How to convert STEEM to HIVE using Steem Engine

in Build-It8 months ago (edited)

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Hello friends,
yesterday I published a post in which I showed how to convert STEEM to HIVE using Hive Engine: How to convert STEEM to HIVE using Hive Engine (ITA/ENG)

Today I will explain how to exchange STEEM for HIVE using only Steem Engine.

I will also calculate the total cost of the conversion operation and compare the cost of the same operation between Hive Engine and Steem Engine.

The Steem Engine address is: https://steem-engine.com/


STEEMP


To convert STEEM to HIVE the first step is to deposit a quantity of STEEM on Steem Engine.
In the example of this tutorial I will deposit 1 STEEM.

When you deposit STEEM on Steem Engine you get STEEMP.

A STEEMP is a token whose value is anchored to the STEEM value.

For this reason the equation applies:

1 STEEM = 1 STEEMP.

Below I show you all the steps to follow.


1. Access your wallet on Steem Engine and click on DEPOSIT as indicated by the arrow in the following image.


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2. In the following screen click on GET DEPOSIT INFO as indicated by the arrow in the following image.


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3. (1) Enter the quantity of STEEM you want to deposit on Steem Engine and (2) click on DEPOSIT STEEM.
As you can see from the following image I have deposited 1 STEEM.


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Note that you will not receive 1 STEEMP for each STEEM you deposit but 0.990 STEEMP because Steem Engine retains 1% for deposit and withdrawal operations.


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4. Now in our wallet we will have an increase of 0.990 in the STEEMP entry
I have a value higher than 0.990 because I already had STEEMP fractions on my wallet.


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5. The next step is to convert 0.990 STEEMP to HIVEP.
(1) Click on TOKEN at the top and (2) in the search field type HIVEP. (3) Then click on the symbol of the two blue arrows as indicated by the arrow in the following image.


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6. In the next screen you must (1) select the lowest price (Lowest Ask) indicated in the column Sell Orders, (2) you must enter the quantity of HIVEP you want to buy and (3) you must click on Buy HIVEP.

For example, I entered the data you see in the following image:


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6. Once you have purchased HIVEP, on the Wallet you will find a certain quantity of HIVEP
The last step is to click on the WITHDRAW button as indicated by the arrow in the next image.


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7. In the next screen you must: (1) select HIVE from the drop-down menu, (2) enter the quantity of HIVE you want to transfer to your Wallet (3) enter the name of your account (without the @ character) and (4) click on WITHDRAW HIVE


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As for the deposit operation, also for the withdrawal operation Steem Engine retains 1% for this 1.34259642 HIVE will arrive on your Wallet.


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Easy right?


Is it convenient to use Steem Engine?


To answer this question we have to do some calculations.

At the time when I performed the conversion operation (time taken 5 minutes) the values ​​of STEEM and HIVE were 0.151 $ and 0.113 $ respectively.


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According to these values, a direct conversion (for example without fees) would allow you to exchange 1 STEEM for 1.3363 HIVE.


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Using Steem Engine, from 1 STEEM I got 1.3426 HIVE


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How much did the conversion cost me?


The total cost of the conversion was - 0.47%
A cost percentage with a negative value indicates a profit.

In practice, I not only amortized the deposit and withdrawal fees of Steem Engine but I also made a small profit.


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This percentage corresponds to the purchase of HIVEP at the lowest sale offer (Lowest Ask) net of the total fees paid.


Steem Engine or Hive Engine?


On April 14, the conversion of 1 STEEM to HIVE on Hive Engine cost me in percentage terms 7.38%.
On April 15th the same operation performed on Steem Engine did not cost me anything and made me make a small profit.
Today 16 April I checked again the price trend of SWAP.HIVE on HIVE ENGINE and I noticed that the cost percentage has increased.


Conclusion


It is decidedly advisable to use Steem Engine for the conversion of STEEM to HIVE.

But it is not a general indication and is valid only at this time.
Hive Engine has little liquidity and little use because it was born a few days ago.

Before carrying out the conversion operation, always check the purchase price of the SWAP.HIVE on the Hive Engine (Highest Bid) and the sale price of the HIVEP on the Steem Engine (Lowest Ask).

This way your choice will always be the most convenient ;)


I hope this post is useful and can help:

  • those who are new to Hive or are unfamiliar with ive Engine / Steem Engine
  • those who are not registered on any external exchange and need to convert STEEM to HIVE

What tool / exchange do you use to convert STEEM to HIVE?

It would be interesting and useful for everyone if those who use different exchanges wrote the percentage of fees they paid in the conversion operation in order to have an indication on the least expensive way / tool to convert STEEM to HIVE.


