This was posted on CNBC today - In bankrupt Lebanon, locals mine bitcoin and buy groceries with tether, as $1 is now worth 15 cents
In the nutshell:
- Hyperinflation in the triple digits
- Banks limited withdrawals
- Government squandered money
- Bitcoin used as store of value
- Locals trade Tether for USD
- Businesses accepted crypto even the government forbid crypto for payments
This all sound too familiar. Yet this is another reminder how cryptocurrency is giving the power back to the people.
Do the masses have to wait until currency crisis hit their bank account to start pivoting to the future? Wouldn't it be more prudent to include crypto investments before a crisis as an insurance policy and as a portfolio diversifier?
####Mainstream media continues to focus on Bitcoin and Tether as the go to solution, even though the two options are not the most optimal.
HBD could easily replace Tether for free and efficient day-to-day transactions, or as a savings option earning 20% return.
Instead of Mine-to-Earn Bitcoin and incur hardware and electricity costs, which not everyone could afford, Lebanese could all join HIVE and earning HIVE and HBD. This would be a healthy injection of active users and extra source of income for them. Win-win.
We know there is a need for HIVE/HBD in the world right now, we have a good solution, what we need to solve for how to show both prospective users and developers that this blockchain is the future, today.
To establish an ecosystem and achieve network effect, you need to fire at all cylinders at the same time. Large userbase will attract developers and more apps and "things to do" will attract more users.
We know there are more places than Lebanon with a real need for a viable solution for day-to-day that is cheaper and faster than Bitcoin, they are the low hanging fruit that solves an important half of the equation - users, if we can get HIVE/HBD in front of them. They could also become the advocates to bring their family and friends in the "still-first-world-countries-for-now" into the HIVE ecosystem.
With more users, more developers will invest their time and capital on this blockchain.