The HBD bank in your backyard that no one talks about

Comparing a fiat bank to keeping money in HBD savings

Having money in a FIAT currency and keeping it secure in a bank is a cumbersome exercise.
To open a bank account you need a whole lot of documents, a couple of photos and a set of documents and forms to be filled.

The irony of opening a bank account

In most cases those who open an account need it in order to deposit their savings or receive their salary or work / business related income.
The bank is the one that holds your money so you are the giver and the bank is the receiver of the money and yet you are the one who has to prove the identity, furnish your documents and comply with all the policies of the bank.
In the defense of the banking system the argument is that people may not use the bank account and the banking system to deposit or receive ill gotten funds or scam people.

Yet despite the checks and balances on the account holders and the banks itself from the central banks frauds do happen.

The big banks collapse and so much hard earned money of those holding in the bank and for those who invested via stocks it is a nightmare where all their money can go up in smoke.

The only saving grace could be a bail out package.

The life of your money in a bank is quite mundane

The bank's term deposit is considered the low risk row return kind of investment. In most cases the rate of returns are such that it barely beats inflation on paper.
Beside this the income from a term deposit in most cases gets taxed as income tax once it crosses a certain threshold.

The last time I checked the bank was offering some 7 odd percent for a year's term deposit.
If we see this from the perspective of a developed financial economy it may seem a huge number however when the inflation is rampant this hardly covers a fraction of the living cost.

The grass is greener on the crypto side

Crypto investments are more lucrative for sure however you must know what you are doing with your money. It is a high risk and high reward field.
Even rug pulls, scams and hack are quite rampant.

Crypto growth for everyone

Well this would be a dream. The fact is this dream is a reality for those who are on the hive blockchain.
The hive blockchain has two tokens: the hive token which is the native token of the hive blockchain and HBD the hive backed dollar or the stable coin of the blockchain.

HBD savings the low risk way to grow your crypto

If you hold some HBD or hive backed dollars in your wallet then you can keep them in HBD savings. If you are wondering if you are supposed to send them into some kind of bank like we do with a FIAT savings or term deposit account.
The beauty of your hive account is that your wallet which comes built into your wallet can acts as your bank account that pays you an annual rate of 15%
All you need to do is enable the HBD staking and decide how much HBD you want to stake.
While unlocking there is a 5 day window to unlock your HBD and move it from the staked HBD to liquid HBD back in your account.

How to get HBD?

If you are reading this from outside the Hive blockchain then the first thing to do would be to get yourself a hive account.
Feel free to get a free account using my link

Once you are on board there are plenty of ways to get HBD

Get HBD with crypto you have

You can use the leodex.io swap your crypto into hive and HBD
If you hold crypto on a centralized exchange you can transfer it to your hive account.

Final thoughts

The 15% APR on HBD savings is quite healthy and much better return than any FIAT bank account. Even in the crypto world this is very lucrative and safe investment if you want to play it safe and grow your crypto without taking too much risks.

Since HBD savings have been active, functional and paying since the birth of the Hive blockchain it is a hidden gem away from the curious views of a vast majority of investors.
It is time that the hive blockchain gets its due recognition, exposure and better valuation in terms of the value it offers.

Main image created with AI

Posted Using INLEO