Perhaps some didn't know that there is a market in the Ecency front-end where one can trade (buy and sell) $HIVE.
During HivePUD, I learnt that my namesake CJ (pinkchic), being a newbie here in Hive didn't know how to power up. And in the thought of guiding her how, I went checking her account and noticed that her HBD was sitting on her wallet and it wasn't even on the HBD Savings. I figured she also didn't know how to trade them with $HIVE or she might not be aware of the 20% APR on Savings.
So with her in mind, I decided to create these simple walk-through which are intended for newbies who might be needing step-by-step guide on the following:
- Buying HIVE from the Ecency Internal Market
- Converting HBD to $HIVE
- Putting HBD into Savings to Earn 20% APR
- Withdrawing HBD Savings
How to buy $HIVE on the Ecency Internal Market:
(Note: This guide is applicable when using desktop browser or mobile browser. The market is not yet available on the Ecency mobile App).
- Go to your Hive wallet on the Ecency front-end and hover over to the drop down menu adjacent to HIVE DOLLARS and click on "Trade Token" which will direct you to the decentralized exchange.
This is what comes out next. A very straightforward and simple interface with the buy and sell volume graph of HIVE.
Below it is the Buy HIVE and Sell HIVE windows.
Then the Order Books (Buy Orders and Sell Orders).
And then most recent trades (Trade History) at the bottom.
Anyway, back to the buying:
- Go to the "Buy HIVE" menu,
Input the price that you want to buy HIVE with (1st) and how many HIVE you want to buy (2nd). The total amount of HBD you're going to pay will automatically be calculated and appear on the "Total" field. Review the data and then click "Buy"
- Please note that the default amount on the "Price" field (1st) is the most recent "Sell" price on the Order Book. But you can change it with the price you want.
- After which, the confirmation page will appear where you will check and verify the details. If they are correct, click on "Continue"
- Then sign and confirm the transaction with your preferred method, either by entering any of your keys (Active, Owner) or using Hivesigner or Hive Keychain.
NOTES:
If the buy price you want is below the current "Sell" price on the order book, your order will appear on the "Open Orders" and will remain there until your buy price is hit or if not, the order will expire and will automatically be canceled after 4 weeks unless you manually cancel it. Your HBD will be back to your balance of course.
On below example, my buy price was set at 0.476400 and it was not processed because no one is willing to sell HIVE at that price hence my order is still open. I can either cancel it now or just let it sit there. Since I am not rushing, I will just keep it open.
On the other hand, if your buying price is within the "Sell" price, the order will be processed immediately and the HIVE you bought will appear on your wallet.
There ends the easy process in buying HIVE through the Ecency internal market.
Converting HBD into HIVE
This is another way to exchange your HBD into $HIVE without going through the market. The conversion however will take 3.5 days. And this function is NOT recommended when the price of HBD is above $1 because I believe you will end up with lesser amount of HIVE.
Anyway, here's how to do that, still using the Ecency front-end:
- Go to your wallet and hover over to the drop down menu on the HIVE DOLLARS then click "Convert"
The convert window pops open where you will input how many HBD you want to convert. If you want to convert everything, just click on the balance amount, otherwise, type the desired number then click "Next"
Check if everything is correct then click "Confirm"
You will then need to sign the transaction by either entering your password (Active or Owner) or using Hivesigner or Keychain.
Your conversion will occur in 3 days and the liquid HIVE will be credited to your HIVE balance.
How to Transfer Your HBD into Savings & Earn 20% APR
HBD Savings is a good feature where we can temporarily lock our HBD and it will earn an APR of 20%. I said "temporary lock" because it is subject to 3 days unlocking period when we decide to withdraw it.
So if you are not using your HBD to buy HIVE, one way to earn from it is putting it into Savings. The earned interest can be claimed and compounded every 30 days.
Here's how:
- On your Hive wallet via Ecency, scroll down to HIVE DOLLARS and hover to the drop down menu and click on Transfer to Savings
Type in the amount you want to send to Savings then click on "Next"
Check and confirm.
Then sign the transaction using any of your preferred method and you're done.
There are also other ways to make your HBD earn besides HBD Savings but I will share them on another time.
How to Withdraw Your HBD from Savings
Bear in mind that when you initiate withdraw, you will have to wait for 3 days before your HBD becomes available.
- Go to your wallet, hover over to the Savings drop down and click on "Withdraw Hive Dollar"
Fill in the amount you want to withdraw and click on "Next"
Check that the information are correct then click "Confirm"
Sign the transaction on your preferred method and you're done!
Your HBD will be credited to your HBD balance after 3 days.
There ends the simple guides all done through Ecency UI Hope these simple walk-through will help anyone new who are seeking the hows pertaining to these subjects. If you have any questions, don't hesitate to ask away.
Additionally, if you are being challenged about crypto terminologies and stuff, I recommend visiting LeoGlossary. It's a great learning center when it comes to crypto, finance, investing, blockchain etc.