Why?
Recently, I noticed a friend used blocktrades.us to change their HBD to HIVE:
I like @blocktrades and blocktrades.us is a good service.
To change HBD to HIVE or back, I would not recommend it, though.
You can almost always get the best conversion rate with Hive's Internal Market.
Also, I would not recommend using Hive's conversion function, unless you know what you are doing. But that is for a different post.
What is it?
Hive's Internal Market is a built-in function of this blockchain.
Like a post or a vote, there is a native function called: limit order.
Where is it?
In theory, anybody can build their own frontend for it.
(I have created my own tool for it, but that is not working anymore)
Go to:
https://wallet.hive.blog/market
You can also use peakd.com to get there:
...that will also direct you to wallet.hive.blog.
How?
https://wallet.hive.blog/market looks like this:
There is the order book and it works like any other exchange;
There are two prices already filled in:
- The highest buy order
- The lowest sell order
If you want to buy HIVE for HBD quickly, just click on the lowest sell order (ask) and select it as your price. For larger sums you might want to check, if that sell order is large enough (Total HBD) to cover your own order.
Clicking BUY HIVE will create a limit order.
If the price of your order is high enough, it will instantly fill the order waiting in the order book.
It will always fill at the best price if your buy order's price was too high.
Conclusion
I will stop explaining here; You can find countless guides on how an order book works elsewhere on the internet. If you are dealing with anything crypto, you need to educate yourself on how exchanges work.
Hive's internal market usually has the best price, there are no transaction fees or conversion fees.
It's Hive's built-in exchange.
Please never use blocktrades to swap your hard earned HBD to HIVE, or back.
Unless you know what you are doing, dont use Hive's conversion function.
You might occasionally get a better price using a diesel pool or other services, but that is for advanced traders and there are bots, which are usually much better at it and quicker than you could ever be.
You still forgot the best feature:
Due to the market being built in, you always truly own your coins.
You have the keys.
Not an Exchange. :)
@tipu curate
congratz on that smooth vote!
It used to be called the dex module, so I think technically it would be a 'decentralized exchange'...
But yes: you are right, you still own the keys.
Funds are as safu as possible.
what is behind the smooth upvotes?
one of the rare real dex^^ should be focused on building it out
Upvoted 👌 (Mana: 80/100) Liquid rewards.
Sometimes I find it difficult to use the internal market unless the phone is put on desktop view. It will show the entire page and it's much easier then.
Compliments of the Season. @felixxx
saludos amigo, aqui mi visita
I rarely use it. I also used the internal market on the Steem blockchain a few times. I know that if you buy and sell at the right time, then you can make a profit with it. I experienced it a few times. But I do not want to risk my hard earned Hive and Hive Dollars (HBD).
The friend can only send HIVE to the exchange they are using.
So they need to somehow convert their HBD to HIVE first.
We just did the math: in their case right now the internal market gave them an 8% better price than blocktrades would have.
I use blocktrades only when I sell Hive or Hive Dollars (HBD) for other cryptocurrencies, or when I buy Hive or Hive Dollars (HBD) with other cryptocurrencies. For exchanging Hive and Hive Dollars (HBD), the internal market is indeed better.
That's exactly how I use it too.
I have recently started using hive engine token swaps to get better prices than with blocktrades, though.
This is exactly what I was trying to figure out.
If the internal market hives a better value that will be better and absolutely good.
But does the buy and sell order delivers the HBD/Hive instantly because the other conversion option there takes 3days for the transactions to be completed.
It happens instantly as long as your price is available. So like, if you are trying to buy Hive at 50 cents each and there are some for sale at that price, it will go through right away. But if you are trying to buy at 50 cents apiece but the lowest price for sale is 55 cents, it will sit there as an offer until and unless someone wants to sell Hive for 50 cents. You know what I mean?
Edit!
I will add that when you click on the current best offer available to make it happen right away (that's what I do), it will lower your offer so that it doesn't go through right away and sits there as an offer. I always have to circumvent this by clicking on that number and then going in and changing their calculated amount of Hive I will get back to put it over the current offer so it actually gives me that price.
That sounds confusing as hell, and it drives me crazy, but basically:
you click on the best offer
you type in how much HBD you want to trade for Hive
it will automatically fill in how much Hive you'll get
let's pretend that's 11.567 Hive. Change it manually to 11.566 Hive.
THEN it will go through, at the actual price available.
