I've been getting a lot of calls from concerned Hive owners because Hive deposit has been suspended on major exchanges. Many people are not actually aware of the Hardfork and so they think something might be wrong.
For the most part, I just allay their fears by telling them there's nothing to worry about. If you already sent Hive to any of the exchanges, it will probably just be stuck in limbo until normal service resumes, and then you get your Hive back.
At the time of writing, the deposit account for Binance isn't automated, so any transaction-related issue you experience has to be sorted out manually. It is probably the same situation with other exchanges, so, once again, you have to exercise some patience as things will eventually be sorted out.
In any case, there are still a number of ways that you can cash out your Hive in case of an emergency. There will always be blocktrades that enables you to easily swap your Hive for Ethereum, Bitcoin and a couple of other assets but the fees a little bit too high for me.
Despite the fees though, I think Blocktrades exchange feature is a nice and easy way for swapping assets when you don't want to "perform too many clicks". It is simple and easy to use.
Using Polycub
The Leofinance project has been at the forefront of creating a variety of ways we can earn dividend with Hive assets. The project has focused on creating this value using Hive and HBD as conduits to sustainable wealth creation through farmed tokens.
At the time of writing, there are numerous pools affiliated to either HBD or Hive thriving and creating value for investors. Thanks to this pool, users can also easily move assets from Hive into Polycub and then swap them at a very low cost on a different network.
So, let's say you want to cash out HBD right now and you obviously can't use central exchanges directly, you can simply follow the steps below to exchange your asset.
- Convert HBD to pHBD through the leofinance multitoken bridge
- WHen you receive pHBD in your Matic wallet address, you can then swap it for USDC and then send USDC to any exchange of your choice for your fiat.
If you want to do the same with Hive, all you need to do is;
- Convert Hive to pHive through the leofinance multitoken bridge
- Swap Hive for Polycub and then swap Polycub for USDC
- Send USDC to your central exchange that gives you fiat.
Using Cubfinance
Just like Polycub, you can also swap wrapped versions of Hive and HBD into assets on Binance Smart Chain. These assets can then be easily be sent to exchange where you then convert to fiat.
Lets say you want to cashout HBD using Cubfinance, here's how you go a bout it
- Convert HBD to bHBD through the leofinance multitoken bridge
- Swap bHBD for BUSD and send it to any major exchange where you get fiat from
Alternatively, you can also swap Hive through a simple process as follows
- Convert Hive to bHive through the Leofinance multitoken bridge
- FIrst you swap Hive for Cub tokens and then you swap Cub for BUSD.
- Send BUSD to exchange and get your fiat of choice.
In Summary
Leofinance offers a simple and efficient route for anybody looking to cash out Hive while the network is still in maintenance mode. On top of that, you could also just decide to play around with the investment opportunities while you're at it and start earning on Polycuband/or Cubfinance
So, you don't need to panic, if you can't send Hive directly to an exchange. Now, using external networks will lead to a bit more charges but if it is an emergency, that won't matter.
