A webinar was conducted by Hiveph last night on how to start in Hive as a newbie, and one of the questions raised was how to cash out their earnings here.
It was not included in the slides that were prepared simply because some of the new guys don't have an account yet here or haven't created a single post in Hive, thus if bombarded with some additional information, this will create more questions and a rabbit hole will be opened. Though it is an important topic to discuss because this is the main reason they joined Hive, right? So when asked, the first answer that will come to our mind is to withdraw Hive through Binance.
One of the most used methods nowadays is via the website blocktrades.com, and I am using the same process to withdraw my earned Hive here. I just need to send Hive to Blocktrades and then choose BCH, and in a few hours or so, the BCH is already in my wallet, which can be converted into fiat.
Photo by Andrea Piacquadio
Not all can do that though, as there's a KYC procedure to be done. Now how can you bypass such?
By scouring the system, I found some groups that are buying Hive-engine tokens, such as DEC and SPL. In a Filipino group, I saw a lot of folks who were buying DEC tokens to fuel their Splinterlands journey, and they offer a good exchange rate. I remember recently selling some DECs that I bought to someone, and in a few minutes, the money was already in my mobile wallet. Thus, I think it is now better to do some P2P transactions, and here is the main reason why.
P2P transactions save you money on multiple processing fees.
One of the downsides of using 3rd party websites is that they charge a small percentage of your transactions. Some may charge 0.25%, 0.10%, or even 1% for each transfer being done. If the amount being processed is a small amount, most likely it isn't that hurtful, but imagine you are sending 100 hives and you are charged 1%. You will only receive 99 hives at the end of the process. And then you will do another transaction to transfer everything, and another processing fee will be added again. It is quite troublesome if you ask me.
But by doing some P2P transactions, you are avoiding some fees. If I have some spare funds available, I will buy Hive for our group, as I find it easy and the transfer from wallet to wallet costs nothing, so we can just use the market amount to proceed with everything.
Though it is nice and easy, this is also prone to abuse. I remember some people posting that they were scammed by some users as they did not receive the promised amount. Before doing the P2P, always make sure to check the following.
If it is a Facebook account, make sure that they are using their account and not a newly created one. It's better if someone will vouch for them that you know of so that it will be an added security.
Transact only with people you can trust. When I got some offers, such as from someone who wanted to buy Hive, I always tell them to send the funds first to me, then I will send the agreed token once done. My Hive account is a public space, thus if I mess up, I will definitely be reprimanded. I am active here too, so I somehow have an image that needs to be taken care of a little bit.