In a crypto world where many supposedly stable coins are "tied to fiat, regulated by the powers that be, require AML KYC before you can access them, and can even be frozen without prior notice to the holders, HBD - Hive Backed Dollar stands out. It's the most decentralized stablecoin you need to be aware of and equally bank on, any day and time.
Why do I say so? You might ask. I'll let you in, but first, let's get an idea of what HBD is.
Hive Backed Dollar (HBD) is a native stablecoin on the Hive Blockchain, and it's uniquely designed to maintain a value related to the US dollar. Suffix to say that, HBD is simply a digital dollar on the HIVE blockchain, which is a Web3 decentralized community.
HBD Is Stability
Since the price of HBD goes in par with that of US dollar, this helps it maintain a relatively stable value. It is backed by blockchain codes, not custodians.
HBD Isn't Currency Backed
With HBD, you have no business with the banks or their agents before you can access or spend it. Just with this unique app, Hive Keychain, you make your transactions in minutes. This unique feature of HBD sets it apart from other stablecoins.
HBD Is Decentralized
HBD is one coin you can't find or buy in any centralized exchanges, a feature which other stablecoins lack. You need to know that HBD strictly operates on the Hive blockchain, allowing for decentralized management and transactions, like converting HIVE to HBD and back, without permission. These operations help maintain the HBD $1 USD par with a tight margin.
HBD Has High-Yield Savings
Few months after joining Hive, I got to learn about HBD savings through @khalkaleezi thread. He urged me to start saving as I could earn interest rates of around 15% APR. I took that advice and started the journey of my HBD savings, which I call emergency fund, and I've been earning my interest till date. Recently, I made a withdrawal from my savings to buy the @leostrategy, ($LSTR) token offering.
HBD Is Freedom
I live in a country, Nigeria, where Banks have been banned from facilitating crypto transactions for several years now. In that vein, banks often monitor transactions to identify and flag potential crypto-related activities. The effect is that such accounts can either be restricted or freezed or even closed. I recall the time I added crypto description in a bank transfer I made and the receiver told me to desist from doing that as it'll put our accounts on the bank's radar.
For those who rely on crypto currencies for various purposes, this has been a frustrating situation, as they're often cautious when doing crypto transactions. However, with HBD, you don't need to live in fear of government's regulations, bank's monitoring your transactions, nada. You make your transactions on the go - free, safe, and secure. Also, users can convert HIVE to HBD and back without needing permission from any individual, exchanges or board.
Adding to the features, HBD is uniquely built to provide fast and feeless transactions, leveraging the Hive blockchain's capabilities. This feature makes it an attractive option for users, which I, am one.
Now to the best part of this whole talk about Hive Backed Dollar (HBD)
Beside saving HBD and earning high interest yields, I equally use HBD every time to buy stuffs, and get HBD discounts back. Surprised, right? No need to be.
With SpendHBD project, which is backed by Distriator, I can walk into any shop or supermarket like Happy Customer Supermarket, God's Own Supermarket, or eateries like Chicken Republic, and many other businesses here in my city that's listed on distriator.com, and shop for anything - personal and household needs, pay with HBD and then claim my 20 - 40% HBD discount from @distriator, after submitting my purchase review. Fast, easy and secure, just with Hive Keychain.
A screenshot of one of my transactions
A video I made while shopping with HBD
More so, as a content creator on Hive, I earn HBD rewards every time I publish a post or comment in another user's post.
A screenshot of my reward earning
Wrapping up, I've often said that joining Hive is one of the best decisions I made few years ago. I'm not mincing words at all. Through Hive, I've found
A stablecoin that isn't tied to fiat, can't be censored or regulated by the government or exchanges.
A stable coin that I have total control over, and can spend without fear of bank's monitor or seeking for permission from any individual.
A stablecoin that has given me hope for the future and financial freedom.
THAT STABLECOIN IS HIVE BACKED DOLLAR (HBD)
Thank you for reading.
