When taken as individual entities, Bitcoin and remote working don’t have much in common. In fact, pre-2021, the comparison wouldn’t have even entered most of our minds. But, as the Coronavirus pandemic changes the way we both work and spend, this is just another of the odd pairings that has arisen in this so-called ‘real’ new normal. This isn’t to say, of course, that one is dependent on the other (though there certainly is an argument that they can complement each other,) but rather that these two increasingly modern trends are quickly becoming crucial aspects of ongoing success.
A look at Amazon’s recent movements highlights this link as the company drops strong hints about Bitcoin acceptance around the same time it announces that employees can continue to work remotely two days a week. This isn’t even the only company considering both of these sidelines simultaneously, leading upcoming or struggling businesses to consider what working from home and Bitcoin actually have in common, and what that means for success moving forward.
1 – Affordability
A pandemic that plunged us into the worst recession we’ve seen since World War II has left companies scrambling to pick up the financial pieces, a challenge that both remote working and the acceptance of cryptocurrencies stands to bring within far easier reach.
Remote work is perhaps the most obvious example of this, with surveys revealing savings of around $4,000 per remote worker. While these benefits are partially offset by higher software costs and the potential for lost efficiency, companies that have already been operating this way for eighteen months could certainly benefit from using this springboard for long-term cost management.
To feel the full benefits of these savings, however, managers also need to consider their payment strategies which, incidentally, have also changed a great deal. Obviously, reductions in the need for cash collections, storage, etc. have already brought savings, but card transactions that usually run at costs of around 2-3% can also be eliminated with cryptocurrencies. In fact, Bitcoin fees that only apply to senders can see companies accepting payment in full across a largely digital working landscape that’s already poised to make this possible.
2 – Modern appeal
With millennials now representing the largest group of consumers, finding new ways to appeal to a modern audience is another fundamental of success and recovery. And, considering that millennials prioritize tech-savvy, environmentally friendly operations, remote work and Bitcoin tick all possible boxes here, too.
Not only do 85% of millennials want full-time remote opportunities themselves (giving any company who offers this an automatic consumer in point,) but the reduction in travel, energy consumption, etc. also taps directly into increasingly environmental focuses. Further to this, the always-on customer service and operations of remote companies fit perfectly with a generation that’s increasingly shopping, and working, later than ever.
The addition of Bitcoin payments also holds real pulling power in this respect when you consider that individuals in the 18-34 age bracket are three times more likely to be familiar with what is Bitcoin, and what are its benefits? A strong desire to have everything at their fingertips also makes one-click digital payments far more appealing to millennials than options that require paperwork, long numbers, and convoluted checkouts.
3 – Global reach
Despite initial predictions of trouble, the global market has continued to enjoy an upwards trajectory and has been touted by experts as the best opportunity businesses have to recover as we move forward. The growth of online sales, especially, has heralded an age where competitive advantage is increasingly dependent on broadening market reach.
By bringing distributed workforces within far easier reach, remote working brings obvious benefits in this sense, making it far easier, and cheaper, for companies to manage distributed operations that overcome issues like language barriers, cultural misunderstandings, and even time differences. Of course, all of these must still be considered at recruitment and operational levels, but the right software and approach can soon smooth these cracks.
Bitcoin, and cryptocurrency in general, also plays a huge part in the ongoing ability of companies to accept payment from every corner of the globe thanks to immediate unlimited transfers regardless of location. Cryptocurrencies are also largely apart from the risk of loss through exchange rates thanks to the ability to set prices in any local currency, a fact that, when paired with the knowledge and experience of on-location remote workers, most definitely makes this a match made in heaven.
What do working from home and Bitcoin have in common? Modern success, that’s what!
Matt Hoffer is a crypto enthusiast and gamer. When he's not de-constructing the blockchain, you can find him chilling with some lemonade in the shade or playing a round of golf.