Hive Backed Dollar: Stablecoin defined👌

What if I told you that I’m a treasurer for a certain group of people and I collect the money and keep it in my HBD wallet? Oh yes, that’s how I have been operating for over a year now, and I haven’t had any reason to regret it.

HBD is one particular coin I prefer to keep money in because of its stability and also because I can toss it around to benefit from other opportunities.

Wondering what HBD is?

HBD simply stands for Hive Backed Dollar, and it’s a decentralised stablecoin on the Hive Blockchain with an equivalent value to the US dollar(1:1). As we all know, decentralisation gives a thing a solid foundation, preventing it from being influenced by any individual or group in favour of any entity. The value of HBD remains intact regardless of circumstances.

HBD is measured at a 1:1 ratio with the USD, which means having my net worth (money) in HBD form is as good as having it in USD. However, there’s a better advantage HBD holds over USD—and that’s its liquidity, which makes it easier to transfer without incurring charges within the Hive Blockchain.. HBD is highly liquid, giving it ever-standing power as well.

Does one need KYC to start using HBD?

Nope!

Hive is programmed in such a way that it's decentralised, and everyone holds their power in their own hands. Once an account is created and keys are obtained, the user is free to explore without restrictions—unlike platforms that require full-length KYC before allowing access to key features. This makes it a better option for storing money in crypto, especially for those who are always hesitant to input their identity on websites or apps.

I once had someone introduced to the Blockchain because the lady found out that she didn’t need any form of verification apart from an email address (if email was used for registration). One can hold millions of dollar in HBD without being pressured to complete monthly verifications to prove fund ownership, as is the case in many other Blockchains and exchanges.

Back to my first paragraph,

I keep the money there, most times in the SAVINGS account, to earn a 15% APR, and that’s the beauty of it. One can choose not just to keep money there, but to save it and earn returns as well.

If you're not getting it, let me break it down: The money is value-safe, and it also yields returns when pushed to savings.

Thanks for reading.

First photo: Canva design by me

Second photo: Screenshot from my wallet