Unless otherwise indicated, the images in this post are screenshots taken from the site:

https://steem-engine.com/

https://peakd.com/


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thank you.
this post helped me get my steem over to the hive.
you made is simple and smooth

Hi @andrewn and thanks a lot for your comment e for your tip

If the conversion cost using Steem Engine or Hive Engine is too high you can use another quick method to convert STEEM to HIVE.
It is all done directly from SteemPeak via @ swap.app
I wrote a tutorial but it is in Italian but the method is so simple that just look at the images.
I'll give you the link: https://peakd.com/hive-146620/@libertycrypto27/come-convertire-steem-to-hive-swap-app-e-steempeak-ita

Via swap.app the conversion cost is approximately 0.7%.
My advice is that if the cost on Steem Engine is greater than 0.7% you can use @swap.app

have a nice day :)
!BEER


Hey @andrewn, here is a little bit of BEER from @libertycrypto27 for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

Confirmed this works!

Thanks again!

Thanks @logiczombie for reading and appreciating my post :)
My advice is to first check the cost percentage of the conversion operation on Steem Engine and on Hive Engine.
If the cost percentage is higher than 0.7% you can use, instead of Steem Engine and Hive Engine, a new way to convert your STEEM to HIVE: @swap.app and SteemPeak (conversion cost 0.7%)
I explained the steps in this post: https://peakd.com/hive-146620/@libertycrypto27/come-convertire-steem-to-hive-swap-app-e-steempeak-ita
!BEER

Nice! And thanks again!!

You need to stake more BEER (24 staked BEER allows you to call BEER one time per day)

Thank you for taking the time to write this (and yesterday's) post on the options available.

Thank you so much @abh12345 for reading and appreciating my post :)
I wrote this post a month ago to help those unfamiliar with the dynamics of Hive Engine and Steem Engine.
Today I wrote another post to compare the conversion operation between Hive Engine and Steem Engine and at the moment it is much more convenient to use Hive Engine.
Thanks a lot for the tip too :)
!BEER


Hey @abh12345, here is a little bit of BEER from @libertycrypto27 for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

Hey this was very helpful post for me...thanks!!

Thanks @mintymile for reading and appreciating my post and tanks very much for the tip too.
If it can be useful, I wrote a post that helps to create a simple spreadsheet to determine at any time which tool should be used between the steem engine and the hive engine: https://peakd.com/hive-174578/@libertycrypto27/steem-to-hive-conversion-how-to-build-a-simple-and-useful-spreadsheet-to-choose-the-most-convenient-method-between-steem-engine

Thanks again :)
!BEER

Amazing post! why was this not on Trending!!! ???

Curators, this is the kind of helpful post that should have made it to Trending page!

@adetorrent thanks a lot for appreciating my post.
I just published a post where I compare the convenience of converting STEEM to HIVE between Steem Engine and Hive Engine.
I wish you a wonderful day
!BEER

Oh cool. I'll go take a look.


Hey @adetorrent, here is a little bit of BEER from @libertycrypto27 for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

Thanks!
Rebloged ;)

Thanks @doze for reading and appreciating my post.
I just published a post where I compare the convenience of converting between Steem Engine and Hive Engine.
I wish you a wonderful day
!BEER

Another awesome post and I'm sure I will need to come back to it once I have earned some steem.

Thank you very much @bizventures :)
!BEER

That was very useful, thank you @libertycrypto27

Thank you very much for your comment @lighteye :)

This post is shared on Twitter:

Great job bro... Very useful to me...

Thank you very much for your comment @kennyroy :)

Thanks for posting this. I converted to HIVEP then withdrew to "naturalmedicine, but I can't see where the HIVE has gone. It hasn't appeared in the naturalmedicine wallet, and I'm concerned I have done something wrong!

Hi @riverflows You have received the HIVE on your wallet.
image.png
You can view the transaction from https://peakd.com/@riverflows/wallet ;)
!BEER

Yes, sorry, I forgot to come back and say I worked it out! It just took a while to show up and I was being impatient - and I didn't quite understand what happened. Then I did - and wrote a post about how to do it :P xx


Hey @riverflows, here is a little bit of BEER from @libertycrypto27 for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

I am very happy that this post is useful to many users and the many comments made me happy :)
I wrote another and recent post to compare the conversion operation between Hive Engine and Steem Engine:


image.pngr>


https://peakd.com/hive-174578/@libertycrypto27/how-to-convert-steem-to-hive-using-steem-engine-or-hive-engine-comparison-and-evaluations-eng-ita

BOOKMARKED!

I know this post has already paid out, but, I wanted to thank you for this write and I pass this on to everyone I know!

!tip.20