The appeal of the Hive Backed Dollars (HBD) is spreading. It is something we overlook but this has characteristics that will cause companies to seriously think about adopting it for their platforms.
Before going any further, some of what we are going to cite in here is pertaining to a project that is raising money. For that reason, nothing in this article is to be construed as being in favor, or opposition, of the financial merits for this project. Do you own research and make any financial decisions based upon that along with professional advice.
With that out of the way, we have a gaming platform that is being built called NoLimitCoin. It is designed for betting to occur without having to trust a 3rd party. By engaging with cryptocurrency wallets, users can place bets as they see fit.
Part of the reason why this is a natural progression is because the gaming industry mirrors cannabis. Even though it is legal in many areas, it is treated harshly by the regulators and financial institutions. In other words, they are always a target.
Turning to decentralization and cryptocurrency is a natural way around this. One of the biggest changes is that banks cannot block its customers from engaging with the platform. This is one of the keys to cryptocurrency.
Source
HBD As The Primary Stablecoin
The CEO, Rafael Groswit, appeared on the latest episode of CTT. He joined the discussion to share what is taking place in the gaming world and how NoLimitCoin seeks to change that. It was a very educational session about an industry that is in need of our "free speech" solutions.
What stood out is when the CEO realized what HBD brings to the table. While they will accept other stablecoins (along with other cryptocurrency) for betting purposes, there is a benefit to pushing users to HBD.
One of the biggest is the fact that the transactions are not only fast, 3 second block time, but also feeless. This means that there is no additional charge to placing a bet.
We all are aware of the limitations with Ethereum. For that reason, this project is presently operating on BSC. It is a great deal more cost effective, so BUSD or a stablecoin on there has appeal. The challenge is a cost still applies. While 10-15 cents is much better than $50, it adds up over time. As you can imagine, if a platform is doing millions of transactions, that amounts to a lot of money.
By utilizing HBD, the transaction fees are exactly zero. Of course, there will have to be some HP in the wallets or the platform will have to delegate some Resource Credits. Either way, the tools will be there for users to transact in a feeless manner using HBD.
Here we see where it is in the company's best interest to persuade users to engage in HBD as compared to other stablecoins. After all, even if the users are paying the fee, wouldn't the site prefer that to remain in their wallets, so they can bet with it? The answer is obvious.
The best tech does not always win. However, when the benefits of that technology are spelled out, it often can make a difference.
20% APR On Savings
Many people do not visit gaming sites daily. Instead, they post some money and play when the mood strikes them. Regardless of how often people play, there is money available when they want to play a few games.
For the purpose of illustration, we will use the concept of a trading account. When someone invests in the stock market, he or she gets a trading account and funds it. The cash, once it clears, is available for trading. When it is not used, it sits in a money market account, drawing a bit (miniscule) interest.
With HBD, NoLimitCoin can offer the same thing. Since any tokens placed in savings earn 20%, this can be part of the operations.
How would this work? There are a couple ways to do this. Probably the easiest is for users to deposit their HBD to the site to go into savings. Why would anyone incur the extra risk when he or she could just deposit it through the Hive wallet? One word: incentive.
Perhaps the site offers 22% APR on any HBD placed into the "savings program". Under this scenario, the HBD would be transferred to the site's wallet(s) and staked. Hence, it is earning 20% HBD.
Of course, NoLimitCoin could offer a dual payment system. Perhaps it pays out 17% APR in HBD and another 5% in NLC (the platform's native token). Thus the platform is earning 3% annually. This will help to ensure the viability of its operations.
Another scenario might be to simply offer 17% on the savings. This is less than the 20% paid in HBD savings. However, this can be made up by offering different incentives on the platform. For example, by depositing a certain amount in savings, one gets additional features not normally offered; kind of an upgraded membership. Here we can see on site incentives added to compensate for the loss in APR.
Whatever the approach, NoLimitCoin can use this as a funding mechanism. Also, it is at the base layer of Hive, so it is not incurring any third party risk. This is vital when dealing in an industry the authorities (and politicians) like to grandstand over.
