The Hive price was doing good today. I guess this was an effect of the entire market doing well today. Yesterday the price of Hive was at 27 cents and today the price has improved and it went over 29 cents. Some people might say that this is just a small change in the price but we all know when the quantity is high this two cents difference does make a lot of difference.
I have been moving some Hive on my exchange wallets for nearly a month now. I had them in one of my Hive wallets as HBD and when I converted it to Hive, I sold them for 29 cents. For some reason, I had to take the funds to the exchange wallet and had to convert them to stablecoins. I wanted to convert it back to a stablecoin immediately but the price was continuously going down. I couldn't wait and sold the Hive for a loss. I bought Hive for 29 cents and had to sell them at 27 cents. I bought huge quantities and it does make a lot of difference.
Yesterday I closed my last deal and converted nearly 2000 $ worth of Hive back to USDT at 27 cents. After a few hours, I saw the price of Hive improving and today it reached a little over 29 cents. This shows how unlucky I was. I'm not going to be selling any Hive for the next few weeks because all my deals are over and now I'm sure the price of Hive would also start improving. This is how the market tricks us and tries to make us lose our money. We have to be a little careful.
I would blame HBD for this and this is definitely a lesson. There was no other way to take HBD to an exchange wallet. If there was an easy option to directly take HBD to exchanges and trade them for Hive or USDT or other stablecoin, this would have not been the case. I converted it to Hive in the internal market and tried to avoid any transaction or conversion loss and finally ended up with a loss of around 200$ for yesterday's transfer alone. I guess I would have lost at least 1000 $ in this conversion loss in the last few weeks when I moved the other funds and converted them to USDT.
We need more exchange listings for HBD. Especially we will need the pairs against USDT and there should be some easy way to take the funds out from Hive and convert them to USDT on exchanges. Losing a few dollars in the process should be fine but losing more in the conversion process doesn't make Hive a better chain than ETH. I'm not trying to say bad things about Hive here but mostly this is a practical problem for someone who would like to invest in HBD and withdraw HBD to their FIAT. They have to go through the transfers only in the form of Hive and there is some loss during transition.
Hopefully, let's hope there will be some decentralized bridges available in the future to make this process an easier one, especially without any additional loss or cost. Other than this experience I think it is definitely a good time for Hive now. Hopefully, I can recover this loss in some of the future trades that I can do because the price of Hive is doing good today and hopefully it will keep going with an upper trend.
If you like what I'm doing on Hive, you can vote me as a witness with the links below.
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