Bitcoin is one of the pioneers in cryptocurrency. A cryptocurrency is a form of digital currency which is decentralised and works on blockchain technology. This means the currency does not differ from country to country and it is a homogeneous unit across the globe.

This can be particularly useful for the gig workers because the gig economy is borderless. The advent of social media and freelancing platforms has connected clients and gig workers across the world. A gig worker from one part of the world can work with a client from another part of the world without any barriers. This forms the backbone of the gig economy in today’s world.

It is estimated that around 33% of people in the US are gig workers and more people are slowly turning to the freelance industry. Also, more people are taking up gigs as a side hustle to increase their revenue. Apart from this revenue factor, people are entering the gig economy because it is a flexible field where the employee can take up work at their own pace.

Therefore flexibility and worldwide accessibility are two of the defining factors in the gig economy. But when it comes to payment this flexibility and accessibility are still a question. The freelancing platforms take up a commission of up to 20% from the gig workers. There are a lot of payment methods such as wire transfer, and PayPal which have a transaction fee associated with them.

Added to this is each country's own set of rules and regulations governing its centralised financial institutions. Because of these multiple currencies, and high transaction charges for international transactions there is a need for a universal easily accessible common payment method.

This is where Bitcoin comes into the scene. Bitcoin was founded in 2009 and it is the pioneer in blockchain cryptocurrency. Because the currency is decentralised it is safe to use and it is common all over the world. Also, its technology-based decentralised functioning makes it much safer to use when compared to other centralised currencies. This will be very useful, especially for the gig workers.

There are no intermediate institutions involved in the transaction. This makes the transaction fairly simple and easy to be done across the globe hassle-free. This means that any decentralised cryptocurrency can be used for transactions, but why Bitcoins?

Simply for the sole reason that Bitcoin is the pioneer in cryptocurrency. Its value is a hundred times more when compared to other cryptocurrencies and it is trusted and used by more number of people worldwide. Even in remotest areas with no understanding of cryptocurrencies people trust Bitcoin. This is because of Bitcoin’s popularity among the masses worldwide.

To summarise this article, the Gig economy is a flexible and borderless economy with gig workers and clients across the world working with each other. They aren’t bounded by specific institutional rules and regulations specifically regarding the nature of their work. In this scenario, multiple different currencies, centralised transaction methods and high transaction charges for international transactions put a big burden between the clients and the workers. Therefore Bitcoin is aiding the gig economy by providing a universal digital currency which is decentralised and much safer to transact. In the future Bitcoin is going to play a major role in the Gig economy because of the flexibility and universality it offers.