The Impact of Bitcoin on the Gig Economy

As the gig economy grows, Bitcoin is becoming a significant part of its growth. Learn about Bitcoin's impact on the gig economy below.

The gig economy is growing fast. That's part of the economy characterized by temporary jobs or projects and freelance workers. The traditional formal economy with formal employment structures needs to be more relevant for the new generation of workers, mostly Gen Ys and Gen Zs. With more people joining the gig economy, it is crucial to understand how cryptocurrencies, particularly Bitcoin, affect this economy.

Bitcoin is the most successful and favorite cryptocurrency. Since its launch in 2009, Bitcoin has attracted millions of users worldwide. Overall, Bitcoin has become a significant part of the global economy. Millions of Bitcoin transactions occur daily. Bitcoin provides an alternative to conventional fiat money.

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Expanding Gig Economy

Bitcoin is expanding the gig economy in several ways. Amazingly, the two trends are happening simultaneously, providing room for Bitcoin to impact the gig economy. Overall, Bitcoin is a universal or borderless digital currency. People can use Bitcoin anywhere in the world, provided internet connectivity exists. 

Money is a vital part of the gig economy. Freelancers need the payment for the projects or jobs that they do. Traditionally, various payment options, including wire and digital transfers, have facilitated payments in the gig economy. However, these alternatives had limitations regarding availability, cost, and speed. For example, using wire transfers could take days. Moreover, not all national currencies are acceptable everywhere.

Bitcoin eliminates the challenges of traditional payment or money transfer options. The fact that Bitcoin does not link to any government or geographic region has made it a better choice for making payments in the global gig economy. Most freelancers prefer payment in Bitcoin.

Moreover, Bitcoin is open to anyone with internet connectivity. Freelancers that could not use existing money transfer options are now turning to Bitcoin. For example, a freelancer who does not meet the required age limit to use PayPal can use Bitcoin. That's expanding the room for more people to join the gig economy.

Bitcoin Payments

Bitcoin is now among the most preferred payment options in the gig economy. Both freelance workers and employers are finding Bitcoin more favorable for making payments. Besides the universal use, Bitcoin payments are cheaper, faster, and more secure.

Bitcoin transactions take a few minutes. Freelancers do not have to wait days or weeks to receive payment in their accounts when using Bitcoin. It takes a few minutes to send Bitcoin to freelancers worldwide. And this has provided a better payment option in the industry, and traditional payment options are becoming less popular.

Bitcoin transactions are also cheaper. Since there are no third parties in these transactions, the involved parties avoid additional fees from these third parties. Making international money transfers through wire transfers or PayPal could be costly. Bitcoin favors the gig economy since it eliminates unnecessary costs.

Bitcoin Investment

Bitcoin is also an investment asset. As such, it has provided additional space for freelancers to make money in the gig economy. Freelancers can earn with Bitcoin through Bitcoin mining and Bitcoin trading. Bitcoin miners earn some Bitcoin for solving cryptographic puzzles successfully. 

Final Thought

Bitcoin is impacting the gig economy significantly and in various ways. Bitcoin could become the primary payment option in this industry. Bitcoin is transforming how freelancers receive payment for their work. It is also driving growth and expansion in the industry. Since Bitcoin is still evolving, the impact on the gig economy will continue to emerge.