Why crypto payments benefit freelancers from developing countries?

Why crypto payments benefit freelancers from developing countries?

The blockchain space is quickly establishing itself as the next tech-revolutionary industry of the decade. Developing countries have embraced cryptocurrency as a means of escaping the traditional financial system and its limitations. Thanks to decentralization, it is a superior alternative to weak national currencies, making it more than just a system of vessels for crypto traders.

Freelancing has spread so quickly on the internet due to its ease of use and the flexibility that it delivers. However, the professionals from developing nations are having a hard time finding jobs due to a false bias towards freelancers from developed countries being better. In addition, the inflation, the pandemic, and the Russian-Ukrainian war have had a massive impact on the global economy, resulting in a difficult environment to seek employment and a hard time, eroding purchasing power.

As we have mentioned in our BiLira integration article, today we will tackle an important topic for freelancers, especially in developing countries.

The rise of freelancers in developing countries

As the gig economy expands, digital outsourcing is a catalyst for thriving gig economies in developing countries. Freelance tech work is also a solution for tackling the fast-growing rate of educated unemployment in developing countries. By supplementing their education with IT training, graduates can take on digital freelance work that’s been outsourced from overseas, allowing them to enter the job market.

The digitalization of developing countries is positive news for the global economy. It means businesses can call upon a wider pool of talented tech freelancers than ever before when they need a job done. And it’s quickly transforming the economic landscape of entire nations and the prospects of their citizens.

The digital revolution shows no signs of slowing down. HYVE is one of the best places to find the right freelancer that could fill your company’s digital skills gap, meaning that there is no longer a need for a candidate to be within a commutable radius. In fact, they do not need to be on the same continent, creating fresh career opportunities that did not exist previously.

Why does crypto solve some of the underlying issues?

Cryptocurrencies combat inflation

Most cryptocurrencies are designed to fight inflation, making capital owners preserve their assets in a transferable and safe form through their limited supply and burn mechanisms. However, the downward face of cryptocurrencies has turned in January this year, when the majority of people and entrepreneurs have refrained from buying or converting their funds because of their volatile tendency.

The prevailing belief is that the immense growth of inflation leads to individuals and businesses investing in gold, real estate, and other assets to protect themselves from future inflation. Over the last decade, the crypto world has shown that, like those assets, they play a key role during inflationary periods, especially in developing countries, where the volatility native to crypto assets is more bearable than the soaring inflation of weak currencies.

The substitute for traditional banks

Another reason is that cryptocurrency can become a bank for countries with little to no access to bank infrastructure giving access to payments and various financial services. They provide platforms akin to traditional banks, providing loans and paying interest to depositors. Furthermore, they offer incentives to provide liquidity in the crypto market through staking, a process of cryptocurrencies to receive rewards, and also lending services.

Fear no more of double-spending! Each token is cryptographically secured and unique, meaning it cannot be hacked or replicated. The crypto world is an algorithmic construct, as already mentioned, so transactions have to be validated by nodes spread out across the world to be comprised in its ledger. However, a single disagreement can make the transaction ineligible for future inclusions.

Transparency or privacy - whatever you desire

Unlike classic currency, which is backed by traditional authority, crypto is backed by a widely distributed network. Extreme poverty pushes people from various sectors to resort to corruption, but with the help of digitalization in the crypto world, all documents and archives can be transparent. However, if you want your purchases to be anonymous, crypto payments can do the job for you. The fact that anyone can look up your transaction data from your wallet address or how much you store in your wallet leaves no room for doubts about fraudulent transactions. However, you do not have to register for an account at some institution, meaning you can maintain a level of privacy.

The keyword of crypto transactions is that they are pseudonymous, which means that you can be identified on the blockchain, but that does not include any specific information about you. In these emerged nations, freelancers have a hard time receiving the payments, as we mentioned, especially if their country's subjected to sanctions. Furthermore, without intermediaries, consumers are able to take control over their finances and keep them private, considering that blockchains provide 24/7 access to any global user. The fact that some cryptocurrencies are highly transparent makes it easy for authorities to track criminal activity, meaning that there are fewer reasons to worry compared to corrupt institutions.

Why you need to give HYVE a go

There are various reasons for choosing to freelance, some saying it is the most rewarding type of work you can perform. Besides the fact that you manage your own time, you can work from anywhere, in a cost-efficient manner.

Being a cross-chain platform, HYVE is the home of synergetic environments, hosting both freelance professionals and blockchain enthusiasts. HYVE is also the largest web3 freelancing marketplace where freelancers have the chance to be fairly rewarded for their work and collect their reward in a wide variety of cryptocurrencies, whether it is one-time or repeated jobs.

All you need to do is access our platform, create an account, fill in your best skills and start your freelancing journey on HYVE! Also, you can join us by signing up with an account of your choice like Facebook or Google, without requiring a complicated process. We are always looking to improve our platform, so if you believe we should add more features do give us a heads up on all our social media channels!

🐝 Want to learn more about HYVE?
🐦 Follow us on Twitter.
🗨️ Join our Telegram Group.