How Can Gig Economy And Cryptocurrency Work Together?

SimpleSwap.io
4 min readJul 1, 2023

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The experience of the last few years has shown that freelance plays a big role in the economy. Working from home part-time on several projects at once — these days it will not surprise anyone. Huge companies often hire specialists for project activities, set specific tasks for them, and pay when they finish everything. This system is called the gig economy.

The Сrypto World is using the benefits of hired freelancers. It seems like with the development of the gig economy, the popularity of cryptocurrencies has also increased — it is often used as a means of payment for work.

Why is the gig economy popular?

Today people value the most comfort, independence and freedom of movement. Freelancers can take full control of their schedule and the amount of work. They no longer need a third party, an organization, to tell them what and when to do.

According to statistics, by 2027, more than half of the US workforce (50.9%) will switch to freelancing.

Why is cryptocurrency attractive for the gig economy?

One of the important things in the gig economy is the connection of customers and freelancers: the sooner they’ll find each other, the better. Some projects will be successfully completed, payment will be received and it will be possible to start working on the next task — this encourages freelancers to work quickly and efficiently.

The use of smart contracts has accelerated some of the slowdowns of the gig economy, such as dispute resolution and payments. Now they are automated and optimized. An example of using a smart contract in the gig economy: a freelancer can set up a smart contract to automatically make payment after the assignment is submitted and accepted by the employer.

Blockchain technologies allow splitting tasks and time, which is very attractive for the gig economy. This approach gives the opportunity to increase productivity, and at the same time control your time, without wasting it on waiting and connecting with intermediaries.

Benefits of crypto in the gig economy

Let’s see what benefits cryptocurrency has bring into the gig economy:

  • Speed. Usually the speed of processing transactions on cryptocurrency exchanges is higher than in traditional banks. Transfers are made faster also due to the exclusion of an intermediary — funds are transferred directly from the employer to the executor. All this helps to save time and to quickly focus on other tasks.
  • Low commissions. Commissions on cryptocurrency platforms might be lower than in banks.
  • Сurrency conversions. Large cryptocurrency platforms often combine both crypto wallets and currency converters. This is convenient for freelancers who accept orders from different countries.
  • Safety. Usually cryptocurrency exchanges guarantee their clients the transparency and security of the system.
  • Anonymity. Not all freelancers are ready to reveal their identity, to tell the employer their personal data, address, etc. When working with banks, this is mandatory, but with crypto you don’t need it.

Crypto platforms for freelancers

There are many crypto platforms where freelancers can find jobs. Here are few examples:

  1. LaborX. LaborX is a decentralized platform that allows independent professionals to connect with employers, establish workflows and make payments using cryptocurrency without additional intermediaries. Australian blockchain company Chrono.Tech launched a beta version of the service in 2019. LaborX uses smart contract-based digital operating agreements.
  2. Bounty0x.io. It is a popular cryptocurrency headhunting platform. It has job offers in such areas as marketing, software development, consulting, graphic design, surveys and research, video and animation. Users can choose tasks, complete them in accordance with the requirements, send the result for consideration and receive tokens.
  3. Coinlancer. Designers, marketers, lawyers, architects, translators, copywriters, support service specialists can find interesting offers on this platform. Its concept of work is based on smart contracts — the employer deposits the funds in accordance with the agreement; the performer completes the task and receives the payment.

The future of the gig economy and cryptocurrency

Bitcoin (BTC) and other cryptocurrencies have become a common means of payment. Nowadays in some countries getting paid with cryptocurrency is a common thing. The use of cryptocurrency and blockchain technologies in the gig economy should improve three main factors: transparency, security and accessibility. It should make freelance more convenient for both: employers and employees. Are you a freelancer? Share your story in the comments!

If you want to learn more interesting facts about crypto then don’t forget to check out our blog! You might like our articles “How to Build a Career in the Crypto World: 2023 Edition” and “What Is Ordinals?”.

The easiest way to buy or exchange coins is to use SimpleSwap services.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

Originally published on our Publish0x blog.

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