May 11, 2016 3:55 pm | Updated 5 years ago.
You just got an order to write a creative piece on dog food (how creative can one get!) from a client who found you on Fiverr.com, a digital marketplace for creative writing. Being an English literature graduate in your small town in India does not amount for much both socially and economically. With time running out for paying the rent for the hen coop you call home, you have quoted a hard to turn down bargain fee of USD 10, this converts to Rs. 600 in Indian currency and in more practical terms 25% of your monthly rent.
With the order for the dog food write-up in, you slog for the next two days trying to think about the most appropriate beginning line. How would Shakespeare or Milton have started an article on dog food you wonder (of course for a large fee). With time running out you write a much lesser eclectic starting line “if you wish to have you dog guard your sandwich; give him the tastiest dog food in town“. Not the best in creativity, but by this time you are feeling like a dog that has been given peanuts for dinner. We will leave the story of such a feeling for another day.
The article written, spell checked and proof read is mailed to the client. After a few iterations with the client, which takes away whatever creativity was in the article, the piece is approved. The money arrives from the client through Paypal. Your account shows a credit of $5, the rest of the due amount ($5) has gone as a transaction fee to Paypal and Feverr. It’s not a very comfortable feeling to lose 50% of your fee to the intermediaries, but a person in your situation does not have much of a choice, or does he?
Cryptocurrency or the popular version Bitcoin along with marketplaces like bitlancerr.com, which transact in cryptocurrency, could be your answer. For the uninitiated, bitcoin is a virtual currency and payment system which enables payment between two parties directly without an intermediary. The transactions are recorded in a publicly distributed ledger called the block chain. Bitcoin is slowly getting a foothold, primarily because transaction fees are much lower than service fee of the payment gateways like Paypal of the Bank charges for money transfer. The bitcoin transaction costs range from 0 to less than 2%.
The number of merchants accepting bitcoin for products as services is on the rise. Economists have described Bitcoin as the first decentralized digital currency. More than $1.5 billion worth of bitcoins are currently in circulation around the world, with millions of transactions occurring daily.
Coming back to our story, if you were to receive the fee for your dog food article in bitcoins, you would then get it exchanged for a small fee (0.3% trade fee at coinsecure.com, an Indian Bitcoin Exchange) to Indian Rupees and go laughing to the bank.
After all, every dog has his day.