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The digital economy and intelligence are taking shape, and freelancing has gained positive momentum in this evolving tech environment. It is not just a way for people to make money online despite a lifestyle choice that offers many benefits and long-term opportunities.
Freelancers – the individual workers, offer their skills and services to their clients on a project basis. Businesses also find these freelancers to be flexible and cost-effective resources for their operations. This created a significant mark on the global economy.
In the coming years, the freelancing market is expected to grow steadily; by the end of 2024, the global freelancers market economy is likely to reach USD 455 billion. In 2017, there were nearly 57.3 million freelancers in the States of America. And it has been anticipated to double by the year 2028.
Over 90 Million freelancers are present in the US alone.
With such growth in the community, the majority of the workforce in the US will be freelancers. By 2027, almost 51% of the working population will be freelancers. As per a report by Upwork, freelancers have contributed 1.27 trillion dollars to the US economy in 2023.
This demonstrates what it holds for this year, and the growth graph will continue to grow in the upcoming years, too.
All around the world, there are 11 major freelance markets; among these, the ownership percentage of digital currency and payment adoption varies globally.
In terms of digital currency ownership, many freelancers in these countries are dedicated to embracing cryptocurrency. These market results show higher ownership and acceptance and indicate how the freelancer community is establishing a more varied crypto ecosystem.
There is no doubt in how many freelancers own this future of finance, but the one who accepts it as a form of payment carries many differentials. Such markets showcase how strongly freelancers prefer to use global currencies like Bitcoin as a part of their digital asset payments.
From the number of freelancers who own Bitcoin, the percentage who accept it as a payment for services is as follows:
Bitcoin has brought up some recognized advantages to the professional lives of freelancers. From their multiple fields of action and being a large part of the gig economy, the dominance in the market is clear, but let’s take a look at the components playing an essential role in the same:
Different countries have their own currency and payment systems, and freelancers also come from various places. This can create certain complexities when it comes to conducting the transactions and reconciling the collected payments.
For instance, there is a freelance writer from America collaborating with a digital marketing firm in Russia. At the time of payment, if the writer is paid through a traditional wired transfer, then he has to go through the currency conversion process, exchange rate fluctuations, and multiple complex banking procedures.
On the other hand, the effective counter to this is Bitcoin, a common global currency. Freelancers can streamline their financial operations and focus on developing more professional relationships with clients worldwide. This creates a safe space for payments in the fragmented freelance landscape.
Every industry has multiple types of functionaries, and new generations come into existence with constant evolution. The freelancer market also acts similarly, and as it grows, a new one native to Bitcoin emerges. These individuals have quickly developed their skills in the dynamic world of decentralized finance, blockchain technology, and emerging platforms.
One of the main reasons for Bitcoin native freelancers being in such constant growth is because they have a competitive advantage over other freelancers in their primary field.
These futuristic freelancers are not taking Bitcoin as a virtual currency but as an opportunity for long-term innovation and development in the industry.
Some countries have different economic circumstances, and this acts as a reason for freelancers to switch to Bitcoin and other cryptocurrencies. In times of monetary crisis and rising inflation rates, global workers kept their values preserved in the form of Bitcoin, defeating the instability in the economy.
When such conditions arise, the government imposes regulations over the fiat currencies, accounts used for trading, and bank transfers. In such uncertainties, Bitcoin became a practical use case. Some African countries like Kenya and Nigeria have limited access to traditional financial services and infrastructure.
Freelancers in these financially restricted countries can face issues while receiving payments from the international clients. The recent upgrades in the alternative banking system in these countries has brought out a lot of financial inclusivity. Bitcoin allows freelancers to easily earn in the global market despite the demographic complexity and dynamic phenomena.
With all such benefits and positive lookouts, Bitcoin may or may not be dominating the gig freelancing market but rather a flexible and adaptable tool that serves all different purposes for different domains of freelancers.
As the market continuously evolves and expands, the benefits of Bitcoin will get more and more crucial for freelancers’ clients and platforms. The global business market is open now, and hence, the power of the remote workforce is also enhancing. In such a shift, overlooking the Bitcoin-native freelancers is non-affordable in the digital economy.
For example, if a global employment platform hires people worldwide, then payroll and freelance payments in Bitcoin should be offered. For this, a well-known Bitcoin payment gateway can be used. In the pool of talented resources worldwide, getting the best freelancers for your business requirements is possible by opting for Bitcoin payments. This also represents the image of the company as a progressive employer.
As the majority of the entrepreneurial world is aware of the power of Bitcoin payments, we expect continued growth in the use of Bitcoin as a primary mode of payment in the freelancing space. The new emerging freelance platforms have the potential to collaborate with the Bitcoin payment processing firms and stand out as a future-ready place for freelancers to come and join.
The acceptance of Bitcoin payments amongst freelancers is continuously growing, and the major factor driving this change is the benefits Bitcoin has over other traditional payment methods.
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