Hive Wallet Explained: Beginner's Guide to Hive

in OCD3 months ago

I know, as a new user you have a lot of questions in your mind about Hive and Hive wallet. My goal is to help new Hivians with all the terms of Hive so that you can understand what you're doing. At first, you've to understand that your Hive wallet is stored in Hive blockchain, not on Hive Blog. So Hive blog doesn't have any authority over your wallet as they don't know your password. Hive blog is just a platform or Dapp to earn Hive cryptocurrency. Only you have complete control over your funds.

Hive Wallet

You already discovered that you can go to your wallet from the dropdown menu from the upper right corner or clicking on "wallet" on your profile page. And you'll find five terms there - Hive, Hive Power, Hive Dollars, Savings, and Estimated Account Value.

It's sometimes hard for new users to understand the wallet as there are two types of liquid tokens (Hive and Hive Dollars) in your wallet. Today I am going to discuss about all these terms. I already wrote an article Hive and Hive Dollar, but it will be good if we just recap.

TermsDescription
Hive is the base currency token for Hive Blog, which is like a general cryptocurrency like Bitcoin, Lightcoin, or Etherium. Hive is the currency, and Hive Blog is the platform to earn that currency. It is a liquid currency that you can trade, spend, transfer. Like Bitcoin, it can be securely stored in a wallet. You can also "power up" by using your Hive or transfer it to savings. I will tell you more about this below.
Hive Power is basically called the influence score of this platform. Hive power is a measurement for how much influence a user has within the Hive network. The more Hive Power you hold, the more you're able to influence the value of posts votes and comments. Voters with more Hive Power have a greater influence over the allocation of the rewards for a particular post than voters with less Hive Power. Your Hive power is locked, but you can convert it to Hive token by "Power Down". Hive Dollar is also liquid token like Hive. Like Hive token, Hive Dollar or HBD is also tradable with other cryptocurrencies as well. This is Hive's own dollar, similar to the US dollar, which is stored on the Hive blockchain. If you want, you can convert Hive Dollar in your account to Hive Token. Then You can convert Hive token to Hive power. So it works quite like a cycle. This will take some time. But it depends on you, how you want to use your Hive, Hive Power or Hive Dollar.
Hive Dollar is also liquid token like Hive. Like Hive token, Hive Dollar or HBD is also tradable with other cryptocurrencies as well. This is Hive's own dollar, similar to the US dollar, which is stored on the Hive blockchain. If you want, you can convert Hive Dollar in your account to Hive Token. Then You can convert Hive token to Hive power. So it works quite like a cycle. This will take some time. But it depends on you, how you want to use your Hive, Hive Power or Hive Dollar.

To get the whole concept you must read my previous article - What is Hive and How Does it Work? A beginner's Guide.

Savings

Savings option in Hive is quite like a bank account of your Hive wallet. You can transfer and keep your Hive or Hive Dollars (Any amount) in the savings account whenever you want. But transferring Hive or HBD to savings won't give you any monetary benefit.

So, why will you or anyone do that?

Savings in Hive wallet will provide you extra security over your Hive and HBD. Because whenever you want to send Hive from your wallet to Savings it will be done immediately. But if you want to withdraw again from Savings it will take 3 days to complete the transaction. That means Savings Option is giving you an extra layer of security.

Even if someone knows your password, he/she can't withdraw or transfer your fund and you'll have enough time to take action.

Estimated Account Value

As you can see on the wallet - The estimated value is based on an average value of Hive in US dollars. It shows the value of your Hive account is US Dollars according to Hive and HBD you have at this moment. And this value is fluctuating all the time. Because like bitcoin and other cryptocurrency Hive is also a tradable token or coin in the exchange market. So like other cryptocurrencies, the value of Hive/HBD changes when people trade it.

Click here to check the current value of Hive.
Click here to check the current value of Hive Dollar.

I hope you got the basic idea about all the terms you see in your wallet. Now let's have a look at some other functions.

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Transfer

It's an easy term and I know you already acknowledged it. By using "Transfer" you can transfer your HBD and Hive to any account, anytime. Click on the transfer from the dropdown menu and transfer wherever you want. You can use a memo to type any note, reference, or acknowledgment.

transfer

Power Up

I already talked about it, you can increase your Hive Power by clicking on the ''Power Up" button from Hive. This means you are powering up your Hive account and increasing your influence/voting power using your available Hive token.

Hive > After Powering up > Hive Power

Power Down

"Power Down" is exactly the opposite of "Power Up", you can convert your Hive power to Hive token again if you want.

Hive Power > After Powering Down > Hive

But this time it won't be done instantly. It will take some time to convert your Hive power to Hive and you cannot all Hive Power at once.

power down

It will take 13 weeks and 13 installments to withdraw your Hive. That means 1 installment per week. Suppose you want to withdraw 13 Hive from your account. You will get 1 Hive per week as an installment. Hope you got the math! After getting 3 Hive in 3 weeks if you think that's enough, you can stop the power down. You can stop power down anytime you want.

"Power Up" is instant and "Power down" will take 13 weeks.

Market

Hive has an internal market from where you can easily transfer your HBD to Hive and vice versa. Click on "Market" or go to https://wallet.hive.blog/market to exchange your HBD or Hive.

Hive Market

The graph with green and red lines are showing different orders of buying and selling for Hive and HBD which have been recently placed. I have a plan to write a detailed article on "Hive Market".

Buy

This option will lead you to Blocktrades where you will be able to buy Hive using other cryptocurrencies like Bitcoin, Ethereum, Dogecoin, etc. You can also convert your HBD to Hive or Hive to HBD here. You'll receive Hive at the current market rate.

Sell

Clicking "Sell" will lead you to Blocktrades where you'll be able to sell or exchange your Hive or HBD with another crypto.

@blocktrades is a Europe-based digital assets exchange that enables you to buy, store, and sell Bitcoin, Ethereum, and other crypto-assets while being able to deposit funds through bank transfers, wire transfers, or digital currencies. Click here to join now.


I hope you got what you came for. I tried to explain all sections of Hive wallet in easy language. If you have any query please let me know in the comment section. By the way, you'll get the answers to your question in Hive's FAQ section.

Read Also -

  • What are the Different Ways to Earn Hive? - Click Here
  • How to Use Tag in Hive Blog: A Beginner's Guide - Click Here
  • Simple Method to Add Alt Text to Your Hive Images - Click Here
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Well done I may feature this in a video to onboard more people here.

I will be honored! Thanks a lot. :)

I have reviewed more than I thought I knew about Hive wallet. Thank you for this detailed explanation of the terms present in this section of the site.

You are most welcome mate. :)

Thanks for the explanation, it has really explained the hive wallet terms that has been unclear to me for a while now.

Happy to help you mate. Happy hiving! :D

thanks a lot it's helpful for me

Glad to hear that. Happy Hiving! :)

A very nice guide! Good job.

!discovery 25

Thank you as always for you time and support! :D

Thank you for the good contents :)

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Great explanation, @pitboy. Very useful.

Thanks a lot for your time. :)

Very informative