How Hive blockchain is supporting savings.
Saving is a major problem faced by many individuals. The urge to spend money is inherent in all and sundry. Just as human wants are insatiable, it will take a concerted effort to save reasonable amount of money for future purposes.
To help surmount this challenge, many financial institutions have come up with incentives to promote a saving culture among the people. For instance, some banks pay a certain percentage as a result of saving with them.
Individually, many have engaged in various saving strategies like piggy bank saving and belonging to cooperatives. Most time, these strategies fail to bring forth the result it was meant to.
It is worth noting that economic growth and development are tied to the amount of savings in a particular period. Without savings, investment becomes a mirage. Notwithstanding, the amount of money saved determines the output one has at the end of a period.
The ability to attend to an emergency effectively where money is involved is tied to one's savings. Many people missed out on an opportunity that would have transformed their financial status because their finances could not meet up with the target required. Wealth is created when there's an effective saving mechanisms in place.
Imagine a 20% interest earned by saving your HBD.
However, Hive blockchain is encouraging savings through its Hive Block Dollar(HBD) earnings. Every HBD earned goes directly into a person's wallet. In this case, a person is left with the option of either saving the earnings in order to earn a certain percentage in return or withdrawing the earnings.
Moreover, the HBD domiciled in one's wallet can discourage one from immediately expending the money, unlike if it was sent directly into a person's bank account. Everyone tends to spend more when he has access to money and vice versa.
Finally, if anyone is having a challenge saving money. Hive blockchain is the answer. In 2023, it will be worthwhile to adopt a saving culture to create wealth.
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