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.
Posted Using LeoFinance Beta
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.
Posted Using LeoFinance Beta