Venezuela: Making HBD A Reality

in #hive-1679222 years ago

There are some very interesting events taking place in Venezuela for Hive. This is something we discussed in theory and, it appears, that country is turning it into a reality.

As covered, Hive has a great deal of potential. While other cryptocurrencies such as Cardano have initiatives as access certain areas, Hive simply does it. We have a community that takes it upon itself to get things done.

In short, the tools and provided (build) and the community runs with it.

Nowhere is this more accurate than with the Hive Backed Dollar (HBD). A great deal of attention was paid to this coin the last 18 months. We saw the emergence of the HBD Stabilizer, which uses Decentralized Hive Fund (DHF) money to provide liquidity on the internal exchange.

At the same time, the Witnesses moved the interest rate on savings to 20%. This allows for the creation of more HBD, something that is required if it is going to be a legitimate currency. There is also the return that individuals are getting which is the incentive to place the HBD there.

Of course, all of this is for naught if use cases are not built out. As we maintained consistently, there is a lot of infrastructure required to make enhance the commercial and financial utility.

Nevertheless, Venezuela is starting to spread the word.

image.png

Access To USD Through HBD

We recently had this article posted that detailed what is taking place in a town in that country. HBD and $HIVE are being accepted by merchants.

The details of what is taking place, or more importantly why, were discussed in the past. We will now show how this is becoming reality.

For those who are unaware, Venezuela is in a great deal of difficulty economically. We will not go into all that is wrong but one of the main results is the lack of stability of the national currency, the Bolivar. This makes the cost of things within the country unpredictable along with increasing prices for anything that is tied to the US dollar. Here is where local and national economies get slammed.

At the same time, we can only imagine the state of the banking system. Certainly, this industry is known for corruption globally. However, in the West, there is at least some degree of legitimacy. In many other nations, banks are akin to loan sharks. The corruption is overt, basically openly stealing people's money.

Hence it is best to avoid them if possible.

HBD does this.

Getting a hold of US dollars is difficult along with dangerous. Banks are not going to have a lot on hand. Even if they do, getting banknotes means one is at risk of getting beaten and robbed. Cash is not a great idea in this regard.

This is where HBD is providing the people of Venezuela with a solution.

In addition, the adoption of HBD boosts the digital economy by providing financial freedom by not relying on the US dollar and a physical bill at the time of payment, with this we are confident that our Hive blockchain takes a giant step towards another level in the financial arena.

HBD is providing the unit of account of the US dollar without having to actually have them. Since it is denominated in USD, it offers the same benefits for trade. Then we can add in the fact it is digital, no banknotes to deal with, and one's safety is not threatened.

For much of the last year we discussed how this was a major use case for HBD. Due to a global shortage in USD, HBD can fill the void, providing those with unstable currencies with access they otherwise would not have.

Merchants Accepting Hive Coins

In the state of Sucre, people are able to pay for lunch using HBD. Notice the transaction that we are all familiar with.

image.png

Here is what was said about the experience:

So I canceled with HBD and I tell you that the transaction from our wallet is extremely fast and most importantly it is very secure. It is faster than paying with mobile payment or point of sale, no lie it took me less than a minute to make the payment. Remember, everything is digital, you just take your device, enter your wallet, enter the address of the user receiving the payment, enter the amount, press continue, approve and that's it, payment done.

There are a few points that many take for granted.

  • Once again we see secure - this is a major concern in many areas of the world
  • How often do we discuss the speed of Hive? Here is an example where the pace is much faster than payment applications
  • Simplicity - no character strings to enter as an address, simply put in the username and make the payment

The features cannot be overlooked. There is another piece that is very important. We are dealing with a unit of account both the customers and merchants are familiar with. The USD is global and nobody has to learn a new value for the medium of exchange. The $7.43 bill was 7.5 HBD.

A final point on this is as such:

  • the transaction fee to the customer was zero - try that on another blockchain
  • the merchant received full payment - there was no fee charged by the merchant services
  • the transaction is settled within a couple seconds due to one block irreversibility, another feature for the merchants

Fast. Feeless. Secure.

