It is actually a wonder to me when I heard that a lot of newbies on the blockchain get stuck regarding how to trade their Hive tokens and other crypto. It is really unfortunate to see that there is no transparency with these transactions when older traders help these newbies with trade.
It is one thing to introduce a new man into the crypto space, and it is totally a different ball game to give them a tutorial of the basics, such as converting your crypto to fiat and so forth. Some of these transaction processes are really very simple, and if anyone can get a quality guide to get started with these, they often see these as a blessing and a relief.
These numerous concerns have birthed the reason for this blog and short post targeted mainly at newbies.
Consistently we have new men join the blockchain and get puzzles or scammed out of their money.
Some P2P agents on the blockchain here often charge a dollar for their transactions. Meaning that you can send them your tokens, and they will directly convert it. Well, I can't say if this is a fair amount or not, but just imagine a newman who has barely earned $10 for a whole month of blogging having to pay 10% of that to have his money exchanged to fiat.
Here is mostly the costliest and simplest tutorial guide to save you from paying for trades or getting scammed. Trying out your first trade may get freaky, but after one bold step, the game gets easier and even exposes you more to the numerous scams in the crypto space and how to avoid them.
I totally feel uneasy when people lose their money because someone somewhere has acted dubiously with them. Having had a few people come into my DM for this reason, I felt the need to write this blog.
Let's take, for example, that you wish to trade your earned Hive tokens from the blockchain.
The basic steps involved are these:
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Convert your HBD to Hive on the ecency dApp (the easiest and fastest). Another dApp is also the Hive engine.
Note that most exchanges trade Hive as the native token, while we have a few exchanges that can trade your earned HBD directly to fiat.
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Transfer your Hive tokens to an exchange that accepts Hive deposits, the likes of Binance and Mexc. Preferably Binance, as the latter exchange is slower with Hive deposits.
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Trade/Convert Hive tokens to USDT
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A final P2P procedure that sells your stablecoin (USDT) to buyers who send fiat to your bank account.
For the last step listed here, it is very paramount to be careful, as a lot of scams take place here.
Before now it was possible to carry out peer-to-peer transactions, also known as person-to-person transactions, on Binance for most countries, but due to regulations from different regions, Binance has banned certain withdrawals, and fiat withdrawals for such countries are no longer available.
For instance, it is no longer possible to withdraw Naira NGN from Binance; hence, you have to download another exchange that is compatible with NGN in order to finalize your trades. For this you will undergo these steps for a complete trade.
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Download the Remitano app or any NGN-compatible exchange.
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After following the processes above. Withdraw your converted USDT to the Remitano app, which now makes it possible to trade your tokens for fiat.
Here is a sample of trade you can follow as a guide.
I transferred Hive to Binance.
Traded it to Bitcoin Cash (BCH), it demands lesser fees during withdrawal.
From my Remitano app, I copied the BCH deposit address, took it to Binance, and from there I withdrew the BCH to my Remitano app.
On the Remitano app, I had set up these parameters. Picked a certain trader that is willing to buy the amount of BCH I was wishing to sell.
Input the bank details, and wait for the buyer to make the transfer into the bank account.
After confirming the received amount in the bank account wallet. The token is released to the buyer, and the trade is completed.
Remember that some exchanges need both wallet address and memo for withdrawing tokens from one exchange to another.
Beware of any buyer who would send an incomplete amount of tokens to your wallet or send fake alerts. Check your wallet properly and before receiving your fiat before releasing the trade.
Always learn to contact support on the various exchanges and not outside the exchange for trades that are having issues.
Make sure to download your apps from trusted sites and do a proper verification before proceeding to trade.
I really hope that someone will find this useful for their next trade. Questions and comments are welcome.
Posted Using InLeo Alpha
