What About Wrapped Bitcoins On Hive As A Payment Network In El Salvador?
Source: Wikipedia, Public Domain
El Salvador has made Bitcoin legal tender as the first country in the world. The Central American country has passed a bill according to which Bitcoin must be acccepted as payment alongside with the US dollar which has been legal tender in the country for quite some time.
The problem with Bitcoin is that it is not very good for processing small and frequent payments because of the high transfer fees. But you could use wrapped Bitcoins as a payment rail on some other blockchain that has much faster and free transactions.
El Salvador has a population of 6.5 million. There are over nine million smartphones in the country.
With an easy and convenient bridge between the Bitcoin and Hive networks, El Salvadorean Bitcoin users could easily save money by downloading a Hive wallet and start sending an receiving small sums of in wrapped Bitcoin very easily. All it takes is a smartphone wallet that connects a Bitcoin address to a Hive account containing the SWAP.BTC Hive engine token that allows the user to easily top up the Hive account with SWAP.BTC for easy and quick transactions when needed.
The Tribaldex liquidity pool already exists. It only needs to implement LP rewards to motivate HIVE users to pool both SWAP.BTC and HIVE.
If only 50,000 people in El Salvador started using SWAP.BTC for convenience, that would quintuple the active user base of Hive.
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Or how about just using Hive (or HBD) as the payment system? We are in the very early stages of this. Give it a bit of time, until Hive has more smart contract options and you will see a great deal more options presented to countries like El Salvador. The fact that Hive is feeless gives it a huge leg up.
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Neither are legal tender in El Salvador or anywhere else.
El Salvador picked BTC. I suggested using SWAP.BTC as a second layer payment rail for BTC because it would be the fastest way to for Hive to get a foot through the door and capitalize this situation.
The social media and the gaming apps and all the rest of the ecosystem are a very nice bonus.
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