Are stablecoins the future of borderless work?
Updated: Sep 29, 2022
The world today is changing. An ever-increasing number of people are highly skilled and well-educated. They have the freedom to choose what kind of work they do and where on the globe they want to do it.
That is how it could be, wouldn't there be the problem that sending money across the globe is very slow and expensive. Waiting many days and weeks for your payment to arrive and in the process, paying most of it for transaction fees does not seem like a sustainable and profitable way of working. Can crypto salaries in stablecoins fix this problem?
In this panel discussion, Oliver Schantin from basenode.io, Modupe Ativie from EkoLance, Sarah Palurovic from the Digital Euro Association and Brian Becerra from BeInCrypto will answer this question and discuss various aspects of stablecoin usage including its economic and societal effects on the global labor market.
Stablecoins enable freedom
Using stablecoins for transactions across different countries is significantly cheaper and faster as using the traditional financial institutions. Especially in countries with unstable currencies and high inflation rates, stablecoins offer a better alternative and empower the people to receive a fair payment. Digital nomads also benefit from using stable coins. Instead of creating a bank account in every country they move to, they simply have their crypto wallet and portfolio with their coins everywhere they go, which also makes crypto accounting easier.
Are CBDCs the better Stablecoins?
Stablecoins also carry a substantial risk. While they enable fast borderless payment, blindly trusting them can be fatal, as seen during the Terra and Luna collapse. So could a more regulated and trusted CBDC be an alternative? Like with many things in the crypto space, it depends. Regulated CBDCs of local currencies will still not protect against high inflation rates or political corruption. Both CBDCs and stablecoins will have downsides and benefits. Each individual will have to decide which one they want to use.
Receiving money from different parts of the world is usually slow and expensive
Stablecoins offer almost instantaneous transactions with low transaction fees
In countries with high inflation rates, Stablecoins offer a way to save your wealth
Digital nomads have the possibility to have their own wallet and not rely on local banks for payments
Stablecoins do not come without risks, like the Terra Luna collapse showed
CBDC could be an alternative to stablecoins
At basenode.io, our mission is to eliminate the gap between traditional accounting and blockchain-based accounting. basenode.io is the easy-to-use accounting solution for digital assets that offers seamless crypto invoicing and portfolio tracking. We provide a self-explanatory user interface with a clean and modern look, that naturally supports your workflow. We support the most popular networks like Bitcoin, Bitcoin Lightning, Ethereum, Binance Smart Chain, Polygon, Ronin Chain, and more.
About the author
John L. Schantin has been deeply involved in the blockchain space for several years. With a background in computer science and smart contract development, he is always on the search for innovative applications for blockchain technologies. You can contact him via LinkedIn.