A new survey emerged in the crypto news today, showing that about a third of the people who work remotely and with only a computer next to them – known as freelancers – would rather get paid in cryptocurrencies like Bitcoin over legacy systems as well as banks.
The survey was conducted by Humans.net which is a job recruitment platform in the US. It covered about 1,100 US-based freelancers and showed that 18% of the respondents would like to receive all of their earnings in crypto – while 11% of them said that they would prefer to receive a portion of their payments using digital assets.
Randomly selected from the freelance market of the US, the respondents of the study did not disclose any previous interest in cryptocurrencies prior to the survey. Currently, freelancers are mostly paid through cross-border payments and services such as PayPal, Payoneer, TransferWise and remittance platforms such as Western Union.
However, there are many limitations even to these platforms which is why freelancers are looking for better ways to store their earnings. The biggest challenge, according to many of the interviewed freelancers, are the high fees which translate to $250 on a $5,000 transaction (an example for PayPal and Western Union).
Major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) allow freelancers to receive payments with low fees. As a reminder, Binance recently sent $600 million paying a fee of $7 which is how beneficial these forms of payments actually are.
On top of this, the inability of some countries to regulate platforms like PayPal and TransferWise also paves the way for crypto to be introduced. The merchant adoption is among the main factors that stops freelancers from receiving Bitcoin and other forms of crypto as well as spending it on a daily basis.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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