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As the business world has moved online,
First, payments are faster — instant, in fact — for all workers. Yes, many banking providers offer same-day domestic transfers. However, international transactions can take several days to complete, and often go through several banking institutions before settling into the receiver's account. A cryptocurrency transaction, conducted via blockchain technology, is usually settled within a few minutes. This means employees and contractors receive their compensation immediately, without any delays.
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By nature, cryptocurrency offers a transparent view of all transactions on a particular blockchain. This means both the sender (employer) and the receiver (employee/contractor) can see that a transaction has been processed and received both at the time of transfer and in the future. This transparency eliminates issues where a bank has held up a particular transaction or there has been a delay in the transfer. It also benefits both parties to be able to easily locate a transaction in the future, without the need to request bank statements or information from the other party.
Plus, the fees for cryptocurrency transfers are not determined by location and can cost as little as a few cents, depending on the blockchain network. (That, of course, is not the case for international bank transfers.)
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A cryptocurrency transaction simply requires the receiver's wallet address. In comparison, a bank transfer will require the input of significantly more information, including the recipient name, address, account number, SWIFT/IBAN number, bank name and bank address. Many banks still require a customer to visit a branch to complete an international transfer.
The setup of a cryptocurrency payroll is also simpler than setting up a new company bank account. To set up a cryptocurrency payroll, a company needs to set up a wallet, purchase the required cryptocurrency and obtain employee or contractor wallet addresses. This process can be completed within a few hours for someone who is new to cryptocurrency or within a few minutes for those companies already working in crypto. Faster, efficient, and easier — for employer and employee alike.
