Are stablecoins the future of borderless work?

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.

Summary

  • 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

About basenode.io

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.

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Basenode.io

Basenode.io

The easy-to-use portfolio tracker and crypto accounting solution for freelancers