Vast Majority of Freelancers Prefer Income in Crypto, Stablecoins: Study
A recent survey found that 93% of global freelancers want to incorporate crypto and stablecoins into their income streams.
The study, conducted by Zero Hash in collaboration with Lightspark, polled 2,500 freelancers and contractors across the US, Brazil, Argentina, Mexico, and the UAE. It revealed widespread frustration among them over traditional payment methods.
Many freelancers, or two-thirds, reported struggling with foreign exchange issues. This makes it difficult for them to accept jobs from clients in other countries because of currency and exchange differences.
The vast majority believe getting paid in crypto would solve this problem. It would also allow them to work with clients anywhere in the world, the study said.
Read the report: “Freelancer Freedom: Enabling payments for the modern workforce
Why and how crypto and stablecoins can solve traditional payment challenges”Visit: https://t.co/yxI1T3K1Vg
— Zero Hash (@ZeroHashX) June 11, 2024
Global Freelancers Embrace Crypto For Subscription Payments
A large portion globally favors stablecoin payouts over their local currency. This preference is even stronger in countries like Argentina and UAE, where over 80% of freelancers would choose them.
Freelancers also showed interest in using crypto or stablecoins for subscriptions. 81% said they’d prefer, or at least want the option, to pay for services like Netflix, Spotify, and ExpressVPN with crypto. This interest is even more pronounced in certain countries, with UAE (94%), Argentina (92%), Mexico (89%), and Brazil (82%) showing a particularly high demand for crypto or stablecoin subscriptions.
This demand is fueled by two main factors. One is the convenience factor – 32% of freelancers see crypto as a way to avoid currency exchange headaches. Security is another factor, as nearly a third of freelancers believe crypto offers a secure way to receive payments.
Freelancers Demand Real-Time Income, Turning to Crypto
The desire to get paid in new ways stems from freelancers struggling with slow payments. High fees associated with traditional methods are also pushing freelancers towards crypto.
The research found nearly half of freelancers wait too long to get paid. A third, or 33%, wait 3 to 5 days and another 15% wait even longer. This delay is a major problem. Most freelancers want their payments within 24 hours, with nearly half desiring real-time payments.
These slow payments disrupt freelancers’ cash flow, financial stability, and ability to reinvest in their businesses. It hinders their ability to make a living. As a result, cryptocurrencies, with their potential for faster transactions, are becoming an attractive alternative.
This frustration isn’t just theoretical – over a third of freelancers worldwide have already been paid in cryptocurrencies like Bitcoin, Ethereum, or USDC. It’s clear that crypto isn’t just a desired future for payments, it’s already becoming a reality for many freelancers.
Overseas Firms Embrace USDC for Employee Payments
A separate survey published in March revealed a growing trend of overseas companies offering crypto, particularly USDC, as a payment option for their employees. This suggests that cryptocurrencies are gaining traction in the global workforce, even if companies themselves aren’t yet fully embracing them for all transactions.
“Companies often pay with crypto internationally to streamline cross-border transactions, mitigate exchange rate fluctuations, and/or take advantage of tax considerations in certain jurisdictions,” the study said.
In contrast, US companies appear more cautious, with many opting out of these crypto initiatives for now.
