HBD: Money Transfer System For Cubans

Hive is changing lives. The impact that this ecosystem is making around the world is incredible.

In this article, we are going to follow up on Hive as a vehicle currency and tap into a $250 trillion market with something a bit more focused. It could provide some ideas for others to develop this and at into the community.

Sending money from the United States to Cuba is a difficult proposition. Because of the embargo, the ability to send sometimes available, other times not. Even when it can be done, as we will see, it is expensive and slow.

Here is a situation where Hive can solve the problem.

The Challenges Of US To Cuba Transfer

According to Wikipedia, there are 2.4 million Cuban-Americans based upon numbers from 2017. Florida has 1.53 million with over 850,000 living in Miami-Dade County.

We can see there is a strong concentration in one area.

Hive already has a Cuban community forming. They also have created some practical use cases for the Hive Backed Dollar (HBD). This presents an opportunity to take this another step further.

The ability of these individuals to send money from the US to Cuba is filled with challenges.

hivecuba.png

Is this a surprise to anyone? Geopolitics aside, the financial intermediaries do not make things easy and extract a high price.

This list shows that, even when they do offer the service, it is expensive.

hivecuba.png

Of course, people develop workarounds when needed.

Here is an example of a service that was started 20 years ago.

hivecuba.png

Source

Look at those fees. A loan shark would be proud.

This is the problem people all over the work face. Whether it is because of geopolitics or usury, the percentages taken from people trying to send money internationally, especially the more dire of countries, is outlandish.

As always, Hive can solve this.

Hive As A Cross-Border Payment System To Cuba

Cubans have an advantage when it comes to the Hive ecosystem.

Do you remember this application that made news within the community?

They already have an application that allows for payment of real world services using HBD. If this expands, we can easily see how the Cubans will be able to operate in HBD, without having to convert it to the CUP (at least less often).

This means any HBD coming in "from the United States" can be used for this purpose.

We can see how Hive can serve as the bridge between the United States and Cuba. The blockchain does not recognize geographic location, only wallet address. Hence, sending HBD is the same regardless of where the parties reside.

The other benefit to this: fast and feeless.

Some of the services take 3-7 days for the money to get to the recipient (in addition to the fees mentioned).

With Hive, the HBD is at its destination in under 3 seconds. That means it is can be used on the individual's application with a few seconds.

Find a problem and solve it. We can clearly see there Hive can offer a superior experience and save Cubans a tremendous amount of money in transaction fees.

There are close to 1 million people with ties to this country in a close geographic area. The challenge with dealing with currency is it tends to be physical in nature. Here is where the creativity of the community can enter.

They can do something similar on the United States side as was done in Cuba. It is something that operates outside the banks, meaning the total fees can be drastically reduced.

An application can be set up whereby one can submit USD. This can then swap over to HBD which is used to transfer to the individual's Hive account. If that persons uses the application on the other end (in Cuba), payment or conversion to CUP can be made.

Dozens Of Opportunities Globally

This is one example of dozens where a glaring needs exists. It is also a tremendous opportunity for Hive.

Companies like Western Union and Moneygram still are so successful because they offer a service that is needed. Basically, it is not an option. The same is true for the banks.

On Hive we often discuss the idea of attracting people due to the social media aspect. This is a powerful approach but it is secondary to what we are discussing here. What application is used to share what is going through my mind 23 times a day is important to me yet, in the grand scheme of thing, not vital. I can switch in a heartbeat since my loyalty might not be that great.

The same is not true when something is fundamental to someone's life or business. This is why Podping is such a powerful development. If podcasting applications adopt that as the update feed, that is not going to be swapped out anytime soon. This becomes a foundation for their business.

The same is true here. If service like this is developed, people who use it will not switch out if it is less expensive and more effective than other options. Here is where Hive can excel.

Sometimes the only thing required is to provide the tools and let people know they exist. Human ingenuity can take over and solve the problems individuals are confronted with.

There are a lot of basic ways Hive can change the lives of people.


If you found this article informative, please give an upvote and rehive.

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That's really a good one.
Hive breaks the barrier when it comes to the challenges that comes with interstate transfers.

The post was quite informative

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We have the potential to rework the entire financial system.

It is an exciting time.

Cross border payments can be the starting point.

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Sure....it will really be of great benefit to all and sundry

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HBD payment on Hive has matured to the extent where a Hive can pay for another Hive's coffee in another country, that is how far we have come and it can only get better.

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it's not just Cuba but anywhere in the world I don't have a problem sending money to other countries with no fee and minimum withdrawal life s make easy with hbd as it free to send and receive

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That is true. That is why I mentioned there are dozens of opportunities right before us.

This could be a powerful model to follow all over the world.

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Those fees are absolute highway robbery! I thought the 10% was bad, then I saw the 20% one. Ouch! I think more and more we are going to see the blogging side of Hive take a second seat to all of the other financial stuff that is being developed.

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They most certainly are. It is amazing what people can get away with.

Hive is here to change it.

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Yeah, and people keep paying them because they feel they have no other option. I guess there is a reason loan sharks are still around loan sharking.

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Look at the payday loan industry is you want to see loan sharks.

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Yeah, no doubt. I know a guy who manages a branch. He isn't hurting at all.

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I like how we are making progress on the side of money transfer. I remember upto 2022, BCH was taking the lead on the money transfer. I think if we continue to preach to the people around, hive is lot better option than the BCH could ever be :)

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The PoW will never be able to do it since the fees will end up being a constraint at some point. Hive can scale and do so without a direct transaction fee.

Yes RC might go up for each transaction but they still can be used.

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Man I am so looking forward to see this gain traction in countries these countries like Cuba, Nigeria, Venezuela, Bolivia etc. Then there would be no stopping it.

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For weeks now I have been studying this subject and I feel more and more motivated to start a project to work hard so that businesses see the benefit of having HIVE/HBD as a form of payment, so that the adoption of HBD becomes general in my country Venezuela.

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The remittance system is definitely something that can fix things but has there been other solutions created? I heard that El Salvador was using BTC to do something similar but I don't know if that was successful or not.

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Hi @taskmaster I loved the post, as I am very grateful that you took the time to explain how useful the Hive rewards are becoming for living in my country, Cuba🇨🇺.

A few days ago I wrote a post about inflation in Cuba, I invite you to read it and tell me what you thought.
Post

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Imagine the possibilities...replicate the app for Venezuela, Iran, North Korea, China, Russia, Afghanistan, Turkey, Nigeria, South Africa..any country with hyperinflation like Argentina, Zimbabwe, wowww

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