The options for Cubans using HBD and $HIVE for payments is expanding. This is something we are watching as it is likely an epicenter for Hive expansion.
Many nation suffered due to a lack of advanced financial services. Even some of the basics are missing. Countries like Cuba, Nigeria, Malaysia, and Venezuela are some examples of countries that lagged.
Cryptocurrency offers an alternative. Hive, being ones of the most technological advanced networks with one block irreversibility, no direct transaction fees, and 3 second blocks makes it an ideal alternative.
We are also seeing the formation of a road map for the developed countries as regulation comes down.
For now, we will focus upon the big move out of Cuba.
QvaPay Now Uses Hive Coins
Users of the application can now elect to deposit to the base layer Hive coins and utilize it for expenditures.
As you have read in the title, the Cuban payment gateway @qvapay (yes, they already have a Hive account) has just integrated HIVE and HBD to the already extensive list of crypto assets through which deposits can be made within said platform.
This is another step forward in the utility for Hive, especially the Hive Backed Dollar (HBD). The ecosystem's stablecoin can provide great benefit as a payment mechanism so getting it on more applications is crucial.
It is an important move because this platform already is an established payment system along with providing a store.
According to this article, here are some of the options:
- Change it in P2P for CUP, MLC or telephone balance.
- Buy at QvaShop, an online store that accepts QvaPay Balance (SQP).
- Buy virtual VISA cards.
- Recharge your mobile in promotion of ETECSA.
- Transfer it to another user.
Looking at the QvaStore, we have a number of options. Here are some of the categories:
There are a lot of subscriptions that can be paid using the service such as Disney, Spotify, and Netflix. Mobile phones by Apple and other manufacturers. They also have computers along with other options.
We also see the ability to swap this into CUP, the legal tender in Cuba along with additional currencies. This is all providing options for those with HBD.
The Hive Advantage
As we can see, there are other cryptocurrencies tied to the service. The major ones such as Bitcoin, Ethereum and Litecoin are all listed. Then we have Cardano, Tron, along with others.
The common denominator with most of these is that someone has to buy the currencies. To get a hold of them, except for faucets and minor distribution mechanisms like that, a swap of another asset of value is required. What if there are not any assets to swap?
Here is where Hive is different. We understand that, due to the Proof-of-Brain mechanism, the ability to send money into these areas can be done with votes. On Hive, every upvote with either Hive Power or a staked layer 2 token have monetary value. Simply by pressing the upvote button, money is directed towards that area.
This allows these economic hindered areas to partake in the growth of the Hive economy. It also enhances things locally since more money is flowing into an area.
It can be a major windfall for those parts of the world where they try to get by on $100 a month. Cash flow is an important component to any economy and Hive feeding money into these nations is of great help.
Of course, this also helps Hive. In the end, all aspects are dependent upon the network effect. If we can get thousands of Cubans active on Hive, this could really increase the activity not only online but also relating to the usage of a coin such as HBD.
These countries find themselves in horrific shape when the US dollar appreciates. Thus, gaining access to a USD denominated asset is a windfall. That is exactly what HBD provides.
It is uplifting and exciting to watch these epicenters forming. This is where Hive's near term future lies in my view. Getting people from disadvantaged countries active alters the approach many have. Instead of being a social media, online application that someone uses for fun, it becomes a way of life. If one is paying for basic goods and services from the activity on Hive, it moves things to a different level.
Road Map For Developed Countries
Regulation is coming.
We are in muddy waters at the moment. However, the sentiment seems that developed governments around the world are not taking a favorable stance towards cryptocurrency. This is going to hinder the access by the general population.
Naturally, this could backfire simply by following the path set down in countries such as Cuba.
If the existing on and off ramps are cut off by governments, individuals will have to figure out ways around it. Having a coin such as HBD able to pay for goods and services though an application such as this is a way to counterbalance it. The same could be true for P2P transactions using fiat currency.
Innovation is often a result of the circumstances. As things get more dire, innovation can become of greater impact. We can certainly see how this could be the case with cryptocurrency.
For now, we have Hive's coins on QvaPay, one of Cuba's larger payment platforms.
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