Using Bitcoin on Jobvir
Using Bitcoin is an easy and secure way to do transfers across the globe quickly and safely. On Jobvir, prices are quoted in US Dollars as a reference point, but all transactions occur in Bitcoin.
Once a Dollar price has been agreed upon between Employer and Service Provider, and the employer chooses to accept the bid, the employer will make a payment in Bitcoin at the market rate of USD to BTC at that time. That is what the Service Provider will earn (minus referral fee commission).
As a Freelancer you don’t need a Bitcoin wallet to start using Jobvir. You only need to set one up once you start earning and want to withdraw.
A Bitcoin or crypto wallet is easy to set up and there are loads of trusted wallet services such as: Coinbase, Luno, Bitpay, etc.
How do you pay with Bitcoin?
It’s important to realise that a Bitcoin payment is not like using a credit card, it’s more like sending the amount you want to pay (much like a bank transfer) to the other person’s Bitcoin account. In many ways it is actually safer than other payment methods as you don’t have card details for someone to steal. However, keep in mind that if someone accesses your Bitcoin wallet they can transfer your funds and, with Bitcoin, you won’t be able to reverse the transaction, so it’s important to trust who you’re sending your Bitcoin to.
Bitcoin accounts don’t look like ordinary bank account numbers, they’re a very long string of characters.
To make a payment:
To start, you’ll need to have a Bitcoin account to send Bitcoin from (also known as a crypto wallet), and then convert some of your local currency into Bitcoin (it’s similar to foreign currency exchange). One of the most popular and trusted wallets is www.coinbase.com, as it’s a publicly traded company.
Once your wallet is set up and funded:
Step 1. The service you are paying Bitcoin to will give you the Bitcoin address (like an account number).
Step 2. You can copy this Bitcoin address and paste it into the ‘send’ form of your own Bitcoin account or crypto wallet.
Step 3. Then enter the amount you want to send. Your crypto wallet will give you the option to type the amount in dollars or Bitcoin. Make sure you copy and paste or type in this amount correctly, else it may not be acknowledged by the recipient account.
The service you are paying might also give you a QR code to use (like a barcode made of small black and white squares instead of lines). This is easier than copying and pasting, all you need to do is:
Step 1. On your mobile device, from the ‘send’ form in your own Bitcoin account, just scan the QR code of the service you are paying, and it will pick up the address and amount from the QR Code.
Step 2. Then confirm the transaction.
Remember that Bitcoin transactions can sometimes take a few minutes to complete, so be patient if you don’t see an immediate result.
There’s no fee or red tape to do transactions across geographic borders. Bitcoin is international and fees and transactions are the same regardless of where in the world you are sending to.
Store of value
Although the Bitcoin price can fluctuate, because there is a limited supply, it still acts as a store of value similar to gold due to their being a willing seller and willing buyer market. So especially for countries that experience depreciation in their currencies, Bitcoin provides an alternative option as a hedge against their local currency devaluing.
You can think of it more as a ‘digital gold’ than a traditional fiat currency such as Dollars. If you owned gold as an investment you’d convert portions of it into dollars to spend as you needed it.
More and more establishments are accepting Bitcoin, from physical supermarkets to online retailers. So the functional use of Bitcoin is growing every day.
Because Bitcoin transactions take place on the blockchain which is not owned by any central body, your transactions are private. No-one can access your records or ‘spy’ on your activities.
Once you’ve set up your Bitcoin wallet, transactions are easier than other forms of payment (You just need to scan the QR barcode with your phone).
In most cases, Bitcoin transactions are cheaper than other payment methods as there are no banking fees.
Unlike many other payment methods such as credit cards or bank accounts, there’s no need for personal information in order to complete any transaction and because it’s not a physical currency, it’s impossible for thieves to fake being the account holder. Cybercriminals can only steal cryptocurrency if they are aware of the private keys for the wallet.
Bitcoin Payments are Mobile.
Bitcoin users can transfer funds from their wallet anywhere that they have Internet access, no need to carry currency with you.
Deposit with Bitcoin in 3 easy steps…
1. Create a Bitcoin wallet (Coinbase.com is one of the most popular and trusted as it’s a public company)
2. Fund the wallet with a credit card, debit card or funds transfer.
3. Use the ‘Send’ function of your wallet to send the invoiced amount of Bitcoin to the wallet address of the seller.