The way we work has changed. Rather than working traditional 9-5 jobs, many employees, including younger ones, are joining the gig economy in droves. They work short-term, temporary contracts for everything from freelance work to handyman jobs. Guest Blog Post
A whopping 57 million people in the U.S. participate in the gig economy. If you do, chances are, your livelihood depends on getting paid by your clients on time.
Gig workers can point to several perks of being their own boss: Unlimited vacation, flexibility, choice of jobs and more.
The pain points can sometimes be felt more acutely for gig workers. For example, 58% of freelancers have experienced not getting paid for completing a particular job.
The solution: They can use smart contracts, a blockchain-based technology that enforces contracts without the need of a third party.
What is blockchain? Blockchain is a distributed network of providers and users. Blockchain technology facilitates fast, secure, low-cost international payment processing services (and other transactions) through encrypted distributed ledgers that provide trusted transactions without intermediaries like banks and clearing houses.
You can use it for just about any transaction, from rent collection for tenants to using it as a worker in the gig economy.
That begs the question: What is cryptocurrency? Cryptocurrency (also called crypto) is a digital currency that you can use to buy goods and services. Crypto uses an online ledger with strong cryptography to secure online transactions — the blockchain.
Why opt for getting paid with cryptocurrency? Check out a few more great reasons.
Cryptocurrency lets you bypass existing banking infrastructure with the goal of accelerating payments and reducing costs Banks and other payment services can take several working days, fees and fees for currency exchange rates. With crypto, you get paid in minutes and don’t pay any fees.
Crypto allows you to work from anywhere in the world because it doesn’t require you to live in a certain country to receive payment. In that case, why not sell your skills on the global market? You never know — you might be able to tap into higher pay rates and jobs.
Afraid to take small jobs because you’ll get hit with crazy fees and it no longer seems worth it? Cryptocurrencies like Litecoin allow transactions for minute amounts, like $0.02 to $0.03.
Hooked? Glued to the fact that your clients can never “stiff” you again? Here’s how to get paid in crypto if you’re a gig worker.
Check into your existing freelance marketplace to find out whether you can get paid for services, particularly if you’re seeking jobs in other countries. Exchanging cryptographic money instead of local currencies sometimes makes more sense, and you’ll pay extra for PayPal, Square and others.
Do you gain a commission when you push other companies’ products? Anytime you send out an email or social media post and connect users to others’ products, it’s called affiliate marketing.
Find out whether your affiliate programs offer blockchain payments.
Many websites and blogs offer you crypto in exchange for writing about digital assets. New startups might offer you crypto to elevate their promotional and website content (particularly bitcoin-related online networking posts and more).
So, which companies offer payment in crypto, and can you get a gig job there? We can’t answer whether the company will hire you, but here’s a snapshot of a few companies that offer cryptocurrency payments.
Purse.io pays its employees with Bitcoin Cash. Purse.io, a website that brings people with unused Amazon gift cards together with others who want to buy on Amazon using crypto, matches shoppers with earners.
You can work for ether (ETH), a cryptocurrency, on Ethlance. Ethlance is built completely on the blockchain and uses only cryptocurrency for payments. The Ethlance database is distributed on the Ethereum public blockchain and Ethlance doesn’t have a central authority control it.
Coinality connects employees and job seekers with job opportunities that pay in digital currency. You can find a one-time to a full-time job on the site (in case you’re tired of the gig economy) and negotiations get handled independently between the two parties.
You can also find several other strong virtual jobs sites like CryptoGrind, XBTFreelancer, Jobs4Bitcoins, Crypto Jobs, Reddit, Bitfortip, Earn.com and Bitwage.
How do all of your jobs come together? TaxBit brings all of your cryptocurrency transactions and balances from your exchanges and wallets into one place. TaxBit runs those transactions through its TaxBit engine and calculates the cost basis and corresponding gains or losses on every transaction.
You get a full-audit trail so that users, accountants and auditors can drill down into any transaction to see exactly how the gain or loss was calculated. From here, you can then download your required IRS 8949 tax forms from within your account!
Look into TaxBit today!
Guest Blog Post By: Melissa Brock is the founder of College Money Tips and Money editor at Benzinga. She loves helping families navigate their finances and the college search process. Check out her essential timeline and checklist for the college search!