Introduction

As the gig economy continues to grow in the Philippines, more and more freelancers are choosing to be paid for their services via alternative payment methods like digital currencies.

These remote workers have set themselves apart from other freelancers by demonstrating an openness to new technologies and innovations, particularly in blockchain and digital currency.

The use of digital currencies in the freelance economy has been on the rise in the Philippines, with many freelancers accepting digital currencies payments for their services. Many independent creators and developers are actively exploring the emergence of Web3. Powered by blockchain technology, Web3 is defined by innovations such as digital currencies, decentralized applications (dApps), and non-fungible tokens (NFTs). These innovations take out the need for intermediaries and offer an autonomous system that provides more control and ownership for users – a system that is very much aligned with the characteristics of freelance work. As freelancers pivot towards the in-demand skills in this area, they have embraced the use of digital currencies to exchange and transfer value within these systems.

Why are Filipino freelancers choosing to be paid in digital currencies?

Digital currencies payments hold certain advantages over traditional payment methods. These advantages include customer demand, faster transactions, and greater access to the global market.

1. Customer Demand

Clients are increasingly requesting to pay in digital currencies, which offer more secure and private transactions. As more clients adopt digital currencies as a payment method, freelancers strive to keep up with their preferences and expectations. Filipino Freelancers choosing to get paid in digital currencies are able to cater to a wider range of customers and increase their income potential.

2. Faster Transactions

Accepting digital currencies payments can significantly speed up the payment process compared to traditional payment methods, with transactions being completed in just a few minutes. This benefit is particularly important for many of them who rely on a steady stream of income to support them and their families.

3. Access to a Global Market

With digital currencies, freelancers believe they can receive payments from clients all over the world, without having to worry about currency conversions or transaction fees. They wish to expand their client base and tap into new markets, which can lead to increased revenue and opportunities. This is key for Filipino freelancers as the number of clients from other countries is constantly increasing. 

4. The only way for digital currencies is upwards

As the gig economy continues to grow in scale and popularity, more and more freelancers will look to accept digital currencies as a payment option. The numbers speak for themselves – Filipino remote workers are savvy enough to adapt and leverage the benefits of getting paid in digital currencies. Digital currencies payments are not only a convenient and efficient way to get paid, but also a gateway to a new world of possibilities.

How Filipino freelancers can accept international crypto payments

As a Filipino freelancer looking to accept international cryptocurrency payments, here's a comprehensive guide:

1. Understand the Basics of Cryptocurrency;

Cryptocurrencies are digital or virtual forms of money that use cryptography for security. They operate on decentralized networks using blockchain technology. Examples include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and stablecoins like USDT and USDC.

2. Choose a Cryptocurrency Payment Method:

Filipino freelancers have several options for accepting international crypto payments:

• Direct Transfers to Your Crypto Wallet: Your client sends cryptocurrency directly to your unique wallet address. It entails lower fees and direct control over funds. It requires both you and your client to be familiar with using crypto wallets. You are responsible for the security of your wallet. Examples: Trust wallet, coinbase wallet, Transfi Bizpay, Binance.

• Cryptocurrency Payment Gateways: These platforms act as intermediaries, allowing your clients to pay in crypto, and you can often choose to receive the payment in crypto or convert it to fiat currency (like PHP). They Simplify the payment process for clients, and may offer features like invoicing and automatic conversion. They sometimes involve transaction fees.

Popular Crypto Payment Gateways:

1. Transfi Bizpay: Supports multiple digital currencies and provides various payment methods, can be integrated in websites and platforms easily and offers round the clock customer support.
2. Coinbase Commerce: Supports various cryptocurrencies, integrates with platforms like Shopify and WooCommerce.
3. BitPay: Suitable for businesses with high transaction volumes, supports over 100 cryptocurrencies.
4. PayPal: Offers a familiar option for some users, supports Bitcoin, Ethereum, Litecoin, and PayPal USD (PYUSD), but has spread fees.

• Freelance Platforms with Crypto Options: Some international freelance platforms are starting to integrate cryptocurrency payment options. Research platforms in your niche to see if this is available. It's convenient if you already use the platform but it may have platform-specific fees and limitations.

3. Setting Up for International Crypto Payments:

• Get a Crypto Wallet: Choose a secure and reliable crypto wallet that supports the cryptocurrencies you want to accept. Ensure you understand how to use it and how to secure your private keys.

• Provide Your Wallet Address: Share your public wallet address with your international clients for direct payments. Be careful to provide the correct address for the specific cryptocurrency.

