The freelance economy has undergone earthquake-changing in recent years, and cryptocurrencies have emerged as a priority payment method for many independent workers.
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As the traditional financial system tackles high rates, slow processing times and currency volatility, freelancers like Atikh Bana, co-founder of Acctual, are turning to crypto to streamline workflows and protect revenue.
For freelancers in emerging markets, traditional banking systems often impose burdensome costs. Bana noted that it ranges from 5% to 10% in some regions, significantly eroding the benefits of small freelancers.
“Additionally, I had to deal with a disadvantaged exchange rate.
These fees are compounded with volatile local currency and may depreciate promptly during the processing period for several days of international transfer. Cryptocurrencies, particularly stubcoins pinned in US dollars, bypass these challenges by eliminating intermediary banks.
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The inefficiency of traditional systems is severe. According to the International Monetary Fund, the average cost of sending $200 internationally is above 6%, with some corridors facing fees of over 30%. In contrast, crypto transactions resolve within minutes.
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“One of the biggest benefits I experienced with Crypto was how quickly I received the money,” explained Bana.
Traditional banking systems typically take up to five days (sometimes long) to process international transactions, causing cash flow issues for freelancers who rely on timely payments. For many freelancers, the day they wait for their payment to be cleared can be frustrating and stressful.
However, Stablecoins let the freelancer skip its processing time. With Crypto, freelancers can get paid almost instantly. This will improve your ability to plan financially. This speed is especially useful when working with international clients who expect a quick turnaround.
Freelancers often work with clients from different countries, and traditional payments can be a hassle. Bana explained that the flexibility of paying clients with stubcoin only makes payments easier in the Fiat world.
With Crypto, freelancers can work with clients from anywhere without worrying about whether the bank supports international transfers or other payment barriers.
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