Get Paid in Bitcoin! Let’s Hear From Freelancers in India!
Guest article by Deepika
See also: ¡Cobrar en Bitcoin! Escuchemos a los freelancers de la India…
Freelancers in India have been increasingly using Bitcoin (BTC) as a legitimate mode of remuneration. Content creators, digital marketers, software developers and others are choosing Bitcoin instead of fiat currencies as a mode of remittance.
This is because Bitcoin offers freelancers the ease of accepting payments across borders, lower remittance costs and time when compared to the traditional remittance methods.
Let us take a look at what traditional methods freelancers use in India, how much they cost and how long does it take for freelancers to receive payments.
Looking at the table above it’s very evident that freelancers in India are accepting payments in Bitcoin because it is a cheaper and faster mode of payments.
Post COVID-19 is a freelancers’ era
The uncertainty triggered by COVID-19 in the present world has made people re-think about the way businesses are conducted. People are now gravitating towards independence and versatility, and partly for this reason India has witnessed over 46% increase in new freelancers between Q1 to Q2 of 2020.
This makes India the second-fastest growing freelance market. At present there are almost 15 million freelancers in India and the Indian freelance economy is expected to grow to $20–30 billion by 2025.
The statistics strongly suggest that over time, more and more people in India will start accepting Bitcoin. All these numbers got us really curious and we connected with a few freelancers from India to understand their reasons for accepting payments in bitcoin and how they handle the price volatility.
Manoj Jain
Senior IT business executive and entrepreneur, Delhi
Why have you decided to start accepting Bitcoin?
To get new customers from new geographies. To attract a new generation of customers who dabble in cryptocurrencies. This will also bring more repeat customers.
What are the benefits of using Bitcoin?
The biggest benefit is that the risk of chargebacks is minimized. Chargeback risk primarily comes from the card-based payment system. Blockchain transactions cannot be reversed and thus they provide peace of mind.
How has it helped you in your profession?
Answer in other answers.
What did you need in the beginning (physical equipment or software/online services)?
It was easy as I just needed to set up an exchange account, have access to a hardware and software wallet to store my Bitcoin safely.
How does Bitcoin compare to other payment methods (pros and cons)?
Bitcoin payments are more secure and risk-free. They are fast and private. Bitcoin payments also cost less. They are the best tool for cross-border customer payments vis-a-vis a customer paying through his credit card where he pays extra and bears the Forex fluctuation risk.
Crypto payments are great for products having digital deliveries like content, or gaming. The chargeback risk is almost zero.
Do you store Bitcoin or make payments too to your vendors?
It usually depends on the market situation. If I feel Bitcoin is rallying and there is no need to liquidate the Bitcoin received immediately, I would wait. But if I need fiat liquidity or I believe the Bitcoin price will go down, I might choose to liquidate as soon as I receive the payment. Or sometimes if I have to make a payment to another service provider who accepts Bitcoin, I would simply make the payment in Bitcoin only.
How do you manage liquidity to run your services if you store Bitcoin?
As more Indian people have started accepting Bitcoin as a mode of payment, Bitcoin also works like capital for my services and service provider network.
Has Bitcoin helped your services to scale globally, and if yes, how?
The best thing about Bitcoin payments is that they are borderless. Anyone can use our services from across the globe. There are no extra complications of receiving money through normal banking channels.
How do you manage the price fluctuations while accepting payments?
If I foresee the need for fiat in the near future, I might choose to get my Bitcoin holding settled in either stablecoin or local currency.
Jani Vatsal
Freelancer, Rajkot, Gujrat
Since when have you been accepting Bitcoin?
I have been accepting Bitcoin for 9 months.
Why have you decided to start accepting Bitcoin?
Ever since I’ve come across Bitcoin and cryptocurrencies, I have developed faith in a transfer of value where no one else controls our money. I have faith in this type of currency.
What are the benefits of using Bitcoin?
Transfer of value is fast, reliable and hassle-free.
How has it helped you in your profession?
Bitcoin has really made it easier for me to get the invoices paid. It’s almost instant.
What did you need in the beginning (physical equipment or software/online services)?
Nothing in particular, just my laptop, a crypto wallet or exchange.
How does Bitcoin compare to other payment methods (pros and cons)?
