POV: $Hive & $HBD as a payment option
Here's another bold statement:
Hive is the best crypto of choice to be integrated into your business!
If you understand Hive really well then I won't have doubts that you will agree with me on that statement. I've been here long enough to realize the potential of Hive for mass adoption. It works pretty well as a social media platform which is why we have the most solid community to back a crypto project. That I think is the reason why Hive competitors already can't keep up with the development that is happening here in this blockchain.
And in theory, the Hive ecosystem is perfectly suited for entrepreneurs who are integrating their businesses into the crypto space. This is an interesting topic to discuss and I have a few pointers that I think will make my statement a reality in the near future.
Let me start with a little Steemit throwback. Many years ago, during the 2017-2018 bull season, there were entrepreneurs who accepted $Steem & $SBD as payment for their products & services. The ones that I noticed offering this payment option are mostly food businesses. When the hype started to dwindle and the prices of crypto (including $Steem) dropped; the entrepreneurs lost interest to accept crypto as a payment option. Apparently, they are losing money as the price of crypto dropped; so the crypto payment option was discontinued.
Of course, I would do the same in order to mitigate the loss and avoid more damage to the business's finance. That will be my strategy during those times however things have changed here in Hive. The development that happened recently allows entrepreneurs to protect their earnings and would allow them to earn even further.
So, if you are to accept $Hive or $HBD as payment for your product or services I have thought of a scenario for each coin.
What if you accept $Hive as a payment option?
The advantage that you get is the amount of liquidity that $Hive has in major exchanges that it was listed in. You won't have any issue converting your $Hive into Fiat if you ever need to purchase the resources that you need to run your business. And it also means that you can even make business transactions across the globe because there are several exchanges that support the coin.
And if you decide to keep your $Hive in your account, then you may stake it and utilize it for curating content and earn a decent 8%-10% APR curation reward. That's certainly better than keeping it in your bank for a tiny amount of interest for savings.
The major downside of $Hive that will probably spook the entrepreneur is the volatility of the coin. Its volatility may either bring you gains or major pain if the price of $Hive dropped lower compared to when you accepted the payment.
Taking that into consideration...
What if you accept $HBD as a payment option?
*Finally, the coin fixes it all.
The recent Hardfork has drastically improved the stability of $HBD by increasing the "haircut rule" to 30% (if I'm not mistaken). That means that the volume of $HBD will increase and the $Hive that backs it has also increased. This change has improved the stability of $HBD compared to how it used to be. Right it plays around with the value of the coin to around $0.98 which isn't the best compared to the more popular stablecoins out there but it is surely acceptable in my opinion.
The reason why I said that it's "acceptable" is because of the new use case for $HBD. I'm sure that everyone here in Hive is aware of the earning potential of $HBD as a coin. By depositing $HBD into the owner's Hive Savings account, the coin yields a whopping amount of 20% APR that will be paid to the owner on a monthly basis.
Do you know a stablecoin that can pay that much interest? None! You can check every Defi platform that exists but you can never find anything that is near to that amount. Only Hive!
So, by accepting $HBD as payment, you get to enjoy a stable price and you may also turn it into an asset that yields a good amount of earnings.
Before I end this post, I would like to mention the post:
By @mscleaning which is a UK-based business that offers cleaning services and accepts crypto as payment. The options include $Hive. I had a meaningful interaction with @mscleaning in the comments section of the post which inspired me to write more about it here in my blog.
If you are located in Birmingham and are interested in their services then feel free to connect with them here in Hive, check their account: @mscleaning.
Disclaimer: I'm not affiliated with nor been engaged by @mscleaning with regards to their business. My post is for educational or entertainment purposes only.
How many of you actually check if www.hiveshop.com exists?
