HBD Circulating Through Sucre: Benefitting Hive And The Local Community
We discussed what is taking place with the Hive Backed Dollar (HBD) and the area of Sucre located in Venezuela. This is really a ground zero case for the benefits of HBD. As we see expansion, the ability to provide stability is further increased.
It is easy to look at the world through out own eyes. The problem is we miss what others value at that point.
With HBD, there are a number of advantages to the currency. Due to problems with the Bolivar (VES), the economy suffers greatly, especially when the USD strengthens. This is something experienced by much of the developing world.
HBD provides people with an alternative. Whereas their only defense was to get banknotes, usually from the black market, we now have a digital alternative that is easily accessible. There is no need to deal go through the banks.
Getting into a USD denominated asset that can be used digitally as currency is a lifesaver. It is obvious why this is becoming so popular in Sucre.
Of course, we discussed this in the past. There is, however, a step in the evolution that is crucial. In this article we will discuss how something else is underfoot that is even more powerful.
Hive Pizza Day
Like much of the cryptocurrency world, members of Hivesucre got together for Hive Pizza day. They enjoyed the food and festivities while purchasing the food using HBD. This is a marked departure from using fiat to settle bills.
Of course, this is nothing new for the people in this region. The work this team is doing is tremendous. From a currency standpoint, this is is establishing a baseline that adds value. The blockchain provides a fast and feeless payment system and those in Sucre at taking advantage of it as the image of the transactions shows.
As we can see by this image, it was a strong turnout and all of this was paid for using HBD.
We also see from this article that the HBD was provided by @valueplan.
There were also prizes sponsored by @3speak, which I presume were also purchased locally.
From the above-linked article:
The Hivesucre community thought why we should not pay with HBD pizzas, since it is our stable currency and it is actually equal or similar to the same USDT. You do not have to be an expert or scholar in the field to know that our HBD has weight in the crypto world and that from here we are working to position it even better and add more value to it, it should be noted that this is done step by step as we have been working.
This is all serving to push HBD into the Sucre community.
Next Level
What we are witnessing is the first phase of this process. Getting currency into the area if the first step. However, this only serves as a short-term benefit if the HBD is then swapped for VES and exits the community.
We often discuss the idea of velocity of money. It is not only how much of a currency is available that is important, it is equally as important how many times it travels through the economy. For example, $100 flowing through the economy twice has an economic impact of $200. If it travels 10 times, then we are dealing with $1000.
Here is where we see Sucre taking the next step. Like anything, it is slow to start but should accelerate over time.
We have screenshots of something exciting, business-to-business (B2B) transactions. It is a merchant called Venecia Fast Foot.
This details the transaction:
There are a couple of transactions to @econoquesos. Here we see a merchant that accepted HBD as payment, then using the money to purchase other goods with the same currency.
From an economic perspective, this is how we foster growth. The resources (HBD) are fed into the region and people have the ability to spend it throughout. We see how the money multiplier, the total amount of economic activity generated from a single currency unit added, can be high in this region. When discussing basic necessities, the idea of stopping the flow of currency is not relevant. People do not have that option.
Going back to the transaction list, we see a couple to the mentioned location, one for 15 and the other 11 HBD. This is currency that was accepted as payment for goods and services, then is used to buy more goods.
And here is how economic growth is fostered by currency expansion. As long as the resources are in place to direct the money to needed areas, we can see growth. This is a prime example of it.
Now take this same concept and multiply it by 100K, involving thousands of people and businesses.
Here is where we see the potential of HBD in an area like Sucre.
It is also how Hive can impact the underbanked.
If you found this article informative, please give an upvote and rehive.
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Wow.. ❤️ ❤️
Absolutely amazing. Thank you for keeping us updated.
The future is bright with Hive and HBD.
I certainly agree with you. There is a lot more to building a currency than people think. I will be writing about the next layer on top of this in the next few days.
