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strenue
@strenue
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2 min read

Great post @taskmaster4450le, all of these functions are definitely required for the HIVE blockchain. I have had to navigate all three of these topics in recent times.

  • BSC Bridge - I recently converted some crypto that I had in Binance over to HIVE. It took a number of steps to convert the crypto into Tether to be able to get a trading pair with HIVE, and only then could I trade into HIVE. Then there was the withdrawal process from Binance to my HIVE account. All of it was very doable, but it took time and the process had to be followed to the tee.
  • Fiat-to-HIVE - Similarly I had to convert some FIAT into HIVE, this was an even more cumbersome process. I had to deposit the FIAT into Binance, then use the FIAT to buy Tether, then use the Tether Trading pair with HIVE to buy HIVE, then go through the withdrawal process from Binance to my HIVE account.
  • Commerce - This is definitely an area of interest for me, to be able to have the ability use my HIVE earnings for commerce transactions. Currently as I see it, I would have to use the reverse process to get my HIVE back into Binance for me to be able to convert it back into FIAT. Luckily, there is no pressing need for that at the present time.

The point I am making however, it I am a relatively tech savvy person, so I do not mind navigating these processes (apart from the fees that is), but as you mention the average person would find these processes all to cumbersome and overwhelming, so would look for a better alternative. Making the it easier to get HIVE and Tribe Token in and out of the platform I believe would be and amazing launchpad for further user adoption. I reckon it would also significantly increase the size of HIVE accounts too, as users would be able to boost their accounts with FIAT, that was giving them more upvote influence on the platform.

I know for myself, since I have become a dolphin on the platform, my enjoyment and engagement on the platform as skyrocketed as the effort that I put in feels worthwhile. When I was a minnow it was such a roller coaster ride as some posts would do okay, but then other I would spent hours on and only gets cents in return from upvotes.

Thanks for sharing, you bring up some really important points that are definite barriers to entry, engagement and exit of the HIVE platform.

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