Hi everyone, this post was as instructed by @kronias for everyone that must’ve been through with the stage 01. I’ve read some tutorials on hive tokens and how ti power them by moderator @prayzz as a required knowledge for stage 02 and these are the things I learnt by finding solutions to the following assessment questions.
How much do you know about Hive, Hive Power & HBD?
The Legal Tender for the Hive Blog is called Hive which is much similar to other cryptocurrencies such as bitcoin, ethereum, litecoin and so on.
From my knowledge of Hive, Hive is a currency you get as reward from interacting on the Hive Blog by creating original contents and joining communities.
Hive is also considered a "Liquid Currency" that can be traded, transferred, and spent, and it can be stored in a wallet just like any other Crypto currency. It does not have a fixed price because it fluctuates with market movements. Hive can also be used on various cryptocurrency exchanges such as Binance, Horbit, HBTC, and so on.
Hive Power
This is regarded as a measure of a user's power within the Hive network. HP demonstrates my "influence." As a result, if I have more Hive Power, I can influence votes and comments on a post, as well as the allocation of rewards due to my high hive power.
Hive Dollar
It is also regarded as a liquid token, similar to the Hive, and is tradable. It is similar to USD in that it is also stored in a blockchain wallet.
What are the importances of powering up hive?
Powering up is frequently used on the Hive Blog, and understanding it from the tutorial is critical because the amount of hive Power I have will determine how many times per day I can post, comment, and upvote. I remember as a newbie having difficulty posting more or commenting until I was delegated Hive Power, which alleviated the problem. The Hive Power grants the user the ability to influence post-rewards.
How many ways are there to acquire Hive Power (HP)?
There are three ways of acquiring Hive Power, these are;
Post Earnings: When we make a post on the Hive blog, we are likely to be rewarded. The reward we receive for a post is divided into four parts, with two of the four parts going to the HBD and HP wallets, respectively. It is regarded as a slow method of gathering Hive Power.
Purchase Hive and Power Up: This is very easy to understand, you basically buy Hive from the market and convert to Hive Power.
Hive Power through Delegations: A Hive blog member can delegate to give you Hive Power instead of you buying them.
Show the process of converting HBD to Hive from Internal Market? (Must show screenshots)
Step 1- Login to your account, open your hive wallet and tap on the arrow down hive and select MARKET.
Step 2- This chart below will open after tapping on Market where you can see the buy and sell options. Input the amount you want and the HBD to convert so as to reveal the amount, if you’re good, then buy and wait for your order, your exchange would be sent to your wallet.
Can you power up your Hive To HP? (Must Show The Process)
Step 1- Go back to arrow down Hive again on your wallet and click on Power Up.
Step 2- A page will open which will require you to input the amount of Hive you want to Power Up and it will be done.
Source of photos: screenshots from my phone.
This is a lovely post @milroz you answered all of the questions correctly.