HBD's Value As Medium Of Exchange
In the cryptocurrency world, we often overlook how valuable a coin can be as a medium of exchange. With blockchains charging fees, this starts the process of mirroring the existing financial system. Hive brings something different to the table due to its design.
With HBD, one is able to enjoy the feeless transactions that can take place on the blockchain. That is very valuable to organizations who are concerned with profit markets. As stated earlier, when something starts to engage in millions of transactions, every penny counts.
HBD offers a solution that can be very appealing. The CEO of NoLimitCoin immediately saw the benefits to his business.
We look forward to NoLimitCoin integrating it into the platform and enjoying the value that HBD offers.
For those interested, here is a longer interview about the project that was posted last year.
If you found this article informative, please give an upvote and rehive.
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A new platform I'm just getting to learn about "Nolimitcoin" and it seems it's a product from Web 3.0 regarding the "No third party".
HBD is a stable coin that has provided a lot of benefits even to myself who doesn't know much about it... Aside the savings interest it offers though.
I hope this new platform realizes and makes ultimum use of the opportunity it provides.
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I think they are aware of the opportunity presented to them.
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And that is just great
Hbd is very good and people are now seeing the benefits and how it can life changing in the long run
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Really cool
Having HBD into the mix is a plus.
Now will the game incorporate Hive blockchain to play?
If so like you mention it is a feeless entry.
It is more use case for the game and it will add more accounts creating more HP locked.
I am not good at game but it is great to look at anything giving Hive a push. HBD will benefit plenty if it comes to fruition.
!BEER
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I dont think they will incorporate the blockchain to play but they might add the social aspect similar to what Splinterlands does. That would add another layer to tie the two together.
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It is good Hbd is now having some user case. This is just the beginning of a new era for hbd
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Irrespective of how they use it, one thing that is certain is awareness and that can be huge for hive ecosystem in general.
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Hiving KYC out of the way for one wanting to interact with a gaming or betting is a big plus, I have experienced withdrawal issues with the betting sites out there so this relatable.
Haven moved to BSC because of the high transactions form on Ethereum, a feeless transaction fees on Hive stands a wining chance, this is big and if HBD is integrated it will be great seeing HBD's use case in play.
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We know we can go one step further as compared to BSC. That is the value of what Hive has.
Of course, each transaction in HBD does require since HP to operate. Depending upon how it is set up by the platform and how popular it is, that could become a lot of HP required.
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I think those in charge of the game are so smart and know how important hive communities is, they are tapping into what in a long run might be on of the best they made, fast transaction, feeless and amazing experience can be so much important in the long run
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It takes one with clearer view of things and the wil to provide quality products/projects with use case to see Hive's potential and how it fits into many things the world needs
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HBD and gambling sites are a good match. Many of those sites use fiat denominated units internally and it is better for gamblers if those units are about the same size in their deposit currency on each round so it is easier to keep track of losses.
The USD as the unit of account is not going anywhere anytime soon. People need to understand how ingrained it is in everything that deals with finance globally.
As you said, even in gaming it is ingrained in people. So yes, HBD with a dollar unit of account is a seamless transition to them.
So it makes sense on many levels.
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Really make sense in many ways, every penny always makes sense to a gambler and seeing opportunities to withdraw and deposit without any transaction fee will be more preferred.
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The impact is HBD in the blockchain at the moment is really tremendous and the turn up of individuals is amazing as nobody wants to be left out to benefit from it.
Nobody o, this is just the beginning of what is coming and how hbd can be of important to the hive community
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Is the CEO of NLC a current Hive user or did he just hear about it somewhere. I know, you are probably going to tell me to go watch the video... I think this is very interesting and as I like to dabble in a bit of gaming myself, I am going to keep a very close eye on it.
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It wasnt stated if he has a Hive account or not. He was aware of Hive and the social aspect of it. In fact, that part appealed to him too.
