Subscribe to our newsletter and stay informed

Check out our list of top companies

Check out our carefully compiled lists of the most relevant and impactful companies within their fields.

Check out our list of top unicorns

Read and learn about the biggest companies that various countries have produced, how they made it, and what the future looks like for them.

Freelancers Flock to Crypto for Income: Study

Recent highlights a significant shift among freelancers worldwide towards embracing cryptocurrencies and stablecoins
June 13, 2024

In a recent survey conducted by Zero Hash and Lightspark, a staggering 93% of freelancers expressed a strong desire to incorporate cryptocurrencies and stablecoins into their income streams. Spanning across the US, Brazil, Argentina, Mexico, and the UAE, the survey polled 2,500 freelancers and contractors, highlighting widespread frustration with traditional payment methods.

A significant hurdle for freelancers is navigating foreign exchange issues, with two-thirds reporting difficulties in accepting jobs from clients abroad due to currency fluctuations. The appeal of crypto payments lies in their potential to eliminate these challenges, allowing freelancers to seamlessly transact with clients worldwide.

The preference for stablecoin payouts over local currencies is particularly pronounced, especially in regions like Argentina and the UAE, where over 80% of freelancers favor this method. Moreover, a remarkable 81% of respondents expressed interest in using crypto or stablecoins to pay for subscriptions to services like Netflix, Spotify, and ExpressVPN. This demand underscores the growing acceptance of cryptocurrencies beyond traditional finance.

Freelancers cite convenience and security as primary reasons for embracing crypto. Approximately 32% view cryptocurrencies as a way to circumvent currency exchange complexities, while nearly a third believe crypto offers a secure payment alternative. This shift reflects a broader trend towards digital currencies as viable financial tools in the freelance economy.

The impetus for adopting new payment methods stems from freelancers’ struggles with slow payment cycles. Nearly half of freelancers surveyed desire real-time payments, contrasting sharply with current payment realities where many endure delays of several days. This delay not only disrupts cash flow but also impedes financial stability and business reinvestment.

The survey underscores a tangible shift towards cryptocurrencies among freelancers, with over a third already receiving payments in Bitcoin, Ethereum, or USDC. This trend highlights crypto's evolving role as more than just a theoretical payment solution but a practical reality for many freelancers seeking faster, more efficient transaction methods.

While overseas companies increasingly offer cryptocurrencies like USDC for international payments to streamline transactions and mitigate exchange rate risks, US-based firms remain cautious about embracing these options fully.

More about:  | |

Last related articles

chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram