Hive is a web 3.0 platform, and it’s a decentralized platform. The user of this platform is familiar with Hive Power (HP), HIVE, and Hive Backed Dollars (HBD). People know the use case of HP well, and it’s the fuel of this platform. And so, I don’t need to discuss it. Hive is not stable, and it can give us the opportunity to make profit, or it can bring loss to us. I am sure those who bought HIVE 1 year ago are regretting it, as the price dumped a lot, and they feel it would be better if they kept their funds in HBD rather than HIVE.
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Stable funds are needed when it’s something related to cryptocurrency trading. And on the Hive platform, HBD is the best option to use as a stable fund. A trader should try to keep at least a little amount of stable funds for emergency trading. Hive users use HBD for various purposes. In the earlier days, people used to receive both HBD and HIVE in a 1:1 ratio as rewards. But now we get only HIVE as reward.
In the past, HBD was enough to bring attention to people outside the Hive platform. It used to offer 20% APR, and such an offer is hard to refuse, as no other stablecoin could offer such a high APR. With time, the APR turned into 14%, and still it’s a good deal for anyone who keeps stable funds. One just needs to keep it in savings, and it takes 3 days to unlock from savings, and the time is indeed very little.
In the earlier days, I used to think HIVE was an undervalued coin and that it would go up, and keeping as much of it as I can was good for me, so I used all of my HBD to convert my HBD into HIVE. And honestly, HIVE disappointed me, and it came down again and again. Now I just feel it would be better if I kept my HBD in savings rather than converting it. My asset would remain the same. Moreover, I would get the APR on a monthly basis, and my net asset would increase instead of decreasing. It was indeed my wrong decision, and I am paying for it.
Now I don’t receive HBD as a reward, but I can convert my HIVE into HBD if I want, and if I keep it in savings, I will get 14% APR. But now HIVE price has come down so much that I don’t think it can go down any further, as I feel it has already touched the bottom. So, I feel that keeping HIVE is more beneficial for me in the long term compared to HBD. So, now I don’t keep HBD usually. If for any specific reason I need HBD, I convert some of my HIVE into HBD, and it takes only a few seconds. Right at the moment, I don’t have any use case for HBD, as I am not selling my HIVE for it.
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