The Future of Hive

We have a group in Venezuela who is very optimistic about Hive. In fact, here is something that many would accuse me of writing.

In #HiveSucre, we are working as one arm so that in this 2023 Hive will be the number one blockchain on the planet and as I said before, Hive Sucre came to stay and every day that passes takes more strength, because it is integrated by committed Hivers who sail together in the same direction, Hive is our mother and she we owe us.

The number one blockchain on the planet?

We spend a lot of time covering the different developments on Hive; gaming, microblogging, Podping. All of these have the potential to bring a lot of users to the ecosystem.

However, sometimes have powerful basics is crucial. The fact that we are dealing with no transaction fees is important. In many parts of the world, even 10 cents is a significant amount of money. With Hive, as long as the resource credits are there, one can transact.

What we also can stress is the fact that none of this is passive. We are the ones who determine the fate of Hive. Again, we see this exemplified by this group in Venezuela.

There are pharmacies, clinics, bakeries, restaurants, fruit and vegetable sales, betting sites, locksmiths, bakeries, bookstores, supermarkets, liquor stores, medical offices, bakeries and stop counting all the potential that the Hive blockchain has to continue growing. This is the goal and for this 2023 we are going stronger than ever. We already visited @loshijosdewasi, soon we will be visiting @ibca; later we will spend a weekend at the @buhoteltourist and we can not miss Zen Venezuela and Bodegón QQ and just as they dared, come you merchant friend, your future is here in Hive.

They are taking upon themselves to build their local economy around HBD and $HIVE. This is a vital point. The article mentioned Hive savings, as a way to earn 20% which far exceeds what the banks are paying. Another factor is the HBD will be in savings when one goes to retrieve it. The same is not always true with the banking industry.

This is Hive's forte. It will excel first in the developing world where it can address immediate and overt problems. This group in Sucre are doing their part to make things grow.

Like those in Ghana, they are even printing up t-shirts.

image.png

It is easy to miss the potential of Hive and discount it as some little blockchain that has no meaning. The reason so many fall into this category is because they fail to see the holistic nature of things.

Whether we are taking a high level approach to banking, or looking at simple payments, we see how Hive offer solutions. At the same time, we can mix in gaming and social media, the foundation for developing Web 3.0. With the absence of a foundation, venture capital funding, and no pre-mine, we can stress decentralization and how the benefits can be provided on Hive.

Here we have a case in point. With these individuals using HBD, nobody is in control of their money. They have access to basic banking services (the sending, receiving, and storing of money) through their Hive wallets.

And who is in control of that? Only the key holder.

The people in Sucre are working to make HBD and Hive a reality.

Images from article linked


If you found this article informative, please give an upvote and rehive.

gif by @doze

screen_vision2025_1.png

logo by @st8z

Posted Using LeoFinance Beta

Sort:  

fantastic! Hope to see more of this all over the world

And, I my opinion, is how Hive will be the number one blockchain. Without a doubt. Wait till the network effect kicks in.

!BBH

@taskmaster4450! Your Content Is Awesome so I just sent 1 $BBH (Bitcoin Backed Hive) to your account on behalf of @bradleyarrow. (1/50)

Your awareness and enlightenment about Hive and HBD are top-notch. If several people can do this as well, I think hive will be well known all over the world

We need to adopt this kind of transaction as a business owners and we can also teach them how to make use of HBD for easy transactions.

Thank you for being amazing

They are really moving very well in Venezuela. They also give talks in schools to introduce young people to Hive.

That is how it starts: word of mouth.

And then things start to go viral.

It all is part of the package we are building on Hive.

Posted Using LeoFinance Beta

Thanks to the interoperability with other cryptocurrencies such as bitcoin lighting thanks to @v4v and @brianoflondon the use of HIVE and HBD has grown, not only in Venezuela but in Cuba it is opening roads as well, see Cubees.

Cuba is another country which can seriously benefit from access to cryptocurrency and HBD.

