Tuning into AMA is a good way to track the project growth
If you have been tuning into the LEO AMA's then I am sure you would be really excited about the things that are evolving.
The project team has been working hard with the Leo merchants.
What is the Leo Merchants initiative
To get a walk through of the idea we take the example of buying leo premium with HBD
Using this service one can buy a monthly subscription of $10 to be paid every month or $100 to be paid as a yearly payment subscription.
So far it was possible to pay using HBD as the only means of payment.
The Leo Merchants program makes it possible for the merchant that is Inleo in this case to accept ANY crypto ranging from
The URL to access the service is https://inleo.io/premium
- BTC
- ETH
- USDC
- DASH
- ARB
- USDT
- CACAO
- RUNE and many more cryptos
The idea is for a merchant to accept a stable coin like HBD yet for the buyer to pay with other cryptos.
Let more money come into Hive
This initiative champions the ideas of more cryptos being used to buy Hive and HBD
The final conversion for the merchant into a stable coin like HBD ensures that the merchant is insulated from the volatility of the crypto being used to make the payment and gives the buyer the convenience to use a number of cryptos to buy what the merchant has to offer.
The LeoMerchants API would do the heavy lifting
The leo merchants API is being put into place that would do the hard work of accepting multiple cryptos from the buyer and settle the payment for the merchant in HBD.
how would this be taken forward
Imagine this initiative being adopted by a large number of merchants. Currently two sets of outlets are being targeted.
- Merchants with POS machines at their brick and mortar stores
- BTC ATM's which one finds at the local gas stations.
Once the initiative gathers momentum and merchants come onboard users would be able to pay at any of these outlets with multiple cryptos that they have in their wallet.
The final payment would be sent to the merchant in HBD. This surely would promote the use case of Hive and HBD.
Imagine the merchant receiving the payment in HBD and stacking up his HBD in his savings wallet for a 15% return on HBD. How cool is that?
The fee for the transaction
If we compare the transaction cost as compared to a credit card transaction which normally charges ~3% of the transaction cost as the fee which is collected by the credit card provider.
On the other hands the Leo Merchants program would collect a highly competitive fee ~ 1.25%
The fee would get collected in LINK and then get swapped into HBD.
As the idea gains traction there will be constant inflow of funds into the hive blockchain that would be used to buy up HBD
The idea of adding Hive & HBD to BTC ATM's
The team is exploring the legal implications of adding hive and HBD to the BTC ATM machines. Since these ATM's would give the users the ability to use Fiat to buy crypto or sell the crypto for fiat therefore it opens up the doors for mass adoption for those users who want to buy hive and HBD at the local BTC ATM's with their FIAT money.
To explore the idea further refer to this post
Join inleo now using the link
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Posted Using INLEO