I would guess he has/had some interaction with Dan which caused him to be brought on the show.
I dont think the CTT video was released yet so cant tell you to do that. LOL
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Ah, okay. Thanks. That makes a lot of sense now that you say that. I will definitely keep my eye on it. I thought about doing the crowdfund, but it looks like they have some pretty serious KYC in place. Guess I will just wait until they accept HBD.
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I didnt look closely at the crowdfund so I dont know how it works. But it might be a worthwhile venture.
Yeah I am sure they are having to do a KYC offering to remain in compliance.
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HBD and NOLIMITCOIN working together. The benefits are mutual. If placing HBD in the site, you can get other offers. I think the most attractive thing is that you can place bets easily. No need for all this kyc !
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Well they do get around that, at least with the coin. I am not sure what they will have to do onsite for regulations. That is outside my area of expertise.
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The gaming betting, how's it working because I'm just hearing it for the first time.
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Having HBD integrated within the NoLimitCoin gaming platform will be a huge win for the Hive blockchain and I am sure that it will spread like the gold rush in the old days. We just to hit it one time and get it to a big project and I think that this entire ecosystem will prove itself once and for all.
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I agree. Hive is simply one breakthrough away from something massive. We have a lot of irons in the proverbial fire. More is being constructed that will have a hand in our expansion.
What is going to be the breakthrough? Hard to guess but we are putting forth a bunch of options.
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I believe if hive can continue in this pace of development we should see major improvements in the community in coming years
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Awesome. One more use case of HBD :') Great to see both ecosystems benefitting form each other. NoLimitCoin sounds cool. Since it's on BSC, I will def have a look. 🔥
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It will be a large one if it comes into being.
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HBD will appeal to me as a way to diversify when this bull market continues and gives us some nice profits. !PGM !PIZZA
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That certainly is a use case for it. The parking spot concept is highly valuable. As people jump out of their spec plays, moving it to HBD is important.
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Not to change the subject yet I notice in the engagement contest infographic that is shared in discord shows your score so very high. I have been utilizing the front end and commenting quite a bit, figured I would have the boss beat soon for that 100 LEO challenge yet I look at the graphic and see I have 450 and he is near 2,800. It seems I need to increase my efforts by 10 times to stand a chance so not likely possible for me unless some more crazy news in the world cancels my work yet again... Thanks for replying !pgm !ctp
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Can someone please link me to the HBD inflation proposal, it seems overall risky, as I don't understand the planned mechanics.
What seems risky about it?
I dont think there is an actual proposal that explains it all.
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This is a sign that you are on the right path. I think that in the coming months we will see how more and more interesting projects are attracted. HBD's liquidity will be essential to achieve this.
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Not sure how long it will take. It might not hit until 2022. Either way, we are building, expanding, and watching things evolve.
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I was always forbidden by my uncle to gamble, because of the high risk of course, but since I have entered the world of cryptocurrencies daily we draw the chance to our accounts, while we move forward slowly.
I don't know if a big or small company is interested in our hbd, that shows us how big this could get, well thanks for the information I never imagined that we would go at such an exponential speed, suddenly as you have always said we would go in the right direction, just that no one sees it for now, maybe tomorrow we will be notorious and news.
Well by the way I have not yet done my homework to attract the masses with the postit at the bus stops but I am there with the work in queue I hope to do it soon for at least a couple to come is already profit.
Thanks for the update.
Well since it is under development, I am going to say we have no idea what it will look like. But as things unfold, it could be a successful venture.
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Wow! It is gonna be awesome steps. Hope it will attract more people into the blockchain with more flexible betting opportunities.
However they incorporate it, if they are doing things using HBD, they are going to create more users and transactions.
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It's amazing to remake emphasis on HBD. In Nigeria betting companies goes through the Nigerian government, it's patency is gotten by paying the government handsomely. I think it's one more win for crypto and Blockchain to mirror betting.
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Glad to see you holding your spot in the Leofinance engagement list.
You are doing it the right way.
