There is something about Hive and Leo that a lot of people do not fully grasp that is a really big deal. If I want to send Leo to any user who lives anywhere in the world all I have to do is put in their name the amount of money that I want to send and in seconds (literally seconds) the money will be in that person's account. This is a financial transaction and it is the same as using a bank or a service like Paypal. In fact it is faster than these places and will cost you, the user nothing. This is a huge advantage that not only makes crypto a great financial tool, but lets sites set up their own internal economy. It is only a matter of time before this becomes the norm and when crypto is accepted as widely as fiat is, sites like Leo can become strong payment processors.
I repeat. If I send anyone Leo or Hive right now it won't cost me a thing. Their Dex and other sites charge a small fee (which they should to fund the company and help buy back the coin) but I can enter someone's name right now and send money without being charged. I can even delegate it if I want to and get it back when I choose to use it. Sending money is REALLY expensive traditionally. Banks charge for a reason as there is a lot of verifying that needs to be done to make sure the right funds are going to the right people. Blockchain helps eliminate those and cuts down costs significantly. The only reason that Leo isn't the new Paypal is not every store takes Leo like they do fiat. But as we start to see crypto become more accepted and cross-chaining working better, it might not be too long before people can post, earn and spend in seconds.
All You Need Is A Name
This is a big part of sites like Leo that make them user friendly. I think Bitcoin is moving in this direction too with some third party apps. If I want to send Leo to someone all I need is their username. I can enter then username of a person and send it directly to them. Companies and content creators can get the username of they want and get paid with it. If you like my work send money to @whatageek or @myname. This makes it easier for people to promote themselves and easier for people to remember when they are looking to make transactions.
Money needs to take time to send and verify. And not only digital money but physical money as well. You need to take in account the time it takes to travel and hand-over the dollar bill that is in your pocket, or the cost of fuel to send gold from one country to another. But crypto can be fast. I have seen coins move from wallets in literally seconds. And for those who don't know, everytime you post on Leo or do an upvote that is a transaction on the blockchain. Think of all those upvotes that you make a day. This speed makes it possible to have a full economy on any app and gives people the power to send money to anyone around the globe.
Paypal would be a huge boon to the industry and if rumours are true that are soon to enter the game. And it would be beneficial to them as well as they could send money on the blockchain which has shown itself to be a better way of making financial transactions. It is still early and we need to improve the tech to scale better but there is no doubt this is a better way of sending money and should be the future in the near future.
Posted Using LeoFinance