Bitcoin is the only true currency that offers borderless payments solution where users can transfer funds across geographical boundaries in a matter of minutes. However, the same can’t be said for traditional payment system where it takes at least a couple of days for funds to be transferred from one country to another, not to mention the cost of such transactions.
In today’s global economy, driven by progress in technology, people can literally be sitting across an ocean and still be working on the same project. This new found freedom has led people with certain technical skills to offer their services to those who require, without being a part of the same company. These freelancers can be anywhere and they get paid for their services by the people or companies availing their services. Freelancers turn out more economical than full time employees in terms of costs.
Freelancers can be working from anywhere and bitcoin payments works out economical to both employers and freelancers due to the speed of transaction and lesser transaction costs associated with it. There are already few companies offering Bitcoin based payroll solutions and freelance job platforms.
Ukraine is one of the counties with a large number of freelancers. So much that they are contributing over $350 million annually to the country’s economy. Encashing upon the situation is Freelancehunt, a Ukrainian freelance job platform has started accepting Bitcoin. By doing so, Freelancehunt has gained the first mover advantage in the country. Some of the other similar platforms currently available include XBTFreelancer and Fiverr.
The potential of incorporating Bitcoin to payroll is also another huge opportunity which is being explored by few companies. Bitwage has already pioneered in this department with its service that enables companies to settle their employees’ salary with Bitcoin. Bitwage’s service comes in handy to those companies with overseas workforce.
With these services it is evident that Bitcoin is gradually being adopted by corporates and businesses as an effective payment method.