DEX(Decentralized Exchange): Understanding Hive-Engine

DEX is a decentralized exchange system that doesn’t involve any middle man to carry out transactions. This just happened between users, if you have used the Hive Engine you will understand it better. But if you have not used the Hive engine before you are in the right place, I can teach you.

In cryptocurrency and exchanges we have the CEX(Centralized Exchanges) and the DEX(Decentralized Exchanges). The centralized exchanges are the usual crypto exchanges that involves the buying and selling of cryptocurrencies with fiat or they allow you to exchange with other coins. But before you can make any exchange activities on the CEX platform you need to go through the KYC(Know Your Customer) & AML( Anti Money Laundering) process.

But DEX is different, it is based on a blockchain and smart contracts. It doesn’t need a third party’s approval, the smart contract helps to eliminate that and the hive engine is one of the best DEX on Hive. It enables users swap tokens between users directly. Most DEX don’t use fiat currencies, including Hive engine, you can only swap tokens using the swap.hive, so the swap.hive is the ultimate token for swapping.

If you have been getting some Hive token rewards and you don’t know what to do with or how to spend them Hive engine is one of the DEX that you can sell them. All you have to do is click on Hive engine, login with your posting keys and enter view your wallet. When you are viewing your wallet balance, the total balance you are viewing at that moment is the cumulative balance of all your liquid hive tokens. When I say liquid hive tokens I meant hive tokens that are unstaked.

When you want to swap any token, watch out for this arrow sign, this will take you to exchange platform to swap between the token and SwapHive. Mind you when you are selling a hive token for swap hive you clicking on the buy swaphive orders to select your preferred price. Because you are selling the hive token to buy SwapHive. You have varieties of prices to choose from, this is because it’s a decentralized exchange and different people chose different prices they would like to sell or buy the hive tokens.

But when you are buying a hive token, you will click on the sell SwapHive orders to select your preferred price. Because you are selling your SwapHive to buy hive token.

While using the DEX you don’t need to go through the KYC and AML process.

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