Posted Using LeoFinance Beta

la verdad nunca lo habia pensado pero creo que seria un genial video para demostrarle a muchas personas que HBD Y Hive si son reales

This is fantastic! I would love to be able to pay for a delicious looking breakfast like that with HBD. The way you described the process brought to mind that it's as simple as paying for something with Cash App, but it's crypto! Hopefully this is moving us closer and closer to a large number of people able to earn money through their regular online activity and having local quality options to USE their earnings to help enrich their lives. Really cool to read about

Nice one!
Since access to fiat currency is difficult for a variety of reasons, many more businesses in the nation need to take #HBD or #HIVE as a form of payment. Such adoption would enhance our hope.

Kudos @taskmaster4450

HIVE and HBD feel more functional than ADA at the moment. ADA charges a fee, it’s cheap, it’s fast, but nothing beats free and almost instant.

Why aren’t more people aware of HIVE?

That's amazing, HBD which is a stablecoin is the right choice to be used as a payment instrument. If this expands, Hive blockchain is set for great things!

Posted Using LeoFinance Beta

This is a great initiative that could eventually spread out across the whole world. Bringing actual use cases on Hive/HBD on the ground would help spread the word and increase adoption. Hive has the ability to solve real world problems

This is incredibly good news.

Posted Using LeoFinance Beta

Very impressive indeed, would be interesting to see the full way of the HBD. Maybe I'll just follow the trail and check what's going on.

#Update
It's hitting one strawman and after that leaves to binance.

Hive is making it possible to create a world of feeless transactions and making USD accessible to every part of the world and on top of that is 20% apy which is pretty impressive.

Posted Using LeoFinance Beta

These are very positive developments because widespread of cryptocurrencies and blockchain adoption is not possible until we use cryptocurrency more then as we are using Cash and bank cards for daily life payments

It is a major step forward. We just need to see it continue.

Posted Using LeoFinance Beta

This is awesome. It's really great to see real-world examples of how big of a difference Hive can make in the lives of people all around the world. It's grassroots initiatives like these taken by members of this community, without any sort of incentive (other than how Hive can make their lives better), that will help bring Hive to the masses, embedding and distributing it far wider and deeper than any sort of marketing ever could. Kudos to you guys for taking the bull by the horns and solving your own problems.

Also, a big thank you to the author for using your "platform" to show the community what is not only possible, but happening around the world.

Posted Using LeoFinance Beta

In the process, a model is being created which others will follow. It is a great step in the right direction.

Posted Using LeoFinance Beta

It's nice to see them use HBD and I think the only issue is that both sides need an account there and they are willing to take the transaction. From what I see, the last hardfork had 3 sec irreversibility so the merchant can feel more confident about the transaction and there are no fees involved. So it's a win-win for both sides.

Posted Using LeoFinance Beta

Venezuela, Nigeria, Ghana, Kenya, and Argentina, are countries that aren't doing well economically, and with the national currencies continuously losing value people have to find alternative means.
The real adoption is going to start from developing nations and this is an evident of it. We have a big Venezuela community on Hive it is great that they are taking Hive to Venezuela a great deal.

Posted Using LeoFinance Beta

Without a doubt. Seeing the initiatives from all over the world is uplifting. This is where we are going to get the groundswell from.

Base layer, organic growth causing more transactions on Hive which will feed into the rest of the ecosystem.

Posted Using LeoFinance Beta

Yey more people are using HBD the way it should be.

Key features I value in using HBD as payment:

  1. Free - transaction (as long as you have RC)
  2. Simple - no fear of missing or misspelling a long set of address of receiver since we use username
  3. Speed - nothing compares in the blockchain

If my client will have no RC remaining to push the transaction, I can just delegate so they can send their HBD payment.

Posted Using LeoFinance Beta

This is a great success of Hive ecosystem and HBD having new utilities in local businesses. I would say HBD should further extend to CEX in order to make availability in local market.

LeoFinance has created Polygon and BSC variants of this token which is a great milestone in establishing HBD's use cases in other DEX's.

