Is PayPal too expensive? Let's pay your freelancers in stable coins!
In today's day and age, most people in emerging markets prefer to hold US Dollars instead of their local currencies. It protects them against high inflation rates and is internationally recognized and demanded. Yet, paying freelancers in US Dollars is rather difficult using traditional banking solutions. Even when using payment providers like PayPal, there are tremendous transaction fees to pay and the payment is often automatically converted to inflationary local currencies. Additionally, there is a high percentage of people without a bank account in emerging market regions, which makes paying them a salary from across the world almost impossible.
International payments traditionally take 2-3 business days to clear with high fees
More than a million under banked talents are excluded from the global labor market
web3 talents demand crypto payment options to avoid high inflation rates in local currencies
In this presentation, Oliver Schantin explains how to avoid these problems using Basenode.io as a crypto invoicing tool.
How your company can start using crypto salaries
If your company wants to benefit from paying freelancers in crypto and help adopt cryptocurrencies and blockchain accounting across the world, follow these four simple steps.
Set up a custodial crypto wallet for your business (e.g. Qredo)
Buy USD Stablecoins via an exchange (e.g. BUSD via Binance)
Use Basenode.io to receive invoices from your freelancers and to create crypto reports
Work with a crypto affine tax advisor for your annual financial statements
It is recommended to use custodial crypto wallets for higher security so that no one in the company has access to all the crypto funds. In Germany the crypto portfolio of the company can legally be treated like a foreign currency account, this means that what is important to the financial institutions is the Euro value of the crypto tokens at the moment of transaction. Basenode.io keeps track of this information for you, so that starting to pay your employees a crypto salary becomes even easier.
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.