Can we Accept Hive as means of payment for goods and services where fiat is failing.
Hello Hive
It is a privilege to be on hive blockchain at these trying times in our country.
The Scarcity of fiat and restrictions on our fiats in banks is one challenge that will affects everyone in the country. But since bunch of us are on hive blockchain and still run some other small side businesses, an idea just came to mind that what if we can patronize our small circle, buying from each other and using hive as a currency to settle our bill.
I have @peterale running a poultry farm, I should be able to walk in, buy chickens or eggs from him and pay with hive tokens.
This will be a relief for most of us here.
But the disadvantages of accepting crypto as means of payment is because of its volatility and ability to get pumped or fall into a dip.
If I have bought chickens at $10 with some 24hive at the current hive price of $0.4 cents and the market dips further, it will be difficult for the seller to cash out his money in bear market unless he was to also hodl the token as a fellow crypto investors
How do countries who accept crypto as a legal tender overcome this challenge.
Buying and selling goods and services with crypto and watching your received payments go down the dip?
What if there are no further source of income to keep the business going when the other payments received have falling into bear market dips.
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Now that thy already has a HIVE account @peterale , you can use HBD to pay when you buy chickens or eggs, because the price of HBD is relatively stable, and it can be considered that 1 HBD is equal to one dollar
Exactly... Thanks for the addition.
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Whaoooo
This is the pure challenge to face on this case but that's so thoughtful of you perhaps some person's may still consider it anyways.
The scarcity of fiat is the main gist now. A country embarking on cashless society without considering the illiterate... lolz
All these market women, I wonder how they will cope
It's well jare.
Exactly, at least the elite can cope but they don't put the masses in mind
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Paying in HBD, however, this problem does not exist.
However, I hope that your problems can be resolved as soon as possible.
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Challenging indeed, but what if crypto goes up, do you get a refund?
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There shouldn't be a refund.
Since transactions are settled based on the set price and token price per time.
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necessity is indeed the mother of invention , kind of makes me see where your line of thoughts is coming from . The situation in the country right now is just so unbearable. Literally a case of scarcity of cash . Who would have thought it would come to a time like this ?
That being said, for Hive to be accepted as a mode of payment, crypto must have first of all gained massive weight in the country for this to be acheivable.
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It will really take a while for crypto to gain acceptance in this area but within the Nigerian hive users, we can chose to support each other.
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but within the Nigerian hive users, we can chose to support each other. - well said ! this is why we on here need to spread the good will message of Hive and onboard as many new users as possible on to this amazing platform with amazing opportunities .
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