HBD and $HIVE Now On QvaPay: Cubans Have More Options
The options for Cubans using HBD and $HIVE for payments is expanding. This is something we are watching as it is likely an epicenter for Hive expansion.
Many nation suffered due to a lack of advanced financial services. Even some of the basics are missing. Countries like Cuba, Nigeria, Malaysia, and Venezuela are some examples of countries that lagged.
Cryptocurrency offers an alternative. Hive, being ones of the most technological advanced networks with one block irreversibility, no direct transaction fees, and 3 second blocks makes it an ideal alternative.
We are also seeing the formation of a road map for the developed countries as regulation comes down.
For now, we will focus upon the big move out of Cuba.
QvaPay Now Uses Hive Coins
Users of the application can now elect to deposit to the base layer Hive coins and utilize it for expenditures.
As you have read in the title, the Cuban payment gateway @qvapay (yes, they already have a Hive account) has just integrated HIVE and HBD to the already extensive list of crypto assets through which deposits can be made within said platform.
This is another step forward in the utility for Hive, especially the Hive Backed Dollar (HBD). The ecosystem's stablecoin can provide great benefit as a payment mechanism so getting it on more applications is crucial.
It is an important move because this platform already is an established payment system along with providing a store.
According to this article, here are some of the options:
- Change it in P2P for CUP, MLC or telephone balance.
- Buy at QvaShop, an online store that accepts QvaPay Balance (SQP).
- Buy virtual VISA cards.
- Recharge your mobile in promotion of ETECSA.
- Transfer it to another user.
Looking at the QvaStore, we have a number of options. Here are some of the categories:
There are a lot of subscriptions that can be paid using the service such as Disney, Spotify, and Netflix. Mobile phones by Apple and other manufacturers. They also have computers along with other options.
We also see the ability to swap this into CUP, the legal tender in Cuba along with additional currencies. This is all providing options for those with HBD.
The Hive Advantage
As we can see, there are other cryptocurrencies tied to the service. The major ones such as Bitcoin, Ethereum and Litecoin are all listed. Then we have Cardano, Tron, along with others.
The common denominator with most of these is that someone has to buy the currencies. To get a hold of them, except for faucets and minor distribution mechanisms like that, a swap of another asset of value is required. What if there are not any assets to swap?
Here is where Hive is different. We understand that, due to the Proof-of-Brain mechanism, the ability to send money into these areas can be done with votes. On Hive, every upvote with either Hive Power or a staked layer 2 token have monetary value. Simply by pressing the upvote button, money is directed towards that area.
This allows these economic hindered areas to partake in the growth of the Hive economy. It also enhances things locally since more money is flowing into an area.
It can be a major windfall for those parts of the world where they try to get by on $100 a month. Cash flow is an important component to any economy and Hive feeding money into these nations is of great help.
Of course, this also helps Hive. In the end, all aspects are dependent upon the network effect. If we can get thousands of Cubans active on Hive, this could really increase the activity not only online but also relating to the usage of a coin such as HBD.
These countries find themselves in horrific shape when the US dollar appreciates. Thus, gaining access to a USD denominated asset is a windfall. That is exactly what HBD provides.
It is uplifting and exciting to watch these epicenters forming. This is where Hive's near term future lies in my view. Getting people from disadvantaged countries active alters the approach many have. Instead of being a social media, online application that someone uses for fun, it becomes a way of life. If one is paying for basic goods and services from the activity on Hive, it moves things to a different level.
Road Map For Developed Countries
Regulation is coming.
We are in muddy waters at the moment. However, the sentiment seems that developed governments around the world are not taking a favorable stance towards cryptocurrency. This is going to hinder the access by the general population.
Naturally, this could backfire simply by following the path set down in countries such as Cuba.
If the existing on and off ramps are cut off by governments, individuals will have to figure out ways around it. Having a coin such as HBD able to pay for goods and services though an application such as this is a way to counterbalance it. The same could be true for P2P transactions using fiat currency.
Innovation is often a result of the circumstances. As things get more dire, innovation can become of greater impact. We can certainly see how this could be the case with cryptocurrency.
