It is best to go where the fish are.
Where is cryptocurrency adoption surging? This is something that should be on the minds of all who are involved in the industry.
Chainalysis does an annual report that comes out each year, detailing where the state of cryptocurrency adoption stands.
According to their latest release, here is the top countries.
A very interesting group of countries leading the way. Only the United States ranks as a major developed country. The rest were lower tier nations, at least based upon an per capital basis.
Make A Difference
The key is to focus upon countries where Hive can make a difference. Some of these areas are already starting to adopt cryptocurrency.
According to the report, Nigeria's crypto transactions moved ahead 9%, totaling $56.7 billion. This is a very impressive amount considering the country's present economic situation. Perhaps, the bump higher is actually due to that.
The President of that nation has implemented a number of reforms that negatively affected the value of the Naira. At the same time, there was the failed eNaira experiment.
Here is where a currency like HBD can enter. It provides the stability from outside the country for those within it.
It is easy to see why Hive helps those who are suffering under a falling currency, massive price increases, and a stalled economy.
The bar is set low in these types of nations in terms of the impact that can be made.
Distribution
One of the keys that separates Hive in my opinion is the distribution mechanism we utilize. Most cryptocurrencies operate under the premise of people buying them. This is what Wall Street focuses upon.
It is treated similar to an asset like a stock or commodity. People want to buy and hope the price goes up.
While this works for those with resources, it excludes, once again, billions from the process. This is where much of the planet operates. Financial excess is simply not in the cards for them. Cryptocurrency can help to meet the basics while also providing an opportunity to build wealth.
The same is true for areas such as Ghana, Cuba, Venezuela, and Argentina. We could add a host of other countries to the list.
Financial Services
I feel the evolution has to include developing platforms that provide a wide range of financial services to these people. While banking the unbanked is a great concept, it is but a start. Most would admit that having a bank account is not an enormous step on the road to wealth building, either as an individual or nation.
Providing financial services which are coupled with economic activity is what becomes vital. Here is where we see differences made.
For example, when looking at the velocity of money, we are naturally dealing with a payment system. As currency is moved through the economy, growth takes place. When it stalls, contraction is the result.
That is but the start of the process. What happens when funding is incorporated. Suddenly monetary transactions are not just for payments but, rather, building economic output. This comes in the forms of loans or investments, providing financial resources to stimulate business activity.
Here is where cryptocurrency transitions to being the basis for an entirely new financial system. Digital assets can be developed in such a way as to be tied to meaningful services that enhance people's ability to conduct business. This is ultimately what drives an economy.
Why Hive?
Most look at Hive, usually through the coin price, and believe it is a nothing chain. Actually, when we delve into the capabilities, we see this is some of the leading technology there is. Few ever talk about one block irreversibility or how important that it. However, it does make Hive one of the fastest settlement systems there is.
When looking at most other projects, how do you find out about them? It seems the common approach is to head over to some Web2 application and search for it. Facebook, Twitter, and YouTube are full of information about different tokens and projects. The problem is how disjointed everyone is.
It is wonderful they are united on X. However, what does that really accomplish. In the end, they are simply trying to get people to notice the project and, hopefully, buy the token.
We end up with simply another example of "price go up".
Hive can take a different approach. There is a lot of building taking place. We can keep adding the features people need. At present, the one obstacle is the lack of smart contracts tied to the system. This is being resolved.
Once that is in place, the platforms can be built that provide the financial services people need. Then they can actually market to those who could benefit from said services.
What a novel concept.
Something we do not see quite frequently in cryptocurrency. It is also known as Business 101.
Find a need and fill it. For countries like Nigeria, there is a huge need.
Posted Using LeoFinance Alpha
This is a fantastic write up. It's not surprising seeing developing nation like Nigeria on the list of massive cryptocurrency adoption. It is even most likely we see more people from the country embrace crypto as traditional way of keep their funds so that the value won't reduce over time. All these are the effects the economy's policies had on Nigeria citizen. HBD would have been a stable coin for Nigerians to choose, but how many are willing to embrace it? Many would rather subscribe to USDT. Hive or HBD is not listed on many exchange. How will people get to know about the coin? There are a lot of things needed to be done as regard that, i think.
It is of great value for those with currencies like the Bolivar or Naira.
HBD is something that we should stress to all who are joining. It is vastly underrated in my opinion.
The Hive Borehole project in Ghana is an awesome example of what Hive can do!
Very true. That is the joining of the digital and real world. Huge impact there of one of the basic necessities of life.
I also like how they are educating people about Hive along the way. Truly an inspiring project.
Agreed. They are doing fantastic work. It seems the Ghana community is not really forming as they arent joining but it is an educational process.
Yeah, they are on their eleventh borehole now!
I was wondering what was going on with that but saw they had recently ramped up their outreach and educational projects... so hopefully that changes things. That region is also under a lot of pressure/strife so there is that.
We have a lot of Nigerian contributors in the Homesteading community and they seem to be doing well on the community forming and adoption front. I often wonder how one could learn from the other.
The Nigerians are a very strong community.
On threads, they are the biggest segment based upon the log ins from Simpleanalytics.
No region tops them.
Good to see Nigeria as one of the top cryptocurrencies subscribers in the world. But most of people don't really know about HBD as reliable Stablecoin they'll rather choose USDT because it popular known. I know Nigeria as one country that believe in what they see, and that is the reason why Hive need to create awareness.
How will Hive create awareness?
Hive can create awareness and let people know about HBD through promotional project. Indeed We have One in Etomi Nigeria last year but that didn't create much awareness to the people because many we still needs more projects like that and I think we should continue something like this. Nigeria is developing country, so if Hive find one of the challenges people are facing, that will create much awareness to the people, and not only to the people in Nigeria, it will create awareness to the world because Nigeria is a big figure. I believe anything happens in Nigeria get more viral than any other African countries.
Sucre is having success because it is grassroots. When people start to gather HBD and use it for local goods and services, that is when things change. While promotion is good, it is a problem if the locals do not embrace it.
So we have a double=edged sword.
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Lets go Ph at number 6 overall! While we could improve still as we are 19th on p2p exchange volume trading. Lots of room up!
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Very interesting times are unfolding. As for Nigeria stats, the figures are far lesser than the actuals. A lot is brewing there and there's room for more.
Brew it on Hive.
Based on the current price of Hive and in general most of the times the main target group where people from developing countries. The reason is quite obvious i think, with a few cents or dollars they could actually, buy groceries and improve their everyday lives.
When those people started gaining some better rewards like 5-10-20$ per post they could see their whole life changing which is amazing btw. People from most European countries for example by earning a couple of cents or even 1-2$ at first making an effort of half an hour or more for a post it's really nothing for them. It was better when hive was at 1$
Thankfully, though there are currently numourous ways to earn something here and the easiest way is by simply saving HBD and earning 20% APR. Then we got threads and so on. Tons of different opportunities for different people across the world!
All very true. The bar in some of those countries is low. That is a good thing.
Even a few dollars per day can really help and make an impact. That is what we need to target first. It is good to see such a great community from Nigeria on Hive.
Who is/are top Hive users in Nigeria now?
We should support them as they continuously build a wider Hive communities.
I have no idea. Dont really see things broken down like that.
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