One of the most overlooked features on Hive is the ability to send payments anywhere in the world, with no direct fee.
In this video I discuss how the cross border payment market is estimated to be $157 trillion in 2022. This is something that many overlook when it comes to Hive. Yet this blockchain could disrupt that entire industry with fast and feeless payments.
▶️ 3Speak
Right now with any crypto, unless the price is locked in, volatility in real world fiat price could outweigh the reduction/free in fees.
HIVE, even though there is no direct transaction fee, liquidity is a challenge for large amounts for it to be feasible.
For large transfers, BTC fee is a tiny % compared to the legacy banking system. For smaller transfers, fees for ADA, BCH, XMR for example are low enough and have better liquidity.
HIVE right now feels like an excellent solution in the micro-transaction space and needs to grow up before taking on bigger ticket items.
To be certain.
I have considerable amounts of money tied up in BTC, ETH,and Cardano, and even with that I'd be extremely reluctant to pour any into it for the purpose of transferring it simply due to the volatility of it.
I've been a pretty strong proponent of crypto, and right now despite it being "on sale" I don't feel particularly safe putting any more into it with the current financial situation.
But I also realize that there are many people in other parts of the world that are benefiting greatly from Hive, and I could see them using it.
Crypto's boom during better markets and bust in a bad market has caused a lot of lost-confidence in it in general. People who know I have crypto who had that fear of missing out back in the high-value times are now asking me if I feel like I've been scammed, and I tell them no because I have faith in it. But the reality is that I don't know, and I could have lost a considerable amount of money.
When it's booming, people don't want to spend it because it will go up forever.
When it's crashing, people don't want to spend it at a loss.
Value stability is important. Unless you buy and cash out right away after transfer.
That is why most crypto will not be a medium of exchange so treating it as such is foolish.
All focus in this arena should be on the stablecoins. That is what people will be using for transfers.
Most of crypto is more like a stock. That is how people view it.
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I wonder if you're aware of what stable-coins are?
TO my knowledge, they are coins on exchanges used to tie the value of national fiat currencies. Coinbase has USDC for the US dollar, and others for Euro, British Pound Sterling etc.
There has been data that indicates that these stable coins such as I think it was Tether? Are actually not backed up by anything, and can be as much of a risk if not more than the cryptos themselves.
If I'm wrong here, someone please let me know.
The crypto that I can say with some surety that has value is Bitcoin. Because it has mindshare/confidence(much like any fiat), but also because the concept/tech alone has built a worldwide decentralized network capable of transferring, recording/validating, and even "minting" the coins.
It's like a bank, but without a central owner and without the possibility of overprinting/minting.
I also hold ETH and Cardano, but my investment into those was based on their utility and amount of developers working on technology that utilizes their functionality.
But specifically with ETH, the entire network or most of it runs on AWS(Amazon Web Services) meaning it can end with the flip of a switch. Also there's been cases where the devs have gone into the code to remove or change coins.
Without a doubt that is true. Hive might be one of the few that could fill this void.
This is where the growth in HBD comes into play. It is tied to another issue you mentioned, liquidity. We have to keep building and expanding so that we see the fruits of this.
We can see a market, now it is up to us to fill it.
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At the customer service counter in my local grocery store, I’m sometimes in line behind someone doing a money transfer, often to Central America. Show your ID. Specify the name of who you’re sending it to. That’ll be $9.95 per transaction. Fork over the Jacksons.
After one such transaction, I asked the cashier why people transferred money that way when crypto was so much easier. Got a blank stare and a ”What?”
I sometimes feel like I’m standing among dinosaurs.
We get a skewed view of things since we are immersed in crypto, especially here on Hive. We see it discussed in detail daily.
The reality is most of the world is not aware this even exists. So the blank stare is not surprising.
Amazing how much the vultures charge for money transfers especially to second and third world nations. Plus, on the other end, there is a coin toss chance the money is outright stolen by the bank.
A lot wrong with the money transfer system, something Hive solves instantly. Of course, the challenge is the conversion to fiat.
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certainly that is a very interesting detail which I had not taken into account that they hardly charge us for sending payments to any part of the world
Most of your bigger layer 1 blockchains don't have that many active validators. I think Hive is decentralized enough. We do need more witnesses onboard, but I know that without being incentivized more than they are unless they are in the top 20 cabal. But I am interested to see how the vote decay is going to shake that up.
I am not sure it shakes things up much. Might cause a few of the back end consensus to move down but that is about all.
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HivePay has already done a lot of groundwork to help businesses accept HIVE and HIVE-Engine Tokens. The best part is that HIVE-Engine does include wrapped assets meaning it could even be used as a better, faster, cheaper version of Lightning Network. One of the biggest roadblocks I have seen is that there are not enough places to easily exchange HIVE to other cryptocurrency or products/services. The situation for HBD is even worse.
THORchain integration and this proposal from @ecoinstant could help us with some good momentum.
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That is a great applications which more people should use.
As for the idea of wrapped, we are going to see a lot change as the SpkNetwork infrastructure rolls out. From what I can see, there is a lot going on there.
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The speed of transactions is definitely the bottleneck and I think the blockchain is the best at that factor. At the same time, it is also transparent so people know that the money was sent over.
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Summary:
The video discusses one of the often overlooked features of the Hive blockchain, focusing on peer-to-peer transactions with no fees and extremely fast settlement times. It highlights the potential for Hive to disrupt the cross-border payments industry, which is estimated to involve trillions of dollars annually. The speaker emphasizes the significance of this capability in eliminating borders and traditional banking systems from the payment process.
Detailed Article:
Task starts by shedding light on the basic yet essential feature of peer-to-peer transactions on the Hive blockchain. He emphasizes that while many blockchains allow this functionality, the crucial differentiator for Hive is its decentralized nature, with over 100 block validators ensuring the system's integrity.
The video discusses the seamless process of sending money from one wallet to another on Hive without incurring direct transaction fees, thanks to the staking of Hive tokens. Task stresses the significance of this feeless and fast (three-second transaction time) system in comparison to traditional banking systems.
The conversation delves into the potential disruptive impact of Hive on the cross-border payments industry, estimated to involve trillions of dollars annually. Task emphasizes the value proposition of Hive in facilitating instant, feeless transactions irrespective of geographical boundaries, likening it to sending a transaction to a neighbor or to someone in a different country without any distinction to the network.
Furthermore, the video touches on the lack of attention given to cross-border payments in the cryptocurrency world, despite the vast size and growth rate of the industry. Task underlines the power of Hive to potentially target a portion of this market, revolutionizing the way transactions are conducted globally.
In conclusion, Task encourages viewers to consider the revolutionary implications of Hive's capabilities and how it could disrupt the massive cross-border payments sector. He questions why more attention is not given to this fundamental feature of Hive and its potential to transform traditional financial systems. The video ends with a call for further consideration and discussion on the disruptive power of Hive in the realm of cross-border payments.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.