The Good, The Bad, And the Ugly About Working in Crypto: A Worker’s Perspective
Crypto is often portrayed as a new paradigm for working, an opportunity to gain more freedom, flexibility, access to opportunities. Crypto gurus like Balaji Srinivasan, see crypto as a revolutionizing force that will reduce inequality and gatekeeping, the promised land of digital workers. As we know, however, not everything that glitters is gold.
Indeed crypto offers undeniable benefits to workers but also new problems like more uncertainty, precarity, and self exploitation. One could debate that the benefits are worth closing an eye on other downsides but having a clearer picture on how working in crypto is really like is essential for even beginning that discussion and perhaps doing something to address the downsides.
As the crypto job market continues to expand, I believe that talking about what working in crypto is like is going to help newcomers navigate the space with awareness and realism. That is why, together with the Legal Guild, we have been working on a series of articles on working in crypto. This series focuses on the experiences of crypto workers as well as the legal challenges that will need to be addressed in the future. The aim is to both raise awareness and foster a discussion on the future of work in crypto.
The Good
There are undeniable advantages about working in crypto. It’s a friendly and informal environment with little access barriers and great opportunities to earn money and kickstart your professional career. Although the crypto space is not perfect, it is clear that crypto workers are very optimistic about its development as our survey showed.
Crypto has changed and is changing the life of many people for the better giving them more freedom, access to opportunities, and work in a fast paced and stimulating environment. Below we list some of the main advantages that came out from the survey.
Facts Speak More Than CVs
One of the best things about crypto is that it is probably one of the most meritocratic working environments that you will ever find. CVs listing all the fancy degrees that you own and working experiences in renowned companies and institutions are not worth much. In fact, most employers will not even ask you for a CV to begin with. You are given a chance to prove yourself and are judged solely by the quality of your work and attitude.
Your Background, Age, and Gender Do Not Matter
Since crypto is a very meritocratic environment, and because revealing your identity is not required, you are not going to be affected by prejudices on your nationality, age, gender, and ideas. In crypto you can find leaders that are 19 years old, women that are holding authoritative positions, and all different kinds of people really. The crypto community is a very inclusive one and many employers are very mindful of the value of diversity. This is very unlike traditional working environments, where it is difficult to escape discrimination.
If You Are Good You Move Up Quickly
In most companies, even if you prove your value consistently you will not be able to skip certain steps to move up in the company. In crypto there is no such thing as hard steps to move up. If you are good at what you do and are consistent in delivering you are going to be offered opportunities and given more responsibilities even if you are not a senior worker with years under your belt.
Your Work Will Never Get Too Boring
Crypto is moving fast and evolving at insane speed. There is always something new to learn, and it is likely that whatever you do, whether you are writing content, making memes, building communities, your work is going to be affected by it. This keeps things interesting and stimulating and pushes you to keep learning new skills and knowledge.
You Can Work From Anywhere
All things crypto happen online so you will never be required to work in an office or a particular location. This gives people the opportunity to live wherever they want or move around the globe as they please. Whether you choose a trendy digital nomad lifestyle or you choose to live next to your beloved, you gain the chance of choosing what works best for you.
You Can Be Your Own Boss
Most people working in crypto do not have set contracts but work on a freelance basis. This allows them to get as much work as they want to decide their own schedule.
Friendly Environment
Crypto is a very horizontal environment when it comes to relationships between employers and employees. This allows for the possibility of more friendly and deep relationships between people that go well beyond work.
The Bad
Nothing is perfect in this world and crypto is no exception. The space is still young so there is still uncertainty when it comes to working standards and conditions. This might offer advantages to some and disadvantages to others depending on their personal situation and work. Additionally, as it emerged from the responses to the survey, many advantages like flexibility, might in certain cases turn to disadvantages.
No Standards For Wages and Working Conditions
Crypto offers a lot of opportunities to people to earn money in a relatively easy and flexible way. This of course comes at the cost of being exposed to a ruthless free market that makes workers exposed to exploitation.
Precarity
Most of the people working in crypto are disposable due to lack of regulations and informal working conditions. This makes it very difficult for the majority of people to find stability and peace of mind in crypto.
Overworking Is The Standard
A lot of people turn to crypto as they are attracted to the flexibility it offers. On the surface being your own boss and taking care of your own schedule sounds great. But when you are a freelancer in an industry that keeps evolving at lightning speed you will find yourself always worried about catching up to stay on top of your game.
And The Ugly
Because crypto is a very informal environment much is left to the good conscience of the employer when it comes to payments and setting working conditions. This puts workers in a difficult position as they do not have anything on their hands to demand their rewards. Although this specific issue did not emerge from the survey conducted it is a situation that can easily arise due to the lack of contractual or more formal agreements.
First and Second Class Workers
Only a few percent of workers in crypto are protected by a contract. Those are usually the people that are part of the protocol’s core team, external agencies, and a few other individuals that are hired by the protocol itself. However, the majority of workers in crypto, even those that are more than occasional workers, work in very informal conditions, that is, without a contract and without legally binding obligations. This creates a system of first and second class workers, the first being the valuable assets, and the latter being the highly disposable goods.
Final Thoughts
Crypto is young and as all youngsters it needs to grow and unfold its full potential. This account of the good, bad, and ugly side of crypto was written with the aim to offer an honest and needed account for those thinking to quit their jobs to join the space. And, importantly, to spur reflection on how we want the space to look life for those working in it. Do we want to create a fairer and better system for workers that nurtures talent and retains it through positive incentives? Or do we want to go down the beaten path of ruthless neoliberal exploitation? In principle crypto accommodates either of the options so it is up to us, workers, and employers to make a choice.
