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How Crypto Investing Elevates the Gig Economy


The gig economy is growing rapidly and nowhere is this more evident than in the blockchain industry. In this wildly expanding niche, gig workers worldwide are finding that an increasing number of opportunities await them. What gig economy participants are learning is that cryptocurrencies provide numerous ways to hedge the downsides of gig work.



In case you are unfamiliar with gig working, there are definitely downsides. In fact, when a gig worker moves away from traditional employment, they face significant workplace changes. But if we take a closer look at some of the major problems faced by independent contractors, it’s easy to see solutions on the horizon, provided by cryptocurrency technologies.

Problem #1 - No regular benefits

As a contractor, you are outside of regular employment so you don’t receive the same benefits as a traditional employee. So, no pensions, paid education, vacation and personal time, health insurance, etc.

But despite all this, the number of gig workers is expanding. Some may feel that the benefits outweigh the downsides. For example, gig workers can do their work anywhere and make their own schedules.

Cryptocurrencies built with blockchain technology enable gig workers to build investment strategies without the need for banks or expensive brokerages. Additionally, crypto companies are powered 24/7, meeting the time tables of gig workers worldwide. Now, wealth management isn’t dependent on an employer’s 401(k) contributions or pension plan, which center on waning fiat currencies. Not only that, the tools and data once relegated to fund managers and big banks are now available to anyone regardless of their bank account balance. For instance, blockchain based companies like Shrimpy allow anyone to create their own automated index fund.

Furthermore, paid education is often exactly what gig workers in the new blockchain movement are experiencing. Every gig in blockchain is a learning experience. While they learn as they go, they also build up credentials and work histories that will catapult their careers in the coming years.

As for time off, the tech side of gig working helps tremendously with time efficiency, enabling gig workers to maximize the time they do work. Additionally, gig workers can take their work anywhere, even on vacation if needed, and work their hours around personal and leave time. Freelancers also have no commute times, which offers another avenue of time saving.

Passive income strategies such as staking coins are now available with cryptocurrencies. For gig workers, they may offer a future path for enabling regular time away from work.

Problem #2 - Difficulty getting paid and low wages

Platform economies move the employment place from buildings, companies and supervisors to apps and algorithms. When at the mercy of applications that automate contractor payments, several problems plague gig workers.

First of all, wages are often low, with fees to use the platform high. This puts the squeeze on the contractor’s ending wages without providing any recourse to renegotiate a better salary. Secondly, a worker can be deplatformed without notice and at times, without a known reason. If a gig worker suddenly loses access to the business they’ve built up on a platform such as Fiverr or Amazon, it could be economically disastrous. A third problem is that workers must wait for their money, often a week or more.

Cryptocurrencies offer several solutions to these massive gig economy problems. Gig workers in the industry are often seen as optimal candidates because of their entrepreneurial nature and vast array of experiences. As such, they often can negotiate for a higher wage, or at least advocate for regular increases as their experience grows.

Blockchain infrastructure projects such as Open Application Network (OAN) run on cryptocurrencies and enable developers to build applications that give the users control over their data and built-up work histories.

And cryptocurrencies run on 24/7 databases that promote a higher level of payment security and lightning fast payment capabilities. Smart contract technologies also add to the mix the option to automate quick resolving contracts between companies and their contractors.

Problem #3 - Job volatility and economic instability

A lack of job security and the anxiety associated with it are big problems for gig workers. With no real say over how long their services will be needed, they are beholden to the companies who hire them. While some gig workers only have one job, such as driving for Uber, many others have multiple streams of work revenue going to help deal with job volatility.

Cryptocurrency investing can also be very volatile. But many would say volatility is one of its charms (especially if you’re a day trader!). While it may seem that gig work in the crypto industry would put workers at even more risk, there are several factors that allay this problem.

For one, cryptocurrency investing is available to anyone, anywhere, anytime. What this means is that people from the Philippines to Nigeria to Venezuela now have more options to not only find work, but also to build wealth at the same time. Secondly, workers that are accustomed to volatility are often highly adaptable, making them perfectly suited for jobs in the fast moving crypto startup industry.

Economic stability for gig workers grows as they become more proficient at what they do. And in the blockchain industry, they’re learning something new every day, thus clinching a career on the fast track in a genre with massive potential. For instance, companies like HedgeTrade provide rewarding and exciting work for contractors around the globe, while also offering income possibilities for anyone through its tokenized social trading application.

The gig economy fits well with the blockchain movement and is creating new jobs from marketing and operations to blockchain development and graphic design. But providing new jobs is just the beginning. Cryptocurrency investing can help gig workers save for retirement, create passive income, build a new career, and get paid more fairly and efficiently.

Bio:
David Waslen is CEO and Co-Founder of HedgeTrade, a blockchain-powered financial application for social trading based out of Singapore, Canada and Europe. His expertise lies in building out the next generation of FinTech products, with a focus on software and analytics platforms that enhance trading performance and efficiencies for retail customers, high-frequency traders, and institutions alike. His full bio on LinkedIn outlines his executive experience in corporate finance, venture capital and private equity. His Twitter handle is @DaveWaslen and the website is HedgeTrade.com.



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Mercredi 26 Février 2020
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