Something I always found amazing on Hive is our diversity in cultures we come from, continents, countries, timezones, or in the way we think or what drives us and what are our hopes.
Imagine the nightmare governments will go through trying to regulate a world-wide space that can't be centrally controlled.
On Hive, a pretty significant community is in the US. It is also important that the average American may be in the position to buy a little HIVE instead of being net sellers, unlike many other of our users around the globe, which may be in more difficult financial and life situations. From what I know, CEXes are still the most common on-ramping method into the crypto world and Hive is listed on only one major global CEX with enough liquidity, and that is Binance. The problem is Binance is no longer in the US, which left the US citizens with complicated routes to buy Hive, since they don't have a CEX available there with fiat support and HIVE listing, from what I understand.
I know from listening to the Hive Core Devs meetings, and now from what was mentioned at Hivefest, that @howo is working to create an API requested by Coinbase as a starter of discussions. If HIVE would be on Coinbase (that's a big if), that would make things easy for many Hivers over there who most likely use that exchange.
But... we have options. Or rather... they have options.
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At Hivefest Split, @vaultec demo-ed buying HIVE with USD in 30 seconds (well, it took a little more in the demo, but we'll forgive him, he couldn't scan the QR code from the big screen).
How did the process work?
- He logged in to his demo app with Metamask
- He went into the EVM wallet and entered the amount of HIVE that should be received
- A QR code was generated with a Lightning invoice
- He used Cash.App (available in the US too) to buy BTC with USD (because he didn't have any)
- He scanned the QR code to complete the transaction and checked the transactions log in the VSC app; within seconds the transaction was completed.
So, what happened?
He just bought HIVE with USD in the USA. Well, he wasn't in the US, but it should work in the US. And I suppose another app can be used instead, on the condition it supports Lightning Network, and potentially, USD to buy BTC.
This can be used by a US citizen wanting to buy HIVE with USD. He said the selling part will be available in the next few months.
The purchased HIVE would be in an EVM wallet on VSC. I'm not sure how that would go from there to Hive base layer, for example, but that would be easy to implement, I suppose, compared to the Bitcoin bridge.
Their target is also non-Hivers from the EVM chains, who don't need a Hive account to use VSC. That's why connecting with Metamask and the EVM wallet were a focus.
Note that this part is already functional, I mean you can see it at https://wrap.vsc.eco. I wouldn't do anything but small test transactions for now. I don't know what you could do with HIVE on VSC, in the EVM wallet for the time being.
But otherwise, impressive developments! Looking forward to see this integrated in more front ends on Hive.
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It would be nice to see Hive could be on Coinbase. It's pretty much the only legal crypto exchange in the US. I think VSC could be quite nice but we still need to see more applications built on it to make the most of it.
The problem with Lightning is that it is for small amounts. Anything big and you can't do without a CEX with high liquidity. Maybe via a DEX (like LeoDex on Maya), but you still need to go through an on-ramp to buy BTC and then log in with Ledger or a keystore on Maya and go through LEO, which would keep most people out of the loop.
It's a quite complicated process, but it's a process that works. I think we should work towards a coinbase listing as it would make a lot of stuff less complicated. Im happy they're trying to address lot of stuff that needs solving rather than only bonding and drinking
It's my impression the Demo was mostly for EVM users. They have a great pitch for them, technically speaking. Use Metamask (and probably other wallets too in the future) and a EVM wallet and play games or engage in defi at no fees. So... build on VSC instead of an EVM!
It's quite a complicated process? Why do you think so?
a Coinbase listing would certainly make it easier for people in the US as well as a few other countries. Pretty much all my USD enters the crypto world through Coinbase.
My current method is to buy LTC on coinbase send to hive for swap.LTC exchange swap.LTC for swap.Hive convert to hive.... its gotta get easier than this.
It surely needs to get easier, especially for newcomers, particularly knowing that Hive-Engine sometimes takes off deposits and withdrawals because they (probably Privex, not HE) encounter issues they need to fix.
Hive listing on coinbase will be great if it happens and surely people in US would be able to buy it easily. Hope this happens as per the planned schedule and looks like buying hive in US is not an easy process. Similar was in India as well but recently one of the exchange listed hive with fiat pair hence this is a good move now. Buying hive with Fiat is a simple process and should be available in more countries.
That's the ultimate ease of use. But also the gateway that is guarded fiercely by governments, on-ramps.
I saw @sanjeevm's post regarding this. Sometimes all you need is try and great things happen!
Yea. He did great try with that exchange and glad with the outcome. Although I never used that exchange before but will be using it surely.
If users don't mind the high fees, they can use Transak to directly buy HIVE with many different fiat currencies and payment options.
Well, I guess nobody likes to pay a lot more for something. At some point the fees on convenience will drop because competition will make that happen.
That is the beauty of free market competition.
Indeed.