Cryptocurrency And Gig Economy

When we refer to gig economy different concept might come to mind, we ofcourse supposedly knows some basic information atleast on cryptocurrencies as people in this community which focuses on nft, gaming, blockchain and cryptocurrencies related content so I will talk a little on what gig economy really entails.

Gig economy is quite different from what is common, someone employed working 9/5 jobs, here one has the option to choose the type of work the want to do at a time most suitable for them and with the option of choosing who they want to work with and they often do this works in digital space giving them alot of flexibility which isn't really attainable for people who are employed in a tradtional setting here they function more like in on-demand basis to do a certain job or task that's why they are refered to as freelancers or gig workers and they do this work digitally that's also why it's known as gig economy.

Now does cryptocurrencies have any impact on this gig economy, well if there is trust me to delve into this and rightly there is notable impact of cryptocurrencies on the gig economy and I will also be talking about this impact, let's dive right into it.

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Impact Of Cryptocurrency On The Gig Economy

This gig workers often in the cause of job hunting especially when the have to render service to someone who is from a different country that uses different currencies there is often an issue sometimes concerning restrictions by international banks or issue of currency conversion and this may pose a challenge, but with cryptocurrencies integration in the gig economy this wouldn't really be a challenge as this gig workers could freely accept job opportunities anywhere and the issues of currency conversion or restrictions from foreign banks won't be there as everything involving payment could be done seamlessly with blockchain transactions which is fast & efficient making currency insignificant in receiving payment.

Also blockchain network offers a wonder opportunity for gig workers, blockchain which is decentralized in nature helps to thus create decentralized job opportunities for gig workers. In what manner we might ask? Blockchain continues it's advancement and even newer platforms keep rolling out and it is such that a gig workers or freelancer could be connected directly to a client, depending on the type of service the individual render and what a client is looking for they could be connected through blockchain in a decentralized manner without much stress thereby using decentralized systems to ensure the security of contracts.

Cryptocurrency integration to gig economy creates a wonderful flexibility in the payment system, and this means they can receive job from any part of the globe and easily receive payment from this client with out the common hindrance or restrictions experienced in the tradtional financial system, so cryptocurrencies implementation in the gig economy this makes payment easier and flexible with a wide range of options.

Most times too when this gig workers or free lancers receive lots of work from multiple clients and have to carry out transactions most of their earnings or good percent of it when summed up is actually lost to transactions fees as a result of the usage of the tradtional attainable payment system, this transaction fees when added up overtime could be worth something but it's been lost as a cost for carrying transactions and this challenge is easily eliminated with cryptocurrencies integration as there are little or no transactions cost making room for this free lancers to save up most of what they earned rather than losing it to transaction fees.

Many people who has been cut off from the global finance could actually have a say and get involved in this wonderful economy, that's the gig economy as cryptocurrencies will have a way for this individuals to come in an infact have financial inclusion and fully participate in the global economy that they wasn't able to partake of before as they were cut off from the tradtional financial system but cryptocurrencies will have a way for all offering equal opportunities for everyone wishing to participate in the gig economy.

Conclusion

Well this is all fine and good though certain issues may still hinder the full integration of cryptocurrencies to this gig economy that's when it comes to regulatory issues as well as need for a full understanding of blockchain and cryptocurrencies between this gigs and who they are supposedly going to work for as this will help foster more trust and even iniatiate a wonderful platform for cryptocurrencies to be fully integrated in the gig economy which will thus help in the expansion, growth, innovation and technogical advancement of the gig economy.