For now, we have Hive's coins on QvaPay, one of Cuba's larger payment platforms.
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Esa es una muy buena noticia para nosotros los cubanos. Gracias a esto podemos cambiar de manera automatizada HBD o Hive por nuestra moneda local.
¡Muy buen post!
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It is becoming evident by the day that less developed countries are the ones that will be leading the crypto adoption since the kind of regulation like the US isn't that hard on them yet.
It is truly exciting that HBD, Hive is finding its way to these countries with positive impacts on the lives of people.
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This is why I bet on the developers and against the regulators. We have a global buildout taking place.
We have no idea where the innovation will come from. Great ideas can be duplicated to get around issues elsewhere.
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That's very exciting - a great use of the coin and a great way to bring more people to the chain and show our value.
It is a nice step forward. I have no idea how this ranks to other global payment systems.
However, it appears to be a big deal in Cuba which means it helps our penetration there.
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This has been a huge step for us. I can now convert my HBD to our local currencies in a few minutes --literally--. We fund first our Qvapay accounts with HBD via a very small fee in HBD (0.5 %). Look below at the capture. These 12.06 HBD are then 12 SQP (SQP being the acronym of Saldo QvaPay in Spanish, Qvapay Balance in English, which unit is somehow tied here to 1 USD). Then we use a P2P market inside Qvapay --a very safe place-- to change the QVP balance to local currencies or buy with it in some stores that recognize it.
We are moving up for sure. Look, Hive has been the best thing in my life since my child's birth in 2019. As you remark always, in Hive we build value from the ground, from zero. My salary was paid last March 13th, and yet, I can say sincerely that right now, I'm living from my Hive rewards. Thank you for your focus time and again on how this great ecosystem impact the lives of people in developing countries.
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Thanks for the valuable feedback. It is terrific to see this starting to expand within Cuba.
It is always good to get first person accounts of how things are working. This is a great thing about Hive. If we can help you expand within Cuba, it helps all of us.
This postively reinforces each piece on itself.
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This is a good utility booster for Hive coins. The platform has an extensive range of services. I think Hive flowing to where it is needed will be a good way to bring in the network effect as word of mouth spreads very fast.
This is a good utility booster for Hive coins. The platform has an extensive range of services. I think Hive flowing to where it is needed will be a good way to bring in the network effect as word of mouth spreads very fast.
That's pretty great to see HIVE and HBD going into the world. This is the way toward greatness!
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It's nice to see hive there and I hope to see data on how many people use the service. That is one thing that I am interested in because the numbers in El Salvador after the BTC legal tender weren't that great.
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This news is absolutely amazing. I am a Hive fan boy but this just adds to it. Hive is doing so much good in the world, already. And we are still Needle in a haystack.
!BBH
@taskmaster4450! Your Content Is Awesome so I just sent 1 $BBH (Bitcoin Backed Hive) to your account on behalf of @bradleyarrow. (22/50)
I have several Italian friends who often go to Cuba. Now I'm informing them of this. Some of them already use HIVE, but I don't think they know about this QvaPay payment system. Thanks for information
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Thank you for the report. I´m glad to see that you found my article useful.
Managing @HiveRemesas I get to see firsthand how Hive helps Cuban users make ends meet. This news about QvaPay makes things even easier inside Cuba.
So glad I am finally catching up on your articles from the past few weeks. This one had been in my queue for a while, glad I gave it a read.
This QvaPay is so incredible to see. The fact that a real-world use case for $HBD exists in a country that has been absolutely wrecked by the embargo for 6 decades is encouraging to say the least. The single biggest impediment to adoption will always be utility, and this application for payments proves that there is utility to be had with $HBD (among other coins).
Not only is this an important on-ramp into the Hive Financial System, but it stimulates the local economy outside of the control of the US Dollar system, since Hive is decentralized, anyone can participate and earn $HIVE and $HBD, not just people who are favored or "allowed" to by the US government, like we've seen with companies like PayPal, GoFundMe, and CashApp.
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