It is best to go where the fish are.
Where is cryptocurrency adoption surging? This is something that should be on the minds of all who are involved in the industry.
Chainalysis does an annual report that comes out each year, detailing where the state of cryptocurrency adoption stands.
According to their latest release, here is the top countries.
A very interesting group of countries leading the way. Only the United States ranks as a major developed country. The rest were lower tier nations, at least based upon an per capital basis.
Make A Difference
The key is to focus upon countries where Hive can make a difference. Some of these areas are already starting to adopt cryptocurrency.
According to the report, Nigeria's crypto transactions moved ahead 9%, totaling $56.7 billion. This is a very impressive amount considering the country's present economic situation. Perhaps, the bump higher is actually due to that.
The President of that nation has implemented a number of reforms that negatively affected the value of the Naira. At the same time, there was the failed eNaira experiment.
Here is where a currency like HBD can enter. It provides the stability from outside the country for those within it.
It is easy to see why Hive helps those who are suffering under a falling currency, massive price increases, and a stalled economy.
The bar is set low in these types of nations in terms of the impact that can be made.
Distribution
One of the keys that separates Hive in my opinion is the distribution mechanism we utilize. Most cryptocurrencies operate under the premise of people buying them. This is what Wall Street focuses upon.
It is treated similar to an asset like a stock or commodity. People want to buy and hope the price goes up.
While this works for those with resources, it excludes, once again, billions from the process. This is where much of the planet operates. Financial excess is simply not in the cards for them. Cryptocurrency can help to meet the basics while also providing an opportunity to build wealth.
The same is true for areas such as Ghana, Cuba, Venezuela, and Argentina. We could add a host of other countries to the list.
Financial Services
I feel the evolution has to include developing platforms that provide a wide range of financial services to these people. While banking the unbanked is a great concept, it is but a start. Most would admit that having a bank account is not an enormous step on the road to wealth building, either as an individual or nation.
Providing financial services which are coupled with economic activity is what becomes vital. Here is where we see differences made.
For example, when looking at the velocity of money, we are naturally dealing with a payment system. As currency is moved through the economy, growth takes place. When it stalls, contraction is the result.
That is but the start of the process. What happens when funding is incorporated. Suddenly monetary transactions are not just for payments but, rather, building economic output. This comes in the forms of loans or investments, providing financial resources to stimulate business activity.
Here is where cryptocurrency transitions to being the basis for an entirely new financial system. Digital assets can be developed in such a way as to be tied to meaningful services that enhance people's ability to conduct business. This is ultimately what drives an economy.
Why Hive?
Most look at Hive, usually through the coin price, and believe it is a nothing chain. Actually, when we delve into the capabilities, we see this is some of the leading technology there is. Few ever talk about one block irreversibility or how important that it. However, it does make Hive one of the fastest settlement systems there is.
When looking at most other projects, how do you find out about them? It seems the common approach is to head over to some Web2 application and search for it. Facebook, Twitter, and YouTube are full of information about different tokens and projects. The problem is how disjointed everyone is.
It is wonderful they are united on X. However, what does that really accomplish. In the end, they are simply trying to get people to notice the project and, hopefully, buy the token.
We end up with simply another example of "price go up".
Hive can take a different approach. There is a lot of building taking place. We can keep adding the features people need. At present, the one obstacle is the lack of smart contracts tied to the system. This is being resolved.
Once that is in place, the platforms can be built that provide the financial services people need. Then they can actually market to those who could benefit from said services.
What a novel concept.
Something we do not see quite frequently in cryptocurrency. It is also known as Business 101.
Find a need and fill it. For countries like Nigeria, there is a huge need.