Hi Dollar: The Team & Stability Explained
I began collecting my daily Hi back in September of 2021. It was still a very new project back then, and it seemed to be receiving a fair amount of recognition, given the team leading it! Former heavyweights from Crypto.com and Bitcoin.com seemed to be drawing in the masses. To my knowledge, Hi Dollar already has approximately 200 million users. The goal, according to the official Hi.com site, is to onboard 2 billion users.
That is quite an ambitious goal if I dare say so myself. The price of Hi has remained relatively stable over the last four months since I initially wrote about this project. The price has generally hovered between $0.73 and $1.00, apart from a brief drop to $0,33, which was short-lived. You can visit the following link to read my initial article if you happened to miss it. It’s always advisable to gain as much knowledge as possible before participating in an ecosystem, even if it is free.
At face value, the team appears solid, the price is relatively stable, and users can earn 1 free Hi Dollar every 24 hours. I guess this is the decider for many potential users who are on the fence about getting involved with Hi and the community. As mentioned before, a project that provides a form of universal basic income is very difficult to sustain over the long term. Essentially, rewards are simply sold for cash, Bitcoin, or altcoins. This will, of course, be the long-term test for Hi.
Zero Capital = Zero Risk? The Truth About Free Crypto Earnings
This is it: users can collect their free Hi Dollar every 24 hours at no cost. By simply answering a daily multiple-choice question, users receive free Hi. This action literally takes a few seconds of your day, making it highly viable, especially if it increases in value over time. That said, the ATH for Hi is $1.57, reached on the 8th of December 2021. With prices currently under severe pressure, they are under strain.
The incentivized economy will keep growing, as will the number of opportunities in this niche. People are constantly on the lookout for new ways to monetize their actions and time, especially since Crypto rewards generally appreciate significantly over time. Look at Torum, for example. Many were collecting their free XTM, not knowing whether the token would ever have any value.
Eventually, the token was worth $0.05, and many were extremely pleased to finally see value associated with their tokens. However, XTM reached $2.50 and is currently trading at $0.49 at the time of writing. The moral of the story is that accumulating free Crypto with little effort and no capital contribution is often a great move. Spending a few seconds a day is worth it in my opinion, as the token could actually take off.
Hi Dollar: Demand & Use Cases Explained
Even though Hi, which is freely earned, is locked for a year, it can still be purchased on Uniswap and PancakeSwap. This Hi is transferable and can also be staked to receive fairly decent rewards. Not only can users earn on their Hi but also BTC, ETH, and a number of other coins, including stablecoins. It is actually quite surprising to see that, even at this stage, when many are simply collecting free Hi, the trading volume is generally just below $1 million per day.
There is clearly a demand for Hi, and that is a positive sign. Considering the type of project, the volume is decent and shows signs of liquidity and life. Holding Hi will also earn users rewards when using certain services, including restaurants, airlines, hotels, and more. Hi is busy setting up strategic partnerships that will further incentivize users to HODL their Hi. There are different levels within the loyalty system that reward users based on how much Hi they hold.
Holding 10K Hi or more will put you in the top tier and unlock Premium benefits. At this point, it all sounds quite promising, so let’s take a look at some of the other aspects that could be interpreted negatively.
Potential Issues
One of the less well-regarded aspects of Hi Dollar is that to withdraw your freely earned Hi, you will have to complete a basic KYC. Some are quite opposed to KYC in general, yet I think it will become increasingly necessary to use Crypto services. Another potential issue is that when currently locked Hi tokens are unlocked, there could be a significant sell-off as holders cash out their free tokens. This will depend a lot on how the community interprets the value of the perks associated with holding the token.
So at this stage, it is actually quite difficult to determine whether Hi will be able to maintain the current valuation. Apart from these two scenarios, I don’t see much that could potentially be an issue. When you take into account that you can accumulate Hi tokens without actually having to purchase them, the risk is quite minimal. What I would like to see, though, is Hi being listed on a few CEXs over the next six months or so.
Final Thoughts
All things considered, if you are not heavily opposed to KYC and can spare 10 seconds a day, it may be well worth your time to start accumulating some free Hi. Hi.com has since moved away from the UBI model and is now predominantly operating as a staking service. This changes the game significantly. Clearly, Hi was unable to establish itself as a Crypto-based UBI project.