This is a follow-up article from the recent Paid For My Flight With HBD article I shared.
Before getting into the process, I'd like to expatiate on paying for my flight with HBD based on the comments I received from the article leading to this one since I was asked if the airline received the payment in HBD.
Those of us on Hive are aware HBD is a stablecoin and for those not on Hive and reading this HBD is a stablecoin pegged to the USD by $1 worth of Hive.
Therefore 1HBD invariably equals $1, and HBD or USD can be used interchangeably and could be meaning the same.
HBD To Fiat, The Process
As I explained to a friend recently when it comes to cryptocurrency we are in control, we move funds as intended, and there are several ways to achieve the same goal, though one has to be mindful of the transaction fees.
The goal for me was to end up with Rands from HBD since I currently reside in South Africa.
HBD For Hive
The first step I took was to withdraw 537 HBD from my savings account.
Next, I sold the 537 HBD for 1853 Hive on the internal exchange.
The interfaces on Hive have options to access Hive internal exchange from your wallet, in my case through Peakd, click on the dropdown arrow below HBD as seen above and you will be presented with the Market that will take you to the exchange.
Sell Hive On External Exchange
For those unaware, the reason I sold HBD for Hive is that HBD isn't listed on Binance but Hive.
So I withdrew 1856 Hive to Binance. You are probably wondering why 1856 Hive when I sold HBD for 1853 Hive, I had some liquid Hive seating around so I withdrew all.
This transaction was done in December 2022 as seen above.
With Hive now in Binance, I sold it for BUSD.
I then bought XRP with the BUSD, I chose XRP because of its low transaction fees.
I got 1491 XRP as seen above. Notice I only bought XRP on the 28th of December and not the 27th the day I moved Hive onto Binance, normally I don't trust centralized exchanges with my funds.
I had to get help from another friend whose Luno account I sent my XRP, the friend whom I had arranged with earlier couldn't access her password.
Luno
Luno is an exchange that supports Bitcoin, Ethereum, and Ripple in South Africa and it works by linking your bank account to it for on and off-ramp cryptocurrency.
My friend helped me to receive the Luno, sold it for Rand, and had the Rand sent to me which I then was able to pay for my flight.
Too Complicated?
If you are new to cryptocurrency you probably are thinking this is too lengthy and complicated, the truth is it is not. It is an easy process if you know what you are doing and I find it enjoyable moving funds around, I like that I am in control, this is what banks do, they move our funds around.
This is a transaction exercise that can take less than 20 minutes if sell orders go through sooner.
Again there are other ways to convert HBD to fiat as I did, it is a matter of knowing your coins and utilizing them to achieve the desired goal.
