Here is a video I made about my experience of earning and storing Bitcoin satoshis on the Hive blockchain thanks to a combination of the One Bitcoin Club and the Hive-based V4V Bitcoin Lightning Wallet.
How to Earn and Store Bitcoin Satoshis on the Hive Blockchain
If you prefer reading to viewing videos, here's a cleaned up version of the video transcript:
Video Transcript
Okay folks, David Hurley here of DavidHurley.net. I've got something really exciting to talk to you about today - a big development on the decentralized Hive blockchain, which makes it now possible for us to earn Bitcoin, or satoshis, on top of our Hive token earnings. These are the rewards we get when the content we create on the Hive blockchain is curated and upvoted by others - specifically, by the One Bitcoin Club.
One Bitcoin Club
I joined this project (the One Bitcoin Club) completely for free. If you're already on Hive, you can simply join this community, and then you can set things up so that when you post a blog through this community - provided your blog delivers some value - it will be upvoted. You'll earn not only Hive tokens but also Hive Backed Dollars (HBD). And on top of that, you’ll earn satoshis directly into your Bitcoin Lightning wallet.
V4V Bitcoin Lightning Wallet
It gets even better because there is now a Bitcoin Lightning wallet built on the Hive blockchain. It’s called V4V. If you set up that account - and it’s very easy to do - you can get paid in satoshis directly on the Hive blockchain. This is an amazing development, and there are so many use cases for it.
Once you have a V4V wallet, you can walk into a shop that accepts Bitcoin through the Lightning Network, and you can buy things directly from your Hive account. You can spend Hive, Hive Backed Dollars, or Bitcoin satoshis to make the payment in a brick-and-mortar shop that offers Bitcoin payments. That’s pretty incredible.
Easy Bitcoin / HBD Investment Strategy?
But once you've got your satoshis in your V4V wallet, you can convert them at any time into Hive or HBD. This opens up an interesting investment strategy. Now, this video isn’t offering you investment advice - this is just my thought process in action for your entertainment and delectation.
But here’s the thing:
If Bitcoin recovers from its current doldrums and hits new all-time highs, and you have a bunch of satoshis in your V4V wallet, you can simply swap them for Hive or Hive Backed Dollars. Then, you can earn interest on those Hive Backed Dollars, which is a stable coin, at roughly 1 HBD = 1 USD. You can currently earn 15% annually on HBD, paid monthly.
If Bitcoin crashes again, you can cash out your HBD, which has been sitting there nice and stable, earning 15%, and buy the dip - all on the V4V wallet. You can cash out, convert back into satoshis, and then, when Bitcoin goes on another rally, you can repeat the process.
Actual Examples
That’s what I’ve been spending the last couple of days looking at - the potential of this new development on Hive. It’s amazing! I’ve created several blog posts about it and tested it myself, as you can see. Here’s an example: I received payments directly into my wallet: https://onebitcoinclub.org/alive/@hirohurl/i-just-earned-bitcoin-by-posting-on-hive-here-s-how-to-do-it
If we look at this blog post, we can see that this isn’t the V4V wallet; this is Wallet of Satoshi. I received a payment that’s worth about a dollar. It was a dollar upvote when I posted another post. Let me just show you that post. I set up a new account and posted a blog post into the One Bitcoin Club:
https://onebitcoinclub.org/hive-125568/@chironthecentaur/one-bitcoin-club-test-post
You can see that it generated a $2 upvote. This generated $2 worth of Hive and Hive Backed Dollar. Now, I get 50% of that payout, so we’re talking about $1 worth of Hive and Hive Backed Dollar - about 50 cents each. And on top of that, I also received $1 worth of satoshis, paid directly into my Wallet of Satoshi.
Next, I tested the V4V wallet. Will it work with V4V? The answer is yes! I earned about $1 in Hive and Hive Backed Dollar, and the same payout also delivered $1 worth of satoshis directly into my V4V wallet. Here’s a diagram that shows the process:
You blog on Hive (preferably through the One Bitcoin Club). If you blog through this community and they upvote your content, you get a 50/50 payout between Hive Power and Hive Backed Dollar.
For example, let’s say you earn $2 from an upvote. You’ll get 50% of that, which is $1. The other 50% goes to all the people who upvoted your post. You can also earn from upvoting other people’s posts on the Hive blockchain. The $1 that I get is divided into 50% Hive Power and 50% Hive Backed Dollar - 50 cents each. On top of that, I also get $1 worth of crypto, which you can see here coming into my V4V wallet directly on the Hive blockchain. This effectively doubles the power of one of those upvotes and gives you the ability to earn Bitcoin, which is wonderful.
But not only do you earn Bitcoin, you can store it directly on a non-Bitcoin blockchain, which is the Hive decentralized blockchain (by using the V4V wallet).
Okay folks, that’s all from me for now. David Hurley from DavidHurley.net. Until the next exciting update!