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If I say that Hive is still underperforming in Bangladesh, where the potential of Hive is insane, but we are missing the train. Recently, one of my cousins lost a handful of investment in a HYIP scheme that has stolen a lot of people's money. Most importantly, there are thousands of such shit projects with money printing offers, and gambling sites that many local people in the rural village are being scammed by millions of frauds from the country and outsiders. Many of the villagers lost their assets without knowing the reality to hanker after free money without any consideration and knowledge.
The main reason behind the huge success of these frauds is the large population, which is around 180 million, which is the 8th in the world. According to many reports that I have read, hundreds of millions have been stolen from public pockets in various regions of the country. I think there are many other reasons behind the scenes-
The political turbulence and the huge inflation make the investment in the local banks a problematic situation. Additionally, complex formalities in the banking sectors.
The conditions of these banks are really pathetic with worse funds collections than they had previously, especially the business mafias! You know we have a law here that if a bank is bankrupt, the most amount of your savings that you can get only 100K whether you had savings of 100 million in that bank. So, who will take that risk of their fund!
There is no trustworthy stock trading, crytos are not lawfully legal there but not illegal also but it is not promoted but govt. instruct to abstain from it. But people do use it abundantly who are very careful about their fund.
The frauds normally targets rural village people who are not properly educated wit the function of the schemes and the early adopter gains too much that triggers the later wave of people to put a lot of money and they lost altogether at the final.
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So, when I get opportunity to my close people who want to do some investment to save their funds, and want some trustworthy ecosystem that rewards them according to their dedication, I always suggest Hive. And I have started it from my family, my wife @arahman, who have invested a decent amount what she saved for future and after a lot of conversation, she has also posted some blogs but gets dishearted with lower votes rather than her dedication. But she is happy that her funds is not in the hand of others especially in the banks with doing so many paper works but no ultimate security. And now she is convinced that she is waiting for the return after at least 5 years or more longer which is really a good plan I think.
Then I have come to know about two of my cousins and I have also told them in details about the whole ecosystem on call but it takes so may days as I can't tell everything face to face that would be very useful. But I have tried to convince them and now they have their own account also and I have delegated some of my HP for letting learn the ecosystem properly to dwell into the ecosystem. ANd I hope they will love the Hive universe with so many opportunities.
The image is created by peakdAI
Why I think Bangladesh has a Tremendous Future with Hive?
There are many reason behind my claim and I think it could be in reality in coming future as in current days I am meeting many Bangladeshi people in the Hive universe. Here I am pointing out the main reasons behind my claim.
Here, the number of young people are so many and many of them are working from home as freelancers (among top 5 in the world) and they are facing too much complexity with their payment as we dn't have Paypal services and other international payment services. If, Hive can offer some flexible payment system then it can be a great place for Hive!
Safety of the funds are not ensured here and it is very difficult to sped your money in dollars as the strict rules are imposed in foreign spending mechanisms. So, Hive can solve this issues with t's smooth transactions for spending dollars or euros without any issues. And, for that many people are using the third party app like Redot pay, or other crypto card that has no spend limit. Even I use the redotpay instead of using the bank card for smooth use without any issues or complexity.
Many people love to do FDR as fixed deposit to get higher interest rate which is greatly loss project in bangladeshi banks as the inflation is around 15% or even more in many cases for the last decade. But HBD can provide the 15% interest which is also in dollar that is also a profiting way for common people who save there fund that is around 1-10 K dollars and sometimes up to 50K dollars. So, it is also a lucrative options for this category of people without any loss in their assets in real value.
There are also so many content creators here trying to earn money from the centralised social app like facebook, youtube and tiktok, but very few are getting solid earning from these which can open a new door for them in the ecosystem that will significantly increase the new users.
It's true that there is still many limitation for the rich community who represent the vital portion of the country's economy and they have to do within the laws and other funds are also too much. But this number of people may be around 5-10% of the whole country where rest of the population suffers from so many cost to maintain the bank account and the 10% interest is kind of loss with the inflation more than this. Also, the legal issues are a factor as many people are illegally moving money to other countries through this backdoor but government is planning to adopt some regulation on it and I think, the gulation will bring good days for the amazing project like Hive with it's full potential to attract the common people and make something new.
I hope you like mydiscussion about the potentiality of Hive ecosystem in the perspective of Bangladesh to attains new users base. If you have any queries, let me know in the comments, and I will try my best to answer them as much as I can afford. Thanks a lot for your time and attention. I will catch up with you at the next one.
Wishing you a good day!
