Hello, lovely Hivers,
If you're a newbie here like me, you might be finding it hard to navigate your way around.
Or not...
You perhaps have a head full of questions and you don't know where to start.
Luckily I have a guide @samostically that has taken out time to explain a lot to me as I have done my research.
So today, I would like to share with you all you need to know about Hive Wallet.
This article is not going to overwhelm you as I have made sure it is beginner friendly.
Let's begin with what a Hive wallet is:
What is Hive Wallet?
Hive wallet is simply a digital wallet where all your Hive earned and rewards are stored. It is linked to your account and shows how many Hive and Hive-Backed Dollar (HBD) you have.
Earnings or rewards are stored in our Hive wallets. We can also purchase Hive from exchanges like Binance and fund our wallets.
You earn rewards when you get upvotes from writing, engaging, and even when you curate content.
Rewards are usually divided into HP and HBD.
You may have seen that and be wondering:
What are those? We'll get to that in a moment.
The Hive wallet contains 5 things altogether; Hive balance, HP, HBD, Savings and account estimated value.
What are HP and HBD?
HP means Hive Power and you can say it determines your power on Hive. Hp could mean your power on Hive but this definition can be vague if you have all your HP delegated to someone else. Hive Power is also important for general engagement on the blog as it helps recharge Resource Credit (RC) faster.
What is Resource Credit? you may wonder...
Resource credit helps you perform activities on the blog — from commenting to posting your article — It is RC that enables us to do that.
Therefore, the more HP you have, the faster your RC recharges.
HBD on the other hand is Hive Backed Dollar, it is pegged to the US dollar so it stays around 1 USD value.
It is a liquid token therefore it can be traded at any time.
Earnings are usually split between Hive, HP(which goes directly to their wallet and is powered up) and HBD.
Therefore, to increase your HP you — Power Up Hive, which is transformed to HP in the process
To do that, simply convert your HBD to liquid Hive then Power Up.
Similarly, if you wish to liquidate your Hp — you simply Power down
You don't know how to access your wallet? No worries, it's pretty simple: Just click on your profile, go to others and click on wallet.
I hope you found this article informative!
I do intend to share more articles like this in the future. I believe learning becomes easier when you teach what you learn and I enjoy learning more on Hive.
I know life can be tough, so if you are going through a hard time, just know :
You can do anything and everything!
Thank you for reading!
If you like the article please upvote and share your thoughts in the comments.
Best regards,
ᔕᗯEETᔕOᑌᒪ.❤
A few corrections if I may:
HP does not tell you the reputation you have on Hive as it has nothing to do with it. Reputation on Hive is the number next to your name, a useless metric by the way. The real reputation is what you do on the chain. HP means Hive Power and determines your power on Hive. HP could mean your power on Hive, but that's again a vague definition as you van have 100k HP and have zero power, if all your HP is delegated to someone else.
HBD is Hive Backed Dollar and it is pegged to the USD, which meand it has to stay around the 1 USD value.
Earnings are usually split between Hive, HP (which goes directly into your wallet, powered up) and HBD.
You power up Hive (not HP), which is transformed in HP in the process.
Hi @erikah
Thanks a lot for the corrections and clarifications.
Is it okay if I edit the article and make said corrections?
You're welcome. Of course it's ok and better that way to avoid misinformation. Thank you.
I really appreciate the assistance.
Done the edit.
Thanks once again.
You're welcome. Let me know if you need more help, I'm here.
We are missing you in Hive DR @erikah
That's very sweet of you, but no thanks 🙂
Thank you so much , I really appreciate 🥹❤️
Thank you @erikah,I learnt a lot from this. Keep doing good.
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This is very thoughtful of you to educate others on what they need to know.
You are really kind and generous.
Keep doing good, as that act will take you far in life.
Nice meeting you!
Thank you so much dear. Your comment has made my day🥹❤️
You are welcome dear friend.
It's a pleasure.
@sweetsoul,thanks for enlightening us about what you know,and it’s true we know more by teaching others what we learnt.
You’re welcome dear