Freelancers are usually working with contractors from all over the globe, which makes the idea of bitcoin micropayments appealing. Not only does this reduce the transactions costs normally incurred through online payments, but it also mitigates the risk of exchange rate fluctuations.
Enter Faradam, a new bitcoin micropayments tool invented by Michael Faraday, which uses a simple timer to facilitate payments between parties. Freelancers using the service only need to provide their name, hourly rate, and bitcoin wallet address while contractors receive a link that can connect to the wallet.
Leveraging Bitcoin Micropayments
Faradam currently has only three full-time employees and is based in Argentina, thanks to the country’s high bitcoin adoption rates. Majority of its population is unbankable and the country is still under capital controls, making bitcoin micropayments appealing for those seeking employment.
“What we’re now doing is focusing mainly on use cases where people have bitcoin like international freelancers, and they charge their clients in bitcoin. In Argentina, we don’t have a PayPal, it’s really hard to charge for freelance services from the US,” said former Quasar Ventures senior business analyst and founder of Faradam