Freelancers to Get Paid In Bitcoin via Bitwage
Payroll and invoicing company Bitwage recently introduced a payment solution tailored to suit the needs of freelancers, one of the fastest growing forms of online and remote working groups.
The freelance industry has one major problem, at least until the Bitwage platform’s payment option kicks off, and that relates to how freelancers get paid. For most contractors, those seeking online and remote workers, the headache has been that you can only operate one bank account on major employment sites and job boards.
Freelancers are also faced with the restrictive condition that payments are only processed in fiat, a factor that in itself is negative due to the delays associated with fiat-based payment rails. But that is set to change with the rolling out of the Bitwage invoicing solution designed for the freelance market.
According to the payroll firm, now cryptocurrency will be a form of payment as well as the added advantage of users creating several accounts.
Bitwage’s offering will allow for faster payment confirmation and processing as well as allow freelancers to be paid on any platform and in any currency, including most of the cryptocurrencies currently in the market.
With this offering, any freelancer, be it on Upwork, Toptal, Freelancer, and so forth, will easily get bitcoin, ether, bitcoin cash, XRP, or Litecoin. The payments can then be processed into fiat and deposited into the user’s bank accounts. All these will be at a cheaper cost, but significantly faster than current modes of payment.
The solution, according to Bitwage, is already seeing increased use in the Latin America region, despite being in beta.
The company’s CEO Jonathan Chester noted that the solution would also be expanded to cover other sectors of the global economy, including for salaried employees in the mainstream. Bitwage’s main goal is to become a global platform that would bridge the gap between crypto and fiat worlds, especially in providing an easy payment network for companies.
While the freelance world is currently still in infancy in terms of going mainstream, the number of people who are working online is rising at dizzy rates and the use of crypto in the niche could mean a lot to the push to have crypto used as a payment currency or medium of exchange.
Chester noted that as more innovations enter the market, so does the use of BTC and other virtual currencies in mainstream applications and society in general increase.