I believe we should utilize crypto currencies as DIGITAL PAYMENT.
I mean, isn't that the main purpose of Bitcoin when it was first released?
This purpose of having a DIGITAL PAYMENT outside a centralized authority is why I still believe in crypto currency.
So I advocate accepting Hive-Backed Dollar HBD as payment for my products and services.
If you need my services or products, I am happy to accept your HBD as payment.
Also, I like my dollars working on a 20% APY interest rate.
Step-by-step guide on how to deposit Hive-Backed Dollars (HBD) into your Hive wallet and send it as payment
How to get a Hive account
First, make sure you have a Hive wallet set up. If you don't have one already, you can create a Hive account by signing up on a Hive blockchain website, such as Peakd, Leofinance.io or Hive Onboard.
Once you have your Hive wallet set up, you'll need to purchase some HBD. You can do this through a cryptocurrency exchange that supports HBD, such as Binance or Bittrex.
After you have purchased HBD, you'll need to transfer it from the exchange to your Hive wallet. To do this, you'll need to get the deposit address for your Hive wallet. You can find this by logging into your Hive wallet and navigating to the "Deposit" or "Receive" section.
Copy the deposit address for your Hive wallet and paste it into the "Withdrawal" or "Send" section of the exchange you purchased the HBD from.
Enter the amount of HBD you want to send to your Hive wallet and initiate the transfer. This process may take a few minutes to complete.
Once the HBD has been transferred to your Hive wallet, you can use it to pay for a service by initiating a transfer from your Hive wallet to the recipient's Hive wallet or account.
To initiate a transfer, log into your Hive wallet and navigate to the "Send" or "Transfer" section. Enter the recipient's Hive account name, the amount of HBD you want to send, and any additional details or messages you want to include using the "MEMO" field.
Review the details of the transfer to make sure everything is correct, and then initiate the transfer. This process may take a few minutes to complete.
Once the transfer is complete, the recipient will have receive the HBD as payment for their products or services.
shortcut: In my experience it is fastest to buy HBD directly in my Peakd wallet's Buy HIVE using CC
then convert the HIVE to HBD
You can replace steps 2-6 with this shortcut.
What is Hive-Backed Dollar
(in case you didn't know)
Hive-Backed Dollar (HBD) is a cryptocurrency that is pegged to the value of the US dollar and backed by Hive, a decentralized blockchain platform that supports the creation and distribution of content. HBD can be used to purchase goods and services within the Hive ecosystem, or it can be converted back into US dollars or other fiat currencies.
Hive was created as a fork of the Steem blockchain in 2020, and it has its own native cryptocurrency called Hive (HIVE). HBD was introduced as a stablecoin to provide users with a way to hold and transfer value within the Hive ecosystem without experiencing the price volatility that is common with other cryptocurrencies.
HBD is issued by the Hive network when users convert their HIVE into HBD at a fixed exchange rate. The exchange rate is determined by the supply and demand for HBD, and it is designed to maintain a stable value relative to the US dollar. Users can convert their HBD back into HIVE or US dollars at any time through a process called "powering down," which is similar to withdrawing HBD from a bank account.
Why I think it is better than other stable coins
A. Decentralized governance: HBD is issued and backed by the Hive blockchain, which is a decentralized platform that is operated and governed by its users. This means that the value of HBD is not subject to the decisions or policies of a central authority, such as a bank or government.
B. Fixed exchange rate: The exchange rate between HBD and the US dollar is fixed at 1:1, which means that 1 HBD is always worth the same as 1 US dollar. This makes it easy to know exactly how much value you are holding or transferring when using HBD.
C. Low fees No fees: Transactions on the Hive blockchain are free, which makes it an affordable option for transferring HBD. Transactions on the Hive blockchain are typically paid for with Resource Credits (RCs). RCs are used to pay for the resources needed to conduct a transaction on the Hive blockchain. These resources include bandwidth, storage, and processing power. RCs are generated by staking HIVE, which means holding onto HIVE and not selling it. The more HIVE you stake, the more transactions you can do.
Put simply, RCs is what we pay for gas fees.
RCs regenerate at a rate of 20% per day, up to a maximum amount that is determined by the amount of HIVE you have staked. This means that if you have a large amount of HIVE staked, you will have a higher maximum limit for RCs and will be able to conduct more transactions without running out of RCs.
D. Ecosystem integration: HBD is integrated into the Hive ecosystem, which includes a variety of decentralized applications (DApps) that can be used to earn, spend, and manage HBD. This makes it a convenient option for users who are already active within the Hive ecosystem.
Some examples of these DApps include social media platforms, marketplaces, and gaming platforms. This makes it easy for users to use HBD within the Hive ecosystem and find ways to earn and spend it.
And now I am utilizing it as a payment platform.
as it is supposed to be
If you have a business and you believe in Hive community, let's start accepting HBD as payment.
E. High interest rate: 20% APY
Additionally, the Hive ecosystem includes a number of tools and resources that can be used to track the value of HBD and manage your HBD holdings. These tools include block explorers, wallets, and marketplaces that allow users to track the value of HBD and conduct transactions with it.