Can Hive blockchain through HIVE and HBD cryptocurrencies become a payment instrument globally?
As you may know, the Hive blockchain is a decentralized platform that was created as a fork of the Steem blockchain, and it operates using the HIVE and HBD cryptocurrencies. The platform has seen significant growth and development since its creation and change of direction by embracing true decentralization and has the potential to become a global payment instrument.
One of the key advantages of Hive blockchain is its fast and feeless transactions, making it a suitable platform for making payments. HIVE is designed to be an inflationary cryptocurrency, with a continuous increase in supply over time, which allows for a sustainable economic model that supports the ecosystem and its users. Additionally, the platform's decentralized nature provides a secure and transparent payment infrastructure, reducing the risk of fraud and ensuring that transactions are recorded immutably on the blockchain.
Furthermore, the Hive blockchain has a growing community of developers and users, which is essential for the widespread adoption of any payment instrument. The community is actively working on developing new applications and services that can be built on the Hive blockchain, making it an attractive platform for businesses and individuals alike. The platform also has a robust governance system, which allows for community-driven decision-making, making it more adaptable to changing market conditions.
In order for Hive blockchain to become a global payment instrument, it will need to overcome some significant challenges. Firstly, it will need to increase its liquidity and availability on exchanges, making it easier for people to buy and sell HIVE. Additionally, the platform will need to increase its reach and exposure, so that more people are aware of its existence and potential benefits. Finally, the platform will need to continue to develop its infrastructure, improving its scalability and security, to ensure that it can handle increasing demand.
In conclusion, while Hive blockchain has the potential to become a global payment instrument, it will require significant investment and effort to achieve this goal. However, the platform's fast and feeless transactions, growing community, and decentralized infrastructure make it an attractive option for individuals and businesses looking for an alternative to traditional payment methods.
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Maybe we will have a HBD VISA card at some point... I would personally love that.
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From one point of view, it is to slow with 3s block. Also block needs to be bigger to store a huge amount of data.
The question is if we really want to use it as a global payment system?
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Hive is definitely a contender given the capabilities/potential it has. It will take serious work to flesh out the infrastructure to meet that standard.
You are absolutely right we can use hive as a payment because there is a record of its transactions that will help that no one will be able to cheat. And the biggest advantage of this will be that the team will get a lot of help in controlling the demand and supply. As we have been using this network for a long time and we know that its position is very fast.
Why not ? Hive has everything to become a payment instruments world wide. Though we are growing Slowly but surly, Time will tell.
All other things aside, a good starting point might be to more aggressively approach those places where it IS easy to get crypto now (like SimpleSwap) and encourage them to add Hive as one of the currencies you can buy with a debit card.
It would also serve us well to more aggressively develop features like HiveList as a functioning peer-to-peer marketplace. It's easier to attract more people when you already have an actively working model to build on.
=^..^=
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I think it's possible but it really depends on how things go because I know the middle man services want their cut of the profits. People tend to flock over to the ones that are best promoted and I doubt Hive will get that much exposure. So working on how to advertise the feature is required and I hope the fiat offramps aren't affected.
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