an issue. Since the opportunity is there to pay with a credit card or bank account to purchase digital currency, there is usually a third party in place to handle the funds or make sure they are paid out accordingly once the service or product is received. However, as pointed out in this Entrepreneur article, with the addition of blockchain, “point-to-point transactions are possible without the use of a middleman” — which still provides security for both sides of the party, while also eliminating transaction costs and fees in the process.
While similar concepts of this already exist (without the blockchain component) on other freelance writing platforms like TextBroker and iWriter, it might be limited in the methods in which clients around the world can fund their accounts. With a cryptocurrency provider or marketplace in place, it allows for not only more financial opportunities but also helps eliminate the risk of not receiving payment in the process.
Get Paid When You Want to Get Paid
One of the most common complaints we hear about online marketplaces, are the limitations and requirements in reference to when, where, and how funds can be withdrawn. Not only are there often limitations in place for how much a freelancer must earn before payment can be withdrawn, there are usually limitations in where and how that money can be sent.
Referencing back to CanYa and their cryptocurrency based marketplace — with blockchain and cryptocurrency now in play, this eliminates the need for such withdrawal and earnings limitations. When a freelancer places an online gig onto their platform and is paid for a service, they are paid in CanYa coins, which can then be transferred to any currency of their choosing.
As many people have seen with the recent volatility in Bitcoin lately, the concern for earning more or less for your services is one that many freelancers might be thinking about. However, CanYa already has a solution in place for this, as all transactions are hedged against a stable portfolio, meaning that end users aren’t affected by Crypto volatility.
With such an effective means for limiting transaction costs and increasing withdrawal options, it will likely only be a matter of time before more marketplaces and businesses continue to adapt such technology into their own day to day operations.
How Blockchain and Cryptocurrency Will Continue to Change Freelancing
While we looked at a few different ways blockchain and cryptocurrency is changing the financial and transaction side of the business for freelancers, many other improvements are in play as well.
Not only can freelance marketers earn more money with these new digital currencies and technology in place, they can also find that it’s easier to find more opportunities, while also connecting with others and accepting payments from around the world.
With less financial limitations in place and more freelancers and business looking to engage in new work daily, it’s a win-win situation for both those looking to hire and those looking for work.