Hive Backed Dollar Savings | Don't Sleep On It
Hive Backed Dollar savings are awesome. And you probably clicked on this post because you either feel the same way or because you were interested in my argument. So let me tell you why I like it so much. Well, for one I just collected about $13 of interest in a month on $865 in the Hive "bank". This is just possible because the HBD savings feature gives you an APR of 20% annually, meaning around 1.7% each month.
Most banks don't even do 1.7% each year and are usually below 1%. To get the same $13 in one year at my local bank, I would need 20 times as much money saved. That should put things into perspective a bit.
Another reason why this feature is so awesome is because it bridges the gap between the traditional finance we're used to and the concepts decentralized finance has to offer. Those of us who still feel more comfortable with saving a bit of money at a more stable pace, with interest, can find solace in the option of holding on to your HBD. Meanwhile you can partially explore the other more volatile things that the Hive platform represents.
If this feature keeps on going and Hive remains a save and stable investment, then one could simply gain an easy $200 (or 200 HBD to be be precise) with $1000 worth of HBD in their savings. Not to mention that it's not really locked. With 3 days of waiting time, you have access to everything you have, just like that. Traditional banks would probably have a more tedious process tied to this request.
Hive has a lot of potential as a platform, and could always be better, but I believe that this is one of the feature that is already great as it is, pushing Hive to the next level.
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Posted Using LeoFinance Beta