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Awesome. Cannot wait to keep reading
Happy to hear about those practical use cases of HBD, I hope it will keep increasing globally along with Hive papularty and unique active users
@tipu curate
Upvoted 👌 (Mana: 38/58) Liquid rewards.
Is HBD widely used in Nigeria? I heard about the CDBC is being forced on people but they continue to use BTC.
🤣🤣🤣🤣 That is the funniest thing I've read. Of course it's not! It's not widely used anywhere, go and check liquidity on coingeko, it's in the tens of thousands.
Widely used, lol 🤣🤣🤣
Cg
Wow this is so nice, we celebrate growth at all levels,
We often discuss the idea of velocity of money. It is not only how much of a currency is available that is important, it is equally as important how many times it travels through the economy. For example, $100 flowing through the economy twice has an economic impact of $200. If it travels 10 times, then we are dealing with $1000.
Absolutely correct!! Many people do not grasp this concept
excelente, esto debería pasar en toda Venezuela. ..gracias por compartir. @taskmaster4450
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Excellent news ! I feel the key here is the density of both customers and merchants in a location happy to use HBD.
100 traders scattered across a country will have a limited impact. But if 100 businesses in the same town have big "We take HBD" signs in the window, people will sit up and take notice. That's the point where it can start spreading to adjacent towns and businesses.
It's great to get Pizza with Hive and hbd, I hope there will be very good developments in this regard
In Cumana Sucre Venezuela, we are very excited about our achievements, which shows that the strategies implemented are giving the expected results. Proud to belong to this great family, which every day sets new goals and continues to move forward overcoming obstacles. Infinite thanks for your support and for being attentive to our work. The idea is to continue growing and promoting our ecosystem with more strength. Best regards.
"Very interesting article. Hopefully, this initiative in Sucre is adopted by another country with high inflation. It's an excellent way to protect your money from inflation and also to access goods and services using HBD."
!gif pizza
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STOPExcellent report @taskmaster4450 , thank you very much for fixing your eyes on our project and bring much more value to our blockchain reporting on the use cases of our HBD to transact in commercial establishments (currently 46 establishments) that accept our cryptocurrencies in the state of Sucre in Venezuela.
The whole Hive Sucre team is doing an incredible job so that our merchants and users feel safe and confident to make their P2P and B2B transactions in our HBD currency. Soon we will document a whole street where 90% of the merchants accept our coins, so you can appreciate the social impact of how Hive has arrived in our state to change the reality of our chaotic financial system.
Expansion is happening with HBD in Sucre. The possibility for merchants to accept HBD and the use it to purchase goods is a good progress. HBD and the Hive ecosystem is a better alternative for many over there than fiat and its system.
The guys in Sucre are doing exceptionally great with HBD, it is amazing how they are establishing a base for HBD over there.
Long life to HBD!
The use of Hive Backed Dollar (HBD) in Sucre, Venezuela, is indeed providing an alternative currency and fostering economic growth by enabling digital transactions and local business exchanges. This is showcasing the potential benefits of HBD and its impact on underbanked communities and a bridge into the real world challenges.
I am happy to be part of all this, since I have been a participant of these benefits that allow us to use or exchange our currency for products and services here in Sucre state.
My congratulations to the entire @hivesucre team for their tireless work.
Let's keep growing and positioning our currency.
If they can persuade the local utility companies to start accepting that could take it to the next level 🔥
I checked HBD liquidity the other day, I was trying to sell some on Bittrex. It was $46,000 hence I could only get $0.88. For me it's the "stable" coin that keeps on taking.
Cg
Paying with my HBD tokens is a thrill, I never thought this would be a reality, I have 5 years in the blockchain and see this e sgarn achievement for the ecosystem with these transactions and movements of their tokens. Thanks to the #hivesucre project I am proud to generate impact and that in my city Sucre is the epicenter of this achievement.
Watching $HBD adoption take place is incredible. It's also better than Bitcoin, so, there's that.
thank you for this update. HBD can be a really useful cryptocurrency for country like Venezuela. I am glad to learn that the use cases of HBD are slowly expanding.