Microworkers have introduced the option for users to withdraw their earnings using Onto withdrawal option since the year 2021. It provides a cryptocurrency-based alternative for those who prefer this form of payment. Onto withdrawal option has been widely used by our users for its global accessibility and swift transaction processing.
Previously, users withdrawing their earnings from Microworkers via Onto could receive their funds in BUSD, a digital currency of type BEP-20. BUSD (BEP-20) is a 1:1 USD-backed digital stablecoin issued on BSC (Binance Smart Chain). However, recent changes in the cryptocurrency landscape have prompted Ontology to make a significant change. The change entails that users who withdraw to Ontology will now receive USDT-BEP20 instead of BUSD, notably related to changes in Binance.
This coming Monday, September 25, 2023, Ontology is going to switch to USDT-BEP20. On the same day, Microworkers will be unable to process Onto withdrawals. Users who withdraw from Onto will receive USDT-BEP20 instead of BUSD starting from Tuesday, September 26, 2023.
If you have any remaining BUSD, we highly recommend that you exchange it as soon as possible.
The Shift from BUSD to USDT-BEP20
The decision to transition from BUSD to USDT-BEP20 for Ontology withdrawals is closely tied to changes and regulatory developments correlated to Binance. This transition ensures that Ontology users can continue to enjoy the stability and utility of a popular stablecoin for their withdrawals.
Why USDT-BEP20 (Tether)?
USDT (Tether) has established itself as one of the most prominent and widely used stablecoins in the cryptocurrency world. Here are some reasons why the transition to USDT-BEP20:
- Stability and Acceptance:
USDT is known for its price stability and wide acceptance across various cryptocurrency exchanges and platforms. Users can easily convert USDT to other cryptocurrencies or fiat currencies.
- Global Accessibility:
USDT is accessible to users from different parts of the world, making it a convenient choice for international freelancers and users of Microworkers.
- Swift Transactions:
Cryptocurrency transactions, including USDT, often process more quickly than traditional banking methods. Users can access their funds faster after initiating a withdrawal.
- Higher Exchange Rate:
By transitioning to USDT, our users can benefit from a higher exchange rate compared to BUSD and continue enjoying a seamless and reliable withdrawal experience, even in the face of changing circumstances in the crypto industry.
- No Loss of Value:
The transition should not result in any loss of earnings value for users. The value of USDT remains tied to the US dollar, much like BUSD.
Key Points to Consider on How to Adapt to the Change:
If you are a user who prefers Ontology as your withdrawal method, adapting to this change is relatively straightforward:
Be aware of the transition from BUSD to USDT-BEP20 when selecting Ontology as your withdrawal option on Microworkers.
Check the details of the transition, including any potential changes in transaction fees and processing times. Ensure that you are comfortable with the new terms.
➼ Stay Informed:
Stay updated with any further developments or adjustments in the Microworkers withdrawal system, as the crypto landscape can evolve rapidly.
As the cryptocurrency network continues to evolve, we strive to remain responsive and relevant, ensuring that users can confidently access and manage their earnings in an ever-changing digital experience. For Microworkers users, this change means a smoother and more stable experience when withdrawing their hard-earned income via Ontology.