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They use it for USDC, which is much better than buying dollars on the black market.
by angio 4y ago
They use it for USDC, which is much better than buying dollars on the black market.
- dmitriid 4y agoSo they don't use cryptocurrencies per se. They pay people in us dollars aka fiat. Same as companies using offshore bank accounts for the same purpose, or paying out cash in envelopes. People getting paid in USDC of course still need to convert a large amount of it into local cash/cash-equivalent because they still have to pay rent, pay for food etc.
- angio 4y agoThey use a blockchain to transact in USDC because it's more convenient that posting cash across borders. Freelancers usually don't have the financial means to open offshore companies.
- dmitriid 4y ago> Freelancers usually don't have the financial means to open offshore companies. So, "people in countries with high inflation"... is immediately reduced to just "freelancers". I struggle to imagine how freelancers were paid before the advent of crypto.