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Cryptocurrencies, particularly stablecoins pegged to the U.S. dollar,bypass these challengesby eliminating intermediary banks.
The inefficiencies of conventional systems are stark.
Crypto transactions, by contrast, settle within minutes for a fraction of the cost.
For many freelancers, waiting days for a payment to clear can be frustrating and stressful.
But stablecoins let freelancers skip that processing time.
With crypto, freelancers can get paid almost instantly, which gives them better ability to plan financially.
This speed is especially helpful when working with international clients who expect quick turnarounds.
These stablecoins combine the benefits of cryptocurrency speed and low fees with the price stability of traditional fiat.
But what about taxes?
In the U.S., cryptocurrencies are classified as property, necessitating capital gains reporting upon disposal.
Stay organized to avoid surprises at tax time.
Security and Protecting Earnings
Self-custodywallets are central to securing crypto earnings.
Freelancers should embrace platforms that allow them to control their private keys, reducing exposure to exchange hack.
Kim recommends dispersing funds across multiple wallets to limit losses from potential breaches.
Freelancers must be vigilant against phishing attacks and suspicious links, which remain prevalent in the crypto space.
Educational resources, such as Krakens guide to self-custody, underscore the importance of offline storage for long-term holdings.
Combining secure hardware wallets with disciplined digital hygiene can help freelancers protect their assets while enjoying cryptos transactional benefits.
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