If you are a freelancer, working on assignments for overseas clients, or you are assigned by your company to work out of a different geography where they do not have a presence. Every month or after the end of each assignment you as a contractor or full-time employee are entitled to receive the due payments. At the same time, putting yourself in an employer’s shoe, if you have freelancers and people working overseas, how would you prefer to pay their salaries?
The conventional option will be to wire the money to the employees account in the respective country. But it comes with its own drawbacks. For starters, overseas money transfer takes anywhere between days to weeks. At the same time, depending upon the legal tender of the respective country, there will be currency conversion fees and transaction fees applicable to each transaction. Being an employer you would not want to foot those bills. However, an employee would not want to see a part of his earnings go towards these things either. After all, he/she has worked hard to earn that money.
There is another solution, which has been around for a while now. It is Bitcoin, the decentralized open-source digital currency that has