[heading]Bitcoin & The Future Of Employment[/heading]
The Internet has transformed prospects for employment. Whereas in the past starting a company was a monumental task carried out only by those with capital, today things are much difference.
One can start a million dollar business as a sole proprietor, with little more than a laptop. I think Bitcoin improves prospects for such businesses.
According to the US Census Bureau’s annual report on “non-employer’ businesses, 22.5 million such firms existed in 2011. Their average revenues were $44,000. The average annual wage in the US is $45,790.
* 1.6 million owners enjoyed sales in the the $100,000 to $249,999 range (up from 1.5 million in 2010)
* 484, 479 enjoyed sales from $249,000 to $499,000 (up from 453,694 in 2010)
* 209,415 enjoyed sales between $500,000 to $999,999 (up from 198,755 in 2010).
* 26,744 enjoyed sales between $1 million and $2.49 million (up from 24,945 in 2010)
* 1,723 enjoyed sales between $2.5 million and $4.99 million (up from 1,618 in 2010)
*368 enjoyed sales of $5 million or more (down from 442 in 2010).
The number of nonemployer firms in most of these categories are on the rise, with a considerable rise in those breaking the $1 million mark.
Those sole proprietors, etc. who are making $5 million or more category, work in 3 categories, according to the new report: Almost all of them (317) are operating finance and insurance firms. A small subset (45 people) working in arts and entertainment. For work in retail.
The second highest tier, from $2.5 million to $4.99 million, is composed mostly of retail businesses, 494 to be exact. In second place were professional, scientific and technical services.
In the million to $2.49 million range, the top category, by far, was professional, scientific and technical services, with 6,708 firms. Retail businesses came in second, with 2,595 represented.
These sole proprietorships are likely to increase. The Census Bureau’ report on non-employer businesses found that there were 22.5 million of these one-person firms in 2011, up 1.7% from the prior year, Among all 50 states, 48 saw increases in one-person ventures from 2010-2011. Total revenues from these micro businesses rose to $989.6 billion, increased 4.1% from 2010.
As more and more businesses begin to use Bitcoin, Bitcoin will enable more and more businesses to operate with lower overhead and less confusion. That’s because Bitcoin is like the money of the Internet – it is a virtual plugin on top of the other existing layers. It encourages the horizontal economy of the future where instead of the many working for the few, the many work for themselves.