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At first, I thought it was the only stablecoin in the crypto world. In fact, whenever anyone talks about stablecoins, I always thought they were referring to the USDT but when I joined the Hive Blockchain and used the $HBD I realized that USDT was not the only juicy stablecoin.
The shocking thing is USDT is not even as decentralized as we thought, it is owned by a private company called “Tether Limited” and that makes it vulnerable for me.
There are other stablecoins that are the quintessence of the words “stable and decentralized” and $HBD is one of them.
First, what is $HBD?
HBD is an acronym for Hive Backed Dollar. It is the stablecoin of the Hive Blockchain pegged to the United States dollar.
There are numerous stablecoins, USDT, USDC, etc, but not all of them are decentralized.
We live in a world where almost all our activities are governed. If you save your assets in the bank, government policies, bank policies and so on, won't let them. If the bank doesn't mishandle your resources or cause you trouble, the government will.
This makes a lot of people go back to crypto to save and invest their resources, because in a decentralized world one becomes the CEO of their resources but coming to crypto, some tokens are not predictable, market volatility and other activities affect the rates. This makes it risky to hold them.
Stablecoins however, change the narrative as their prices are fixed but sadly, some of them are not really decentralized, they are owned by some organizations.
This makes it a bit complicated for people who want tokens that are totally decentralized.
Well, I have a good time for anyone in that category. $HBD is that token they are looking for. It is both stable and very decentralized.
Talking about stability, I have been on the Hive blockchain for almost three years now and to be frank, the price of $HBD has never ceased to amaze me with how stable it has been, I am not talking about months but years, it's something uncommon.
I have not only heard but I have owned the token for quite some time and seen how it behaves, this is why I always advise people who are interested in investing in stablecoins to go for $HBD.
From the experience I have from holding $HBD and other stablecoins, here are a few reasons why I think, $HBD is the best and most decentralized stablecoin.
Price stability: for quite sometime now, the price of 1 $HBD token has been 0.98 USD. That price has been that way for a very long period of time. There is no government or market activity influencing it.
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This offers an advantage to anyone who wants to invest into cryptocurrency but is scared of market fluctuations, government policy and volatility.
$HBD offers peace of mind, you do not need to panic that your assets would crash because the market is bleeding. Whatever happens, your assets remain safe and intact.
Owned and governed by the community: I have never heard about any policy from any special body or government on $HBD since I have been on the Hive Blockchain.
Everything that pertains to $HBD and the Hive blockchain is governed by the community.
Every improvement and development is done through vote proposals where everyone on the blockchain is given the liberty to vote and have a say. I have participated in quite a number of them.
You can't wake up one night and discover that your assets are frozen or seized. No one would do that because there is no special authority overseeing your asset.
Being backed by Hive which is a decentralized platform and not centralized banks or any other organizations, it makes your asset safe from any policy that can endanger it.
Transparency: every activity regarding $HBD is done on the blockchain and it is visible for you to confirm.
It is so open that you can trace everything, nothing is hidden, nothing is confidential unlike other stablecoins that we can't tell how they are being regulated and managed.