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.
CEO Of Allianz: Regulators Should Step In Harder And Outlaw Cryptocurrencies
“I am personally surprised that regulators haven’t stepped in harder.”He was especially addressing the head of Britain’s Financial Conduct Authority Andrew Bailey who was sitting right next to him at the panel discussion. Bailey noted that Utermann’s opinions were ‘’quite strong’’ but he did agree that cryptocurrencies don’t have intrinsic value. Bailey made sure that the FCA is watching closely and that they have the initial coin offering sector under surveillance. Utermann’s stance doesn’t leave any room for negotiation but some of his colleagues at Allianz are more optimistic about the use of blockchain technology. The chief economist at Allianz Mohamed El-Erian said that he also doesn’t believe that cryptocurrency will ever be able to replace fiat money but they will become more widespread. He said:
“Cryptocurrencies will exist. They will become more and more widespread, but they will be part of an ecosystem. They will not be dominant, as some of the early adopters believed them to be.”El-Erian explained that crypto is not dead and the technology isn’t dead also. He is sure that we are about to see more widespread adoption by the private sector but also from the public one. El-Erian concluded that the last year’s frenzy was ‘’unwarranted’’.
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“A lot of our decisions have perhaps given off a perception that we’re more institutional-based. The reality of the situation is that we have a diverse customer base. And the retail story is just beginning.”The twins and Gemini founders also revealed their plans to expand to the Asian crypto market where they will face stiff competition from the thriving exchange industry that includes companies such as Bitfinex, Binance and Huobi.
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