Also, of course, you have to see that there is ENOUGH available, at the price you clicked. So say you want to buy 15 Hive but there are only 10 available at the lowest price, you'd have to choose the next lowest price to finish filling your whole order.
Hope that makes sense!
Exactly, thank you so much for this simplicity in explanation.
It sure makes alot of sense..
And its really easy and gives back a better percentage off compared to using blocktrade which has been my route ever since.
Thank you.
Right! I only use Blocktrades if I'm trading for something else to change it to cash, and even then I sometimes use Hive-Engine for that too. Either of them will take a fee, but if you are just trading HBD/Hive it's better to do it internally and save yourself the fee.
Wow, okay that's great
I will learn more and more of these with time.
You're welcome! I did an edit possibly after your comment explaining also the weird change it does and how I get around that if I want an order to go through right away, if you didn't see that part.
I checked it out already 😀.
Thanks alot
I never use this and moreover I never knew how to use it . Thanks for sharing this useful info
Thanks for the explanation. Would I be right in assuming that the official Internal market is also the one on Hivetasks? (Formerly Steembthingy)
I can not see a market there...
Do you mean https://hivetasks.com/ ?
Yes, that's the one!
I can not see a market there...
Where?
Sorry. If you click on dashboard, and make sure all the menus are open you should see it 'orders'.
I see it now.
Yes, that seems to be a tool for the internal market, too.
Since you need active authority, I would still recommend wallet.hive.blog/market for newbies because of security concerns.
And THATS why youre a witness and guardian of the chain ! Thank you for the top tip and sorry I didn't explain things better.
Friend I read a few days ago what to change in the domestic market from #Hive is much better and even more so if we change from Hive to HBD since we are burning and thus it is possible to make the price of #Hive rise. I am correct, I understood correctly or the translation was wrong
burning only happens, when you use the conversion function.
That works a bit differently... It is complicated to explain.
Use https://wallet.hive.blog/market until you fully understand the conversion feature on Hive.
If I imagine it must be difficult to explain, but you have to learn it to help the price of #Hive go up. Knowing these details are very important
Please don't use it, you will lose money 😕
Understood friend and thanks for the help to prevent us from losing the money that we have been acquiring with effort.
La quema de HBD solo ocurre cuando utilizas la opción "conversion".
Explicar cómo funciona ese proceso es complicado.
Usa esta guía: https://wallet.hive.blog/market hasta que puedas entender como funciona la "conversion" en Hive.
Thanks for this!!! I used blocktrades last few weeks... :)
Man, you are a Steem OG and should really know these things.
While we are at it: Please, please consider powering up your Hive.
I have recently unfollowed all the people who have been powering down and selling all their Hive.
You are the last one.
I like you and I don't want to unfollow, but I need to support the people who power up.
Without this I wouldn't be able to run my rally program. I knew it in Steenit days but somehow I forgot it. Merry Christmas! :)
Without other people powering up, you wouldn't be able to race, either.
Any news from @druckado? :)
We just had a chat.
Since their website and market is only German at this point, they can not help, as advertisement for them would not really do much at this point.
If you need custom 3D printed stuff of any sorts, they'd be happy to help - they can print almost anything and would offer everything to you for the material costs, only.
That probably won't help you either...
I tried... and if they expand their markets, they might get back to you at a later point.
OK, thanks.
This is an important information thanks so much @felixxx
I came across your post on a friend blog and I read all the comment under the post I saw the way people we're praising and appreciating all you have done for them, the way you help them grow here on hive, I must say this I got to no hive at a very difficult stage of my life when every hope was lost, I just got weeded with my wife and I only depends on the little money I realize from my agricultural business,things we're really bad for me as at then,if I had meet people like you maybe my journey might have been a different one, your hand of love and generosity has thought me a different lesson, now I no there are good people here who are ready to help people, I always think in my mind that nobody is ready to help on hive, but now I see people growing under your arms and I can see the way you always want people to grow this has given me hope and a rethink that good people do exist but they we're few,I also but to grow under you and learn fro you, you are a grate mentor a leader and lover God bless you, looking forward to here from you @felixxx
If you want to talk to me directly:
https://discord.gg/UVXtsRr3Zv
Ok thanks
Good advice. I use it only.
Rehived.
Hive spikes sell to HBD. Then do the opposite when it goes below your sell. It’s a way to use the internal market to gain more hive.
I have done exactly that, and had good success with it.
Trading is very difficult and most people lose actively doing it.
I had no idea this existed, only thought the conversion tool was only option. Thanks for the informative guide!
Found this post valuable. Thanks for sharing