In a vast digital world, there are lots of investments and means of exchange that have been introduced, especially when it comes to cryptocurrencies. Many people are going into the crypto world without prior knowledge of what it's all about, and in the end, they are disappointed. Many stablecoins have been introduced in which people are investing, but few people know about hive-backed dollars, popularly called HBD
This stablecoin is not as well-known as others. When I saw this contest, I made a survey by asking people who are not on Hive if they know what HBD is, but to my surprise, the total number of 5 people that I asked do not know what HBD is. The five of them said HBD stands for happy birthday, that's hilarious I couldn't help but laugh. Thanks to the Hive platform that made HBD known to me, I would have been like the five individuals that I asked. I wouldn't have had any knowledge of what a Hive-backed dollar is. There are some reasons why HBD is the most decentralised stablecoin that many have not heard of. With its utmost benefits, it is not getting the recognition needed, and that makes it inferior in the crypto world. For HBD:
- No Company Controls It
Most stablecoins like USDT and USDC are controlled by big companies. These companies can freeze my money if they want, or if they’re told to by the government. But HBD is different as it’s fully controlled by the Hive blockchain, which is run by regular people all over the world, not by a single owner. That means no one can block, freeze, or stop my HBD.
- I Earn Interest Just by Saving
With other stablecoins, I usually have to put my money into risky platforms or lock it up to earn interest. But with HBD, I can earn up to 20% interest yearly just by keeping it in my savings wallet. It’s like a digital savings account that pays me for holding my money with no stress or complicated steps.
- It’s Built to Be Stable and Safe
HBD tries to stay close to 1 US dollar in value, just like other stablecoins. But instead of depending on a bank or stored cash, it uses smart tools built into the Hive blockchain. This system helps keep the value steady, and it can’t be controlled or cheated by one person or company.
- It’s Quiet but Powerful
Many people haven’t heard of HBD because it’s not promoted like other coins. But that doesn’t mean it’s weak. In fact, it’s been working quietly and well for years, especially for writers and creators on Hive like me. If you want a stablecoin that’s safe, pays interest, and truly belongs to the people, HBD is one of the best even if the world hasn’t caught on yet.
- No Gas Fees or Crazy Transaction Costs
Unlike Ethereum-based stablecoins (like USDT or DAI) that sometimes charge high gas fees just to send money, HBD on the Hive blockchain is fast and free. I can send HBD to anyone in seconds without waiting and without extra cost. This makes it perfect for my everyday use like paying someone, saving, or tipping content creators.
- I Can Earn HBD Without Buying It
Most stablecoins require me to use my own money to buy them. But with HBD, I can actually earn it for free just by creating content on Hive (like writing, sharing ideas, or commenting). The Hive platform rewards users with HBD for good content. It’s like getting paid in stablecoins just for sharing my thoughts or talents.
- The Community is in Charge
HBD isn’t run by a hidden team or big investors. It’s governed by the Hive community. The block producers (called witnesses) are elected by users — just like voting for leaders in a community. So any major change to how HBD works has to be voted on by real users, not made by some private boardroom.
- It Survived When Others Failed
Many “decentralized” stablecoins have crashed — like UST from Luna, which lost all its value. But HBD has stayed alive and working, even when the market was down. It’s been tested in real conditions, and it keeps doing its job: staying stable and paying interest.
- It’s Transparent and Open
I don’t need to trust that someone is holding money somewhere to back HBD. Everything is open on the blockchain. I can see the total supply, interest rates, and how it works all in real time. There are no secrets or shady behind-the-scenes deals.
- It’s Perfect for People in Unstable Economies
If you live in a place where the local currency is losing value, HBD is a smart way to protect your money. It stays near $1 and earns interest, so it’s a safe place to store value, especially when banks are not reliable or the economy is shaky.
The future is bright for HBD, Shortly, the usefulness will be seen and those who are just getting to know it will be in the game in haste but for someone like me that hive blockchain has been given the opportunity, it will be the best time to flaunt my achievement and tell people the good news.
All images are mine
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