More remote IT jobs because of Paypal accepting cryptocurrency
Paypal will now be accepting cryptocurrency and this marks a great chance for remote IT jobs to increase in number. Remote IT jobs need payment technologies to reimburse firms like Gaper who provide remote software engineers to companies around the world. With this new announcement, PayTech companies will be able to facilitate this industry!
Let’s breakdown the news first
On October 21st, Paypal released an announcement that it will allow its customers to keep virtual coins in their wallets and use them for shopping experiences. Paypal says that it will accept Bitcoin, Ethereum, and Litecoin right now and will expand to more cryptocurrencies in the future. Even though these aren’t all of the cryptocurrencies, these are the ones that make up more than 50% of the transactions taking place using cryptocurrencies. This means it’ll allow a sizeable portion of transactions to now go through Paypal.
Paypal has more than 300 Million users in the world and the transactions that go by them are worth more than 200 Billion USD. Therefore, this is a big market the cryptocurrencies have broken into and will definitely pay up.
How does this Impact remote work?
The impact on remote work will be huge. Many companies hire remote software engineers these days and 4.7 Million people used to work remotely even before the pandemic That means remote work is growing and was already there. But how are the financial transactions happening in these remote jobs? Well, going through a bank and other processes takes too long and is not very efficient as all the steps require time and intermediaries keep a sizeable chunk of the transaction. However, with these improvements in Fintech such as Paypal and cryptocurrency, the time and cost required to send money too far off people or places are easy. It takes them only a matter of minutes to send money to someone miles away from you. Therefore, with this new technology, not only will the current remote job scene be facilitated, but prospective employers who were thinking of going remote will also see the benefits of going remote. So, it will bring more employers towards remote work and increase the jobs one can find as a remote employee.
Any downsides we should be aware of?
There is one thing that might happen though. It’s not necessary for people who have cryptocurrencies to use them even if they have access to do so through Paypal. Some people might just keep the currency in their Paypal wallets as a store of value rather than to spend it because it’s likely that the value of those cryptocurrencies increases. If we take this into account, people just might have more access to cryptocurrencies but might never actually use them. This would make the currency’s value increase, but the transactions happening in them would stay static.
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We still hope to see an increase in the use of cryptocurrencies. Companies like Gaper.io who help clients find software engineers for their needs might end up using such services as it is more accessible to them.