Greetings!
Being a freelancer and working on different projects with clients belonging from different countries, a thought always comes to your mind about how you get paid from your foreign especially when you are from a developing nation with not so much flexibility in the financial system. In my country, I do not have the liberty to receive payments from conventional platforms like PayPal etc and mostly the clients don't go for the direct bank trasnfers for being an expensive alternate.
Different virtual banks are required for receiving the payments from such client, but it was not only expensive but due to their monopoly in the market, they were quite slow with awful customer support. You can wonder if you are working as a freelancer and you do not have proper money transfer apps or virtual banks, how difficult it would be for you to continue providing your services.
Challenges faced during Cash Withdrawl
Following are the important issue that the freelancer community was facing in Pakistan were;
Difficulty in sending and receiving money worldwide
Pakistani freelancers are offered fewer payment options than other global freelancers.
Not getting payments on time because of the time taken by banks in verifying payments.
No PayPal existence.
FCA has ordered to freeze all Payoneer PrePaid MasterCard.
Payoneer was the most widely used option by us for the cash withdrawal system but now FCA has ordered to freeze all Payoneer cards. Which means no freelancer would be able to withdraw cash from their accounts. This has become a major issue for freelancers today.
Solution for Cash Withdrawl Problems
PayPal already had no Pakistani existence due to which people used Payoneer and then Payoneer cards were also been frozen. To deal with such catastrophic conditions, I search for other alternative options to receive and sending the money to my clients and employees. I found that bitcoin cash is not only a great option for sending and receiving money internationally but it is best with in the country. With the current rise in prices, cryptocurrency has gained much recognition in Pakistan, so everybody is willing to be paid in cryptocurrency especially bitcoin cash due to the following reasons.
1. Easy Transmission
Whether you want to have a national or international transaction, Bitcoin Cash is sent just as easy as email since they don’t have any physical presence and don’t reside in a bank, so there’s no need to deal in exchanging or converting currencies or waiting for payments to process. It’s instantaneous money for your business. Just make sure to regularly sweep the money from your Bitcoin Cash wallet into your bank account to ensure its safety.
2. Affordable Fee Structure:
The technology behind Bitcoin Cash allows transactions to be processed quite efficiently, leading to a lot of savings in those nasty overhead fees you would otherwise deal with when accepting credit cards.
3. Quick Setup
If you conduct your services online, the time it takes to set up a payment API and link up your bank account is probably a few hours. And when selling your goods in person, it’s a matter of getting set up with a QR code so people can use their digital devices or your kiosks to transfer their payment to your wallet. Not much time at all when you consider the long-lasting benefits.
What it's like to be paid in Bitcoin Cash
With the Payoneer card frozen in Pakistan, it was needed to move my payment setup to some other platform which secure, easy, friendly and affodable. Bitcoin cash, fortunately, has all qualities. It is not only very fast but also very easy to set up with negligible transfer rates. Interestingly, unlike my dollar or GBP payments which I usually cash out to my local currency, I keep my savings in Bitcoin Cash which seems to have a promising future with such strong fundamentals, committed communuity and outstanding team. In Pakistan, Bitcoin Cash is becoming the one of the major platforms for payment transactions which will surely help it rise among other cypto currencies.
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