This guide is in line with my mission to continue to help people understand how everything works around the blockchain. I'm mostly using the blockchain to play Splinterlands but this guide will help anyone in need of understanding how they can bring money from Binance to their HIVE address.
Buying HIVE on Binance
First of all, in order to buy HIVE or most of the altcoins, you need to buy them using another token. To find out what you can buy HIVE with, click on Markets on Binance homepage.
In the search box, type: hive
You will see what other tokens are needed (pairs) to be able to buy HIVE. I have circled the pairs that come up when you search for HIVE on Binance. As you can see here, you can either buy HIVE with Bitcoin (BTC), USDT or BUSD. My prefered choice is USDT or BUSD because they are stable coins and their value is, or at least should be 1 USDT or 1 BUSD = 1 USD. That way, in case you don't want to do the rest of the transaction right now, you are not exposed to the variations on bitcoin. If you don't have any of those, it is really simple to buy directly on Binance if you go to the Buy Crypto tab.
Let's say you have decided to go forward with the USDT that you already had. Click on the circled USDT and now you should be able to select HIVE/USDT from the site. Once you click on the pair, it will open up another window for the trading part. It might ask you if you prefer the advanced or the classic version. For our present purpose, I have decided to take the classic option.
Trading USDT for HIVE
It might look confusing at first, but it is really simple.
On the left, we have everyone that has put orders to either sell (red) or buy (green) with the amount that they are willing to buy or let go of 1 HIVE. In the circle on the left is the intersection where the buy and sell orders meet. As you can see, at the moment of writing, the lowest someone was willing to sell his HIVE was 0.8149 USDT per HIVE and the highest someone was willing to pay was 0.8138 USDT per HIVE. Last transaction made was at 0.8140.
In the middle is where you decide to make your own offer. Binance is suggesting a price of 0.8159 for our buy order, but we can see that a lot of people are willing to sell cheaper. If you want to save a little, you can change that amount to the lowest sell offer and the transaction will happen immediately after you click the Buy Hive button, assuming someone haven't bought it already in the meantime.
Once you have made your decision on the price, you can input how many HIVE you want to buy at that price. You could also use the slider underneath to decide the portion of the available USDT that you want to allocate for this transaction. Then you just have to click Buy Hive and let the magic happen.
On the right side of the screen, you have the history of the last transactions that were made.
If the transaction passed, (it should have if there was available HIVE at your price tag) then the HIVE is already in your wallet. Otherwise, you will see your order show up on the bottom of the screen.
Send this HIVE to your address
You can now close the trading window and go back on Binance mainpage. From the dropdown menu, in the top right corner, select Wallet and then Fiat and Spot
This is where the HIVE that you just bought went. We are only one step away to be able to spend that desired HIVE. Click on Withdraw as circled in the picture and it will open up the withdraw page for HIVE.
Now this where you put your Hive address. If you are already using PeakD, Splinterlands or anything on the Hive Blockchain, the address is your username. For example. If I wanted to send HIVE from Binance to my own account on the Hive blockchain, I would just write "blutengel" (without the quotation marks) as the address. Enter the amount of HIVE that you want to send and leave everything else as is. Click on the Withdraw button and wait for a few minutes for the transaction to go through. You should now be able to see that money in your Hive Keychain.
PS. Don't forget to change the username from blutengel to the username to which you want to send the HIVE, unless you want to send me HIVE as a gift, which I would gladly accept.
I hope this guide will help some of you how to bring money from Binance to the HIVE Blockchain.
You can see my other posts also such as:
- How to sell your VOUCHER on Hive Engine easily
- Chaos Legion Mega F.A.Q.
- Buying Chaos Legion packs for the market is a bad investment
If you have any comment or question, feel free to leave a message bellow.
IGN: blutengel
on discord: blutengel78#4366
If you are not playing Splinterlands yet and you would like to try, you can use this referral link