Time constraint slows me a little bit to reach top 20.
Good job for doing so.
As you can see Hive, HBD, Leofinance great place to reach out for the best in each other.
!BEER
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Yeah, you're right, overall, this Blockchain is the best place to build, build networks as well as relationships. It's been amazing all these years.
Yeah, I know time constraints is probably a barrier for you, but I guess with time, there might be little changes. Thanks a whole lot for the support and vote of confidence. 17th is still far away hahaha.
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A great article about the value of HBD as a stablecoin and the yield it can provide.
This is a great one to tweet out and to share in the comments of all HBD posts.
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HBD is getting the attention it needed and it's great. Gambling sites could really use it and being feeless makes it even more attractive.
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Holy mothering frack.
They are going to be doing this with HBD? Or thinking about it?
If I read correctly. Doing it.
Fracking exciting.
!BBH
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There will be many use cases and this is a perfect match for No Limits. Less fees equal more money spent on bets which is a win win.
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That is an interesting platform and I like that HBD is being used in more places. If we want more mainstream adoption of HBD, we need it to be accepted elsewhere. No additional charge to place a bet is very nice and I wish more games/businesses would do this.
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safe to say the Hbd its gradually getting the attention it has always craved with these recent developments.
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This is amazing news, finally a sigh of relief or should I say I've been waiting for this.
You simply can't imagine the number of people that make use of this betting sites anyway when one sees what Hive blockchain and its stablecoin HBD has in store, fast and zero fees you just can't say no.
Time would tell if NoLimitCoin would integrate HBD, fingers crossed though.
The juicy part is that feeless fast transaction. Wow. And HBD could be used which can attract many hivers for involving this platform. Gotta check it out myself. Thanks for sharing, bro
Good to see the kind of attention HBD is getting. As on date we have very few names of decentralised Stable coin and HBD is one of them. Now when the world is moving towards decentralisation so I expect that HBD will lead the segment and its juts a matter of time.
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I always wondered how come no one used DAO as a structure to run a gambling/betting system, especially with evergrowing digital Esports.
Guess the authorities wouldn't like them huh?
I mean if it's a real DAO they shouldn't be afraid, or?
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Hey, let's see if I got it right because the Spanish translation may be faulty.
Will there be a new way to invest the HBD in a game that will generate rewards?
Sorry for the question.
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This can be a major push factor for hbd by helping to create more awareness to people, from there the curious minded will be seeking to know the technology behind no fee network, this will be great for hbd. Hbd is definitely going into a right direction
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I asked you a question on one of your videos. Never mind, I found my answer. You were talking about this betting platform.
The more usage case of HBD, the better.
People will know more about Hive and its community and increase the need of Hive tokens :)
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When looking for a currency to trade, I always consider three things: low fees, fast transactions, and reputation. I always end up using litecoin because it is found on most of the platforms I use.
Now, HBD fulfills all these qualities and more than that. The adoption of HBD on the NLC platform will help not only the growth of HBD, but also help many people become aware of the HIVE ecosystem in general.
This sounds very interesting. I stopped sports betting completely since the bookmakers offer shitty odds all the way and I am also very bad of predicting the outcome of a sports event. But sometimes I have the "feeling" and I place the occasional bet here and there.
If I could use HBD to place a bet I would certainly think of it. The outcome of the bet would have to be better than the interest I make on HBD in savings.
So if I undestood this right the CEO wants to implement HBD on the platform? Then it is really time for BHBD to come into place.
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A gambling site would be a strong catalyst for HBD demand, even if the absolute HBD amounts were not that high.
As mentioned the site would need HP/RC. They would get interest. They could pass on interest in small amounts to gamblers.
What gambler wouldn't want to stake his bankroll for interest to offset the inevitable losses.
What gambing site wouldn't want an interest cushion against losses to the gamblers (though ultimately, on the whole they won't lose if well run). With that interest to them they could offer tighter odds than other sites etc.
Hope this site makes a real go of it.
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