Blockchain technology and cryptocurrencies are undoubtedly changing the way we view the world. Finance, banking, identity, and privacy are all areas that are immediately and irrevocably affected by blockchain technology. However, I also believe that they may be just as disruptive as automation to the way we work.
Cryptocurrency opens a world of possibility for workers, quite literally the world
One group of people that may have already realized how potent blockchain technology and cryptocurrency can be is digital nomads. Digital nomads are workers who are not tied to any one region. They often travel and may work for multiple companies at once (or are not tied to any one company). Put simply, they are a workforce of freelancers living life on the road, and I think they are going to become way more common because of cryptocurrencies.
One of the reasons I believe this is that when you free the market, and make wealth independent and mobile, then many of the things that tie a person down to a place are gone. This next example is anecdotal, but it was an eye-opening experience for me. When I was moving back to Chicago from London once I finished my master’s, it took four days to move my money from a UK bank account to my US bank account, and for two of those days it was in neither account. This experience was incredibly stressful, and I kept wondering how there couldn’t be a better way. It did not occur to me until I was back in Chicago that my Bitcoin and Dogecoin were still in the same place – they were still mine. Furthermore, I didn’t have to pay a fee to move them with me, and they were never out of my control. This was a profound realization for me, especially considering I lost about 50 dollars due to fees and exchanges rates.
With cryptocurrency, remote workers can be more secure in knowing where their money is, and can bring it with them without having to set up new bank accounts and such. This makes it easier for employers to pay their remote workers as well. Borders are gone, workers are free to move, and as a result, I think more people will take on the digital nomadic lifestyle – particularly because many of the most popular destinations for digital nomads have adopted a pro-crypto or crypto-tolerant stance.
This may be especially true for younger professionals, since they are less likely to have things like mortgages or other massive geographical commitments. However, I do not think it will only be young people. Considering that one of the things people wish they did more of in life is travel, we may be witnessing a burgeoning trend of work/travel hybrids. And I, for one, am incredibly excited by that prospect.