Posted Using LeoFinance Beta

Great to see HIVE being part of people's daily lives. I hope that in the near future we can see more countries accepting digital currencies and especially HIVE currencies as payment.



Join us on our discord and learn about our project.

That's really awesome. I didn't see the original post, but your recap of it was really good. It's amazing to see how communities are embracing Hive. Definitely a lot of room for it to scale out across the whole world. This might be the most exciting thing I have read all day!

Posted Using LeoFinance Beta

Yeah, sorry, I saw that. I was saying I missed it when it was originally posted. Thanks!

Posted Using LeoFinance Beta

Fantastic to hear that HBD is being actively used as a currency to pay for offline products and services, we need more of this, and it seems that countries with hyper inflation in particular have a lot to win, which could set a great example for further expansion, thanks for sharing and stay awesome.



Made in Canva

!ALIVE
!CTP

- @flaxz - Admin/Moderator


This post is AWESOME!
It will therefore be highlighted in our daily Curated Collections posting for today.
The goal of this project is to "highlight Awesome Content, and growing the Hive ecosystem by rewarding it".

Source

@taskmaster4450! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @thisisawesome. (3/30)

The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want.

Honestly, many more merchants in the country need to accept #HBD or #HIVE as a payment method since having access to fiat money (Bolivares or Dollars) is complicated for different reasons; but we allow ourselves to dream that thanks to this adoption we have hope for a better future.

This post made my day

When I thought about blockchains being widely adopted worldwide this is exactly what came up as the only right way for it to happen.

Hive as a blockchain is still unique and transaction fees should have been a thing of the past for a while now, but you can't expect people with a corporate mindset to understand the need for such a thing. As you said, even 10 cents is too much for someone and I can't keep repeating that enough.

Those that need crypto the most don't have piles of money laying around. They are the unbanked we keep using as a marketing term all these years.

Love to see how far Hive has spread. This is the stuff other blockchains are dreaming about.

Posted Using LeoFinance Beta

We havent even delved into micropayments which are another animal altogether and impossible when there are transaction fees.

Posted Using LeoFinance Beta

That is extremely exciting, and exactly how to do things! People are taking responsibility for their own lives and finances, and creating their own local economy using HIVE/HBD! Absolutely brilliant! That's my home for everywhere! I'm just going to keep building and growing here! I see the potential, and have since I arrived here! Onward and upward, together! 😁 🙏 💚 ✨ 🤙

Guaaoooooo thank you very much for elaborating this good post dear friend @taskmaster4450.

How you explain the transactions are commission free, in seconds and easy.

Already our merchants captured by us we have imparted knowledge about blockchain Hive and its mechanisms.

There is no point in having a product and then not having usability.

That is why we are constantly talking to them because we have direct contact with these businesses, and these are addressed directly as well.

I want to tell you that in a couple of days I will bring you a new preview of three other businesses we have captured, and the list will continue to grow.

Thank you very much and a big hug, the HBD and HIVE is on the rise, but the cryptocurrency that we promote the most is the HBD to take care of the interests of businesses.

Then we will explain to these businesses the use of the Hive which is wonderful.



The rewards earned on this comment will go directly to the people( @hivehotbot, @taskmaster4450le, @seckorama ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.

Brother, very good account of our experience and your vision regarding our blockchain Hive. Certainly, our resources are managed by us, we are the owners of our money and as you comment and I missed that part about the transaction you make in trade, is that there is no mission on that payment. It comes out of my wallet in full and goes to the user who receives the payment in full. Truly here in sucre we want our blockchain to be number one and we are working for it. We know that this has worldwide repercussions and it fills us with satisfaction that our contribution, even if it is small, can be seen by big brothers like you. There is much to do, but in Hive Sucre we do it with total pride and to raise Hive to the highest level, because it has given us so much and deserves all our energy. A hug brother and grateful for such a great publication.

Great job with what you are doing. You are providing the framework for others to follow. I hope we see more posts like you posted the other day.

Continued expansion is vital.

Posted Using LeoFinance Beta