Unless you’ve been sleeping under a rock for the last couple of years, you’ve probably heard the magic word “bitcoin cash”. Whether or not you believe in the future of Bitcoin cash, Ethereum or whatever other version of the blockchain technology your second cousin has invested a fortune in, it’s hard to argue that this is one of the emerging trends with the potential to change how we handle money.
I am here to tell you to invest in Bitcoin cash – in fact, crypto currencies are extremely volatile and anyone considering investing should really think about it hard. However, a lot of industry leaders and experts believe that blockchain technology and bitcoin cash is here to stay. And that it will have an impact on freelancers in particular.
I’ve summarized some of those voices into a short list – here are our five predictions of how Bitcoin cash could affect freelancing:
1. Turning payments into opportunity or risk
Let’s begin with the most obvious scenario – the first thing that comes to mind when thinking about an issue. Are you getting paid in Bitcoin cash or some other new form of currency? If the answer is yes, now or in the future, that means your profit also depends on how well this currency is doing. In other words, what the currency is worth will affect your salary.
As you might be aware, Bitcoin cash is a prime example of this. As of the time this article is being written, one Bitcoin is worth about 978 US dollars – and this figure just arrive in couple in years. This kind of fluctuation can be both a blessing and a curse. If you’re investment-savvy and willing to play the game, you might find the right moments to invest in your Bitcoin cash and add to your profit. From that point of view, crypto currencies are a double-edged sword for freelancers.
2. Cheaper money transfers
Our second most-obvious prediction has to do with the reason of why bitcoin cash was created in the first place. It is a vision of a world where currency is handled in a decentralized fashion. To keep it simple, let’s imagine that just means a world without central banks. That means no middle man for a lot of money transactions.
Especially for freelancers who work internationally, money transfer fees eat up a relatively sizeable chunk of profit. Transferring money to Africa from Europe or the USA can end up costing you around of 15 percent extra. And even if it less than that, it adds up in the long run. As compare to the other cryptocurrencies Bitcoin cash has nominal transaction fee.
3. Proof of work and payment
If transactions do end up being done with blockchain technology in the future, it can also serve as a universal place where proof of work and payment is stored. Portfolio data can be stored on the blockchain, meaning all work could be attributed to the owner automatically. No more worries about your article or video being copied or stolen – if blockchain does become the standard way to handle monetary transactions, you will always be able to prove that you were the original creator.
4. Fastest transactions
Bitcoin cash is fast, very fast. As a freelancer, your money arrives quickly, usually within a few minutes. With no centralized institutions checking each transaction, payment times are much faster than credit card transactions. As a business or freelancer, you can request and send Bitcoin cash to people in just about any country in the world. This does away with the common problem freelancers and businesses face, especially when in different countries, in trying to find a common payment method. Foreign transaction fees are vastly reduced and often made irrelevant, as are many other national restrictions. This in turn makes cross-border collaborations a lot more attractive and feasible, especially in developing nations.
5. An emerging market means work opportunity
Last but not least, Bitcoin cash are just a huge hype right now. And more and more people are adopting them. While I would necessarily recommend investing in bitcoin cash now, so that I will make your future transactions fastest comfortable and secure than your current scenario.