The payments are made to me directly without any hassles like we might see in the Swift system. As soon as the client makes the payment, I can confirm that he has initiated the payment.
A con that I have experienced in payments in Bitcoin is that sometimes fees can be harsh when you’re doing micro transactions.
Do you store Bitcoin or make payments too to your vendors?
Yes, I do make payments to other vendors or service providers using Bitcoin.
How do you manage liquidity to run your services if you store Bitcoin?
I convert them into stablecoins.
Has Bitcoin helped your services to scale globally, and if yes, how?
Yes, since I do business with Europe-based companies, it’s easier to exchange money without the oversight of regulatory bodies and without paying high taxes.
How do you manage the price fluctuations while accepting payments?
As I mentioned earlier, I convert them into stablecoins.
Souradip Mukherjee
Software Tester, Kolkata
Since when have you been accepting Bitcoin?
It’s been almost a year.
Why have you decided to start accepting Bitcoin?
I decided to start accepting Bitcoin because I believe in Bitcoin and I believe it’s an asset.
What are the benefits of using Bitcoin?
The benefits of using Bitcoin are that it is a faster way of accepting payments. Along with that it has some real time hodl value.
How has it helped you in your profession?
It did help me out to be confident while accepting payments.
What did you need in the beginning (physical equipment or software/online services)?
A crypto wallet and an exchange account. Initially, it did require some time to get accustomed to using these tools but now it has become very easy.
How does Bitcoin compare to other payment methods (pros and cons)?
Bitcoin is the king while other currencies are the followers, or not having that much legacy. Also, it is far better than the traditional modes of payment which are very slow and cost a lot.
Do you store Bitcoin or make payments too to your vendors?
Yeah, I do sometimes.
How do you manage liquidity to run your services if you store Bitcoin?
I am a hodler but not a whale. In case I have to use Bitcoin for liquidity, I always do some technical analysis and then trade.
Has Bitcoin helped your services to scale globally, and if yes, how?
Yeah, some clients of mine from Ghana and Florida made several payments using Bitcoin. Interestingly, none of us had to pay a dime extra for making these cross-border payments.
How do you manage the price fluctuations while accepting payments?
Well, by being a cryptocurrency enthusiast I have started to enjoy the price fluctuations. On a serious note, I do convert my BTC holding into stablecoins if I know some liquidity is required.
Karn Koul
Freelancer, Ambala
Since when have you been accepting Bitcoin?
Since last 1 year.
Why have you decided to start accepting Bitcoin?
When I started working with international clients, I wanted to make it easy for my clients to make payments. So I thought of adding Bitcoin as a payment method and surprisingly, it was easy and fast.
What are the benefits of using Bitcoin?
Using it makes me feel secure.
How has it helped you in your profession?
People feel comfortable dealing with me as I provide any payment method possible, even Bitcoin.
What did you need in the beginning (physical equipment or software/online services)?
Nothing in general, just an exchange account.
How does Bitcoin compare to other payment methods (pros and cons)?
Bitcoin’s fluctuating price nature could sometimes be troublesome. It does give you profits as well but it has some risk to it.
Do you store Bitcoin or make payments too to your vendors?
I store and also make payments.
How do you manage liquidity to run your services if you store Bitcoin?
I try to ask for an amount of Bitcoin according to the current price, that’s the only way I can minimize the risk.
Has Bitcoin helped your services to scale globally, and if yes, how?
Yes, as Bitcoin is a really easy way to accept payments globally.
How do you manage the price fluctuations while accepting payments?
I don’t actually, no idea on how to do that either. So, I simply receive and sell them at the same price.
Cash out your Bitcoin on LocalBitcoins!
Over the last three years LocalBitcoins, secure and trusted peer-to-peer Bitcoin marketplace has experienced a steady growth in Bitcoin trading volumes.
As a freelancer in India, if you are looking for ways to cash out your Bitcoin to Indian Rupees, LocalBitcoins is the perfect peer-to-peer exchange to do that. Founded way back in 2012, LocalBitcoins is one of the most trusted Bitcoin marketplaces that supports hundreds of different payment methods.
In India, LocalBitcoin supports IMPS bank transfer and UPI transfer for Bitcoin to fiat transfers. More payment methods will be rolled out in future!
