A recent survey shows that 93% of freelancers worldwide want to integrate stablecoins and crypto into their income streams.
Zero Hash and Lightspark conducted the study, which surveyed 2,500 freelancers and contractors in the United States, Brazil, Argentina, Mexico, and the UAE. It exposed their extensive dissatisfaction with conventional payment methods.
Most freelancers, or two-thirds, reported experiencing difficulties with foreign exchange. Due to currency and exchange rate fluctuations, this complicates their ability to accept assignments from clients in other countries.
The overwhelming majority of individuals think this issue could be resolved by receiving payment in cryptocurrency. The study also stated that it would enable them to collaborate with consumers worldwide.
Global Freelancers Embrace Crypto For Subscription Payments
Stablecoin distributions are preferred by many individuals worldwide over their local currency. This preference is even more pronounced in countries such as the United Arab Emirates and Argentina, where more than 80% of freelancers would opt for them.
Freelancers also expressed interest in utilizing crypto or stablecoins for subscriptions. 81% of respondents indicated that they prefer to pay for services such as Netflix, Spotify, and ExpressVPN with cryptocurrency or at least desire the option.
The demand for crypto or stablecoin subscriptions is exceptionally high in certain countries, including the UAE (94%), Argentina (92%), Mexico (89%), and Brazil (82%). This interest is even more pronounced in these countries.
Two primary factors are responsible for this demand. One is the convenience factor; 32% of freelancers regard cryptocurrency as a method to circumvent currency exchange complications.
Another consideration is security, as nearly one-third of freelancers believe cryptocurrency provides a secure payment method.
Freelancers Demand Real-Time Income, Turning to Crypto
Freelancers’ frustration with tardy payments is the root cause of their wish to receive compensation in novel forms. Freelancers are also compelled to adopt cryptocurrency due to the exorbitant fees associated with conventional methods.
The study revealed that nearly half of freelancers wait an excessive amount of time to receive payment. A third of individuals, or 33%, wait 3 to 5 days, while another 15% wait even longer. This delay is a significant issue. Most freelancers prefer to receive their payments within 24 hours, with nearly half requesting real-time payments.
These slow payments disrupt the cash flow, financial stability, and capacity to reinvest in their enterprises of freelancers. It impedes their capacity to earn a livelihood. Consequently, cryptocurrencies are an appealing alternative due to their potential for quicker transactions.
This frustration is more than merely notional; over one-third of freelancers worldwide have already received payment in cryptocurrencies such as Bitcoin, Ethereum, or USDC. It is evident that crypto is not merely a future anticipated for payments; it is already a reality for numerous freelancers.
Overseas Firms Embrace USDC for Employee Payments
A separate survey conducted in March revealed a significant increase in international companies providing their employees with the option of using cryptocurrency, particularly USDC, as a form of payment.
This implies that cryptocurrencies are gaining momentum in the global workforce, even though companies must embrace them wholly for all transactions.
The study stated that companies frequently utilize cryptocurrency to facilitate cross-border transactions, mitigate exchange rate fluctuations, and capitalize on tax considerations in specific jurisdictions.
In contrast, most US companies are refraining from participating in these crypto initiatives, as they appear to be more cautious.