An estimated 1.5 billion people work as freelancers, generating hundreds of billions of dollars worth of revenue each year.
With remote working on the rise, so too is the trend of people working as online freelancers, and getting paid in digital assets like Bitcoin and other cryptos. A survey from Deel, an online payment platform, showed that 5% of all payments made to freelancers were made in crypto.
So why is crypto good for freelancers?
Benefits of Crypto Payments
Crypto payments are low in fees, often free or almost free, and can be processed instantly in some cases. While a Bitcoin transaction might take around half an hour, cryptos like Tether take mere seconds to process and cost just a few cents.
On the other hand, a wire transfer could take days and cost dozens or hundreds of times more than a crypto transaction, and these higher costs are also seen in payment providers like PayPal.
Crypto also doesn’t suffer from foreign currency conversion rates in like fiat currency does, making it a more efficient and cost-effective option than fiat for cross-border payments.
Accepting Crypto Payments as Freelancers
When it comes to accepting a freelance crypto payment, there are a few considerations to think about.
Choose a Reliable and Versatile Crypto Wallet
There are any number of crypto wallets available to choose from. Security is, of course, the primary concern here, so make sure your wallet is reputable and safe.
Check our online reviews and guides on best crypto wallets for more information. Of course, beyond safety, one wallet can be much the same as the next. It’s a means for you to store funds.
However, many wallets now offer more features that set them above the competition. Wallets that allow you to spend or invest crypto directly without having to swap from one app and platform to another.
CryptoWallet.com allows you to freeze or stake tokens for higher tiers of crypto card service or other rewards. Our upcoming crypto card is the best on the market, with the lowest fees and highest number of supported cryptos of any competitor. You can also open crypto-powered IBAN accounts to settle SEPA invoices with crypto just like you would fiat.
In our opinion, it’s a no brainer! Sign up for a CryptoWallet.com account here.
Why Choose Stablecoins for Freelance Crypto Payments?
Our above wallet guide was for Bitcoin wallets, but we’d also like to share a similar guide on Tether wallets, because Tether and other stablecoins are excellent choices for accepting freelance payments.
A stablecoin is a cryptocurrency whose value is pegged to the value of another asset, like the US dollar, meaning it does not fluctuate in value like other cryptos.#
This offers all the benefits we’ve spoken about earlier, with none of the volatility that can make accepting freelance payments difficult! Nobody wants to accept a payment in Bitcoin only for it to drop 30% in value overnight. Stablecoins allow you to accept cheap, instant digital currency for your freelance crypto payment without the risk associated with volatile cryptos.
Crypto Card: Spend Cryptos Anywhere
In the past, accepting crypto for freelance payments has been kind of a hassle. You’d have to sell the crypto for fiat currency and withdraw it from an exchange to actually use it, all of which is time-consuming and very expensive, more so than just accepting fiat payments.
However, with crypto cards, you can spend crypto more easily on goods and services. In fact, the CryptoWallet.com crypto card allows you to spend your crypto directly with no conversion needed on your end!
This is a major step forward in global crypto adoption, and we believe cards like the one we’re launching in Q4 2023 will see crypto freelancing skyrocket in popularity.
Tools to Get Paid in Crypto
Make sure to check out our existing guide, 14 Tools to Get Paid in Crypto!
Managing Crypto Payments as an Employer
You’ll have to consider volatility if you’re paying freelancers in cryptos other than stablecoins, and also crypto taxes (as using crypto or converting it to and from fiat will likely trigger taxable events).
We have extensive crypto tax guides in our Academy section.
Freelance Platforms That Pays in Cryptos
A final thing to note, if you’re still getting established in the crypto freelance world, is that there are multiple platforms out there right now that pay directly in cryptocurrency.
Check them out!
ETHlance is one of the first-ever crypto freelance payment platforms. You can land crypto freelance jobs here and get paid in Ethereum. The site charges no commission at all, so the only costs are Ethereum transaction fees (gas fees).
LaborX is built on the Ethereum blockchain and charges a 5% commission per freelance gig plus 1% for customers hiring freelancers on the site.
Another viable crypto freelance platform is CoinGigs. This site often has plenty of jobs, with categories ranging from programming and translating to video editing and music. However, it’s worth noting that the commission is quite high at 10%.
CryptoGigs is a crypto freelance platform with many supported crypto options. It is worth keeping an eye on, although there isn’t as much activity here just yet as on the other sites.
CryptoWallet.com: More Than a Just Crypto Wallet!
CryptoWallet.com is not just a crypto wallet, it’s a neobank that allows you to manage hundreds of cryptos as well as fiat (EUR) from a single account.
Our flagship product, the upcoming CryptoWallet.com crypto card launching in Q4 2023, will support over 800 cryptos and offer the lowest fees out of any card on the market, plus direct spending. Simply tap your card to spend almost any crypto and earn SPEND tokens in cash back!
You can also buy or sell cryptos instantly on the site, and with our crypto-powered IBAN accounts, you can hold EUR and make SEPA transfers using cryptos. This allows you to manage crypto just like you would fiat, and we aim to use these products and features to bring crypto to the same level of adoption as the euro or other fiat currencies.
Sign up to the CryptoWallet.com card whitelist now!