Key facts:
The number of Argentines who receive their salary in cryptocurrencies on Bitwage grew 250% in the pandemic.
They estimate that most do so in stablecoins and allocate a part to bitcoin as an investment.
Globalization has unleashed a new phenomenon: More and more young professionals are getting freelance or remote jobs from abroad with large salaries in dollars paid in cryptocurrencies. In many cases it is even their first job, as reported by the Bitwage cryptocurrency fee payment platform to CriptoNoticias.
This phenomenon occurs among qualified people who live in countries where there are low wages and restrictions to receive international transfers in dollars, such as Argentina. Then, found in the cryptocurrencies a solution to be able to get a freelance or remote job from abroad and collect a better paid salary.
The Argentine service industry is successful thanks to the very good level of education, which is still free. In addition, there is a high percentage of people who speak English. And the time zone similar to the United States helps a lot.
Raúl Ortiz, head of business at Bitwage.
The platform reveals that during the pandemic its number of users in Argentina grew 250% with an average monthly income per person of USD 2,500 in cryptocurrencies. Such a figure allows Argentines to have a much higher purchasing power than what local jobs offer.
It also highlights that Argentines who provide services abroad represent the country’s largest export sector, after the oilseed-cereal industry. “Exports of services constitute an extremely interesting source of value generation, due to the creation of jobs and the income of foreign currency,” they say.
That’s why, they hope that the use of their platform to collect their salaries from abroad in cryptocurrencies will continue to grow in Argentina. They particularly see a special potential in the country, although they highlight that their service works globally. Its origin is from the United States and it was founded in 2014.
Generation D gets better paying jobs from abroad and works remotely
According to the latest report of which they have general records, the services industry exported from Argentina invoiced USD 5,700 million in 2020. Among the most outstanding are the areas of computer science, programming, design, among other professionals..
Many of the young people who export these services have never entered the local traditional labor market., indicate from the company. “They have begun their professional experience offering their services abroad,” they indicate from Bitwage.
Thus, they point out that heYoung people accommodate their needs and values, such as freedom, anonymity, remote work, flexibility and dynamism. For this reason, they know this group of workers as the “D generation (decentralized)”.
They explain that identify themselves as not wanting to work in an office from Monday to Friday from 8:00 a.m. to 5:00 p.m.. They prefer to have a job that they can do on their notebook from anywhere in the world, meeting objectives without schedules or fixed days. Generation D breaks with the traditional work scheme.
A change in the global financial system is imminent. Soon it will not matter where each person was born. Access to universal currencies, through a cell phone, without bureaucratic barriers and with low shipping costs is now possible and will reconfigure the economy as we know it.
Celina Nieman, CO-CEO of the Defiant self-custody wallet associated with Bitwage.
In this scenario, Nieman highlights that this change in labor paradigm is being led from Latin America. And he thinks that, as it continues to grow in size, it will contribute to a more democratic and fairer world.
The economic situation also means that crypto adoption is great and many developers or programmers are inclined to this industry, making Argentina a very interesting hub of talent for this ecosystem.
Raúl Ortiz, head of business at Bitwage.
Most are paid in stablecoins and allocate a part of their salary to bitcoin
Ulises Alzogaray, the manager of Bitwage Argentina, comments that The favorite cryptocurrencies of young professionals who work abroad are the stablecoins Y bitcoin (BTC).
Although they point out that they do not have data on their clients because their platform does not provide custody, they estimate that most users get paid in stablecoins. Precisely so that your money is not devalued. This type of cryptocurrency maintains a parity of 1:1 to the dollar.
In this way, they collect and save in stablecoins and what they need for daily expenses they convert to the local currency, such as Argentine pesos. He notes that most do this conversion through Binance’s P2P (peer-to-peer) service.
It also comments that its users usually allocate a small part of your salary to bitcoin as an investment because they speculate that its price will rise over time. He mentions that most configure this function so that the conversion to BTC is done automatically as soon as they charge.
Thus, they maintain an organized investment plan in bitcoin and avoid buying impulsively, according to their emotions. Meanwhile, they keep their savings in stablecoins and transfer what they need for daily expenses to their local currency. This is the new reality for more and more young professionals who work freelance or remotely abroad.