Hello HIVE-ians/Bees (is that correct!).....
Well, the name may not be suitable but along the way, we will find a suitable name to call yourself that. In the meantime, I am receiving some questions regarding some queries about a situation. Let me describe that in detail (as much as possible), hopefully it would help some new/old users out in here who have no/little idea about it.
So the questions are somehow similar to these:
- How can I convert my Steem to HIVE?
- What is the easiest way to make the conversion of Steem to HIVE?
Well after suggesting two ways that I usually use, seems like making a post is the best possible way to answer the future questions that will be thrown towards me.
Honestly, many users are not really an expert in these so-called conversions of crypto from one coin to another and it somehow gives those users to feel left out. As a result some even can not open up due to the fact thinking they would get laughed upon this matter. So they stay silent. If you have that kind of mentality, then you will always stay behind no matter what. As you will not know everything nor will I, neither will everyone. It is better to ask something and let yourself get educated rather than staying in the dark for the rest of your life! Not being mean but saying the truth out in here.
I am going out of the topic again huh! Come on Rehan get to the point!
Yup, so one of the ways which I usually follow is converting one coin to another via exchanges like Bittrex, Binance (not a good fan of it atm). So what I usually do is
- Send my Steem/SBD to exchange
- I sell them against a pair (like BTC/ETH, BTC most of the time)
- I then buy my desired currency with BTC/ETH.
That requires quite a lot of time and effort at the same time. That is a no go for many crypto users (especially new ones). That is understandable. many people have problems at the early stage, even I had problems at the start!
If you are not an expert or you want an easy gateway to exchange your Steem to HIVE or vice versa, then may I recommend https://blocktrades.us/en . Let me show you how the conversion takes place and what you need steps you need to follow. Read the latest post of @blocktrades from here.
Exchange : https://blocktrades.us/en
Although it supports a various range of cryptocurrency conversion, I would like to stick with how you can buy/sell Hive from Blocktrades.us . Let me start.
First step is sign up. Once you are done signing up, confirm the email and you are good to go. Even though I have used this service without signing up in the past (lol I was in a hurry) but I would not recommend you do that. So sign up, it's super easy!
Now the next thing that you should keep in mind is the information below. If you are not a heavy trader like me then you need not have to worry about Identification as your daily trading limit would be $1750 USD (Kind of enough for me). But if you want more please go ahead and fill up the ID info and increase the limit.
Once you are good with that now comes the important part. I traded/converted (whatever you call it) 10 steem to HIVE. So for 10 Steem at the current price, I will get 5.639 HIVE. That sounds fair for the number of steps that I have to go through if I make bittrex/binance trade.
If you are ok with the amount, input the address where you want your HIVE to be sent to. If you want in your Hive.blog wallet simply put your username in
HIVE account name, in my case it was my account
rehan12. Now click the
get a new deposit address. This is where you will send the steem/sbd to get your HIVE.
There are two ways you can do the transfer. One is
Manual Transfer which by sending them to details listed on the first half of the image above. To the account blocktrades with that memo` (that is in my case urs might be different I suppose). Just follow the instructions and you are good to go.
I prefer automation over manual lol. In this case, I used Steem connect and I just input my steem username and it shows how many Steem I have. Once you are done, please recheck from above by scrolling that you have done everything accordingly. Once you have reconfirmed click
Transfer Using SteemConnect.
Once you click that you will be redirected to SteemConnect and there use your username and Active key.
If you stay on the page for some time then it will display your transaction status. once it is
completed you will get a notification like me. And if failed you will get a notification on the failed section. Easy peasy!! It might take a minute or two to make the trade. But sometimes it may also take some more time depending on the amount or any network issue(I have not faced any issue so far).
Voilà, I received my HIVE in my hive wallet. You can follow the same process to trade HIVE with Steem. Same process but the mode of sending Hive would be using HIVE-Connect.
Even though they do charge little more then exchanges but I guess it is favorable given the circumstances, it saves time and effort as well. And it literally took me 3-5 minutes for the whole process. Yup it may take time depending in your circumstances.
So, let me know if you have tried out the service of Blocktrades. This post is shared from my point of view only. No financial advice of any kind. DYOR as this is the crypto market.
Enjoy Your Day