Thanks to the benefits of the blockchain, crypto freelancing is becoming more and more popular. This growth is not limited to developed regions; the adoption rate is growing even in countries that have banned cryptocurrencies.
Indeed, it seems a growing number of freelancers are requesting payment in crypto. However, in developing countries, such as Bangladesh, crypto plays an even bigger role. Now, digital coins are providing an alternative where traditional financial institutions have failed. With remote workers keen to enjoy lower fees and instant transfers, crypto freelancing could soon boom in developing countries.
Crypto freelancing on the rise
Online freelancing has a lot in common with crypto; both are relatively new concepts, and both focus on innovation. Thus, it’s no wonder that many freelancers are, at the very least, curious about cryptocurrencies. Indeed, freelancers who specialize in crypto programming, mining, analysis, and technical writing have more opportunities than ever.
Upwork recently conducted research revealing that blockchain knowledge is now the fastest-growing skill among freelancers. According to the study, the most useful crypto-based skills include cryptography, crypto writing, and website development.
Bypassing bans and government crackdowns
Crypto freelancing isn’t just growing in the West; it’s also gaining popularity in developing countries. This is especially true for regions suffering under sanctions or inadequate financial services. Coined Times spoke to Musa Anik, a freelance crypto designer from Bangladesh who accepts crypto payments. He said:
Bangladesh doesn’t allow crypto transactions, which makes it problematic to liquidate Bitcoins. It makes it hard to sell Bitcoins. However, PayPal is also not available.
Anik has noticed an increase in the number of employers willing to pay in crypto.
I got several payments [in BTC] from my clients a year ago. Since then, the number of crypto payments grew steadily. As creative orders increased, I noticed that many clients agreed to pay in [digital] coins.
Although exchanging crypto for fiat can be difficult, Anik said crypto freelancers can always “find someone who’s willing to trade BTC with fiat currencies.”
Despite the ban, Anik said he doesn’t regret accepting payment in crypto. “I was able to open my own office in Dhaka and earn more than with fiats. Plus fees were a lot lower than with fiat financial platforms, not to mention the speed as well.”
The importance of market support
Due to the government ban, many crypto freelancing companies in Bangladesh function outside of legal boundaries. “Many local exchange platforms are buying & selling many cryptocurrencies through Payoneer and Skrill,” Anik said.
It seems that wallet addresses do not fall under the government’s jurisdiction. Thus, users can still make transactions through privacy-friendly payment providers in Bangladesh. Interestingly, Bangladeshi authorities provide some support to the local IT sector, despite their resistance to knew technology, Anik said.
It’s a very positive sign to see governmental bodies trying to help Bangladesh’s IT sector and contributing towards its causes. But the main issue is our political system and a lot of obstacles … domestically that limit our creativity and productivity.
Bangladesh serves as an example of how the crypto freelancing community is pushing the market forward.
While usage remains low, most companies and individuals only use crypto as a means of exchanging value. However, useful innovations – such as a P2P blockchain marketplace – could propel adoption within the country and convince the government to lift the ban. Should the number of participants grow, perhaps governments around the world will be more accepting of cryptocurrencies soon.