• Integrate with a Payment Gateway (if chosen): If you opt for a payment gateway, follow their setup instructions to integrate it into your invoicing system or website.
• Consider Stablecoins: To mitigate the volatility of some cryptocurrencies, you might request payment in stablecoins like USDT or USDC, which are designed to maintain a stable value tied to a fiat currency (e.g., the US dollar). Transfi provides the flexibility to deal in stablecoins and multiple currencies to make payments and receive funds.

• Be Aware of Currency Fluctuations: If you choose to hold volatile cryptocurrencies, be mindful of potential price fluctuations between the time you receive payment and when you might convert it to PHP.

4. Security Best Practices:

• Use strong, unique passwords for your crypto wallets and exchange accounts.
• Enable two-factor authentication (2FA) for added security.
• Be cautious of phishing scams and only interact with trusted platforms.
• Consider using a hardware wallet for storing significant amounts of cryptocurrency.

5. Communicating with Clients:

• Clearly communicate your preferred cryptocurrency for payment.
• Provide clear instructions on how to send the payment, including your wallet address or payment gateway link.
• Be patient and willing to guide clients who are new to using cryptocurrency.

By understanding these steps and considerations, Filipino freelancers can effectively and securely accept international cryptocurrency payments, opening up opportunities to work with clients globally. Remember to stay informed about the evolving cryptocurrency regulations in the Philippines. Freelancers should explore their specific needs and compare Transfi's offerings with its digital assets wallet and stablecoin payment options and find the best fit for their financial goals.

Why is Transfi Is the Best Digital asset payment Method for Filipino Freelancers

1. Fast Payments with Minimal Delays

Freelancers rely on timely payments to manage their cash flow. Transfi ensures payments are processed swiftly with their choice of digital assets or stablecoins, allowing freelancers to access their funds within hours, not days. This feature gives Transfi an edge over other payment methods that can take up to a week to complete transfers.

2. Low Transaction Fees

Many freelancers lose a significant portion of their income due to high transaction fees imposed by platforms like PayPal or through international bank transfers. Transfi offers a far more cost-effective solution with low fees on international payments, ensuring that you retain more of your hard-earned money.

3. Best Currency Conversion Rates

Another area where freelancers often lose money is through unfavorable exchange rates. With Transfi, you receive the best exchange rates available in the market, meaning that you get more value when converting your USD earnings into PHP. Unlike platforms that add hidden fees into exchange rates, Transfi is fully transparent, ensuring you get the most out of every transaction. Payment solutions utilizing digital assets and stablecoins provide a more reliant setup with no worry of conversion rates and the hassle of this cumbersome process.

4. Fraud Protection and Secure Payments

The security of your funds is a major concern, especially when dealing with international payments. Transfi uses encryption and follows global standards for payment security, giving freelancers peace of mind when sending or receiving money internationally.

5. Local Payment Options and Global Reach

One of the significant advantages of Transfi is its flexibility in allowing freelancers to link their Transfi account to local bank accounts, e-wallets, or crypto wallets. This ensures easy withdrawals, whether you prefer receiving your funds in pesos or another currency. For freelancers working with clients worldwide, Transfi’s global reach means no matter where your client is, you can receive payments effortlessly.

Conclusion

As a freelancer working with international clients, choosing a payment method that ensures security, cost-efficiency, and fast transactions is essential for completing the job smoothly. Transfi’s Bizpay offers everything a freelancer needs to streamline payments, from low fees to quick processing times and secure transfers, making it the top choice compared to other alternatives. With Transfi, freelancers can avoid the high price of transaction fees found in other platforms while ensuring their payments are processed swiftly.

Frequently asked questions (FAQs)

1. What are the steps to set up an international crypto payment?

• Get a crypto wallet
• Provide the wallet address  
• Integrate with a Payment Gateway (if chosen)
• Consider stablecoin
• Be aware of digital currency fluctuations 

2. Why are Filipino freelancers choosing to be paid in digital currencies?

• Customer demand
• Faster transaction
• Access to a Global Market
• Growth and widespread use of digital currencies 

3. What are digital assets and what are some of its examples?

Cryptocurrencies are digital or virtual forms of money that use cryptography for security. They operate on decentralized networks using blockchain technology. Examples include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and stablecoins like USDT and USDC.

4. What currencies and assets does the wallet support?

TransFi Wallet supports a broad range of currencies and tokens to ensure true global accessibility. It currently enables transactions in over 40 fiat currencies and supports more than 80 crypto tokens, including leading stablecoins like USDC. This extensive currency support allows users from different regions to operate in their local currency while still accessing the advantages of stablecoins and crypto, making it an ideal solution for globally distributed teams, platforms, and businesses.

5. Why is Transfi one of the best platforms to accept global payments in digital assets?

• Fast Payments with Minimal Delays 
• Low fees and transparent pricing
• Realtime global access
• Best Currency Conversion Rates 
• Security and legal compliance