Turning Fiat Into Hive & Buying Some Hive Engine Tokens
We've been busy over the years helping to onboard new users to Hive. From Bitcoin Bully to SteemSavvy, @ClickTrackProfit to our brand new Hive Guide...Our goal is always....Raise awareness for this amazing blockchain!
But one of the biggest stumbling blocks we have found over the years is...Bringing fiat into the market and buying Hive and related Hive Engine tokens!
We did a video tutorial last night and walked members through the process, but feel this deserves a more in depth step by step blog post for new members to reference down the road.
For those of us that this is second nature, we have to appreciate how confusing this can be for new members to the blockchain...So my goal today, is to break this down as simple as possible!
Note: This post will assume that you have a few things, if not you should get each of them before starting;
- A Hive account
- Hive Keychain installed in your browser
- A Google Authenticator account (iOS) (Android)
Step 1 - Coinbase
Now you can use any exchange that allows you to link your bank account to, because this will be how you bring the fiat into the market.
I use Coinbase for a few reasons :
One, it's the first exchange that allowed me to use my bank account!
Second, it's very easy to use once you use it a few times.
I know it's not the favorite for everyone, but for simplicity sake I'll use as the exchange that I 'buy' crypto with.
So after I have linked my bank account (which may take a few days to verify) I have the ability to click 'Trade' on the top right...
Which brings up this order form.
Now here's what I do, that helps lower fees and speed up transactions....
I always 'buy' Litecoin (LTC).
Yes, Bitcoin is an option, as is ETH and many others inside of Coinbase, but for lower fees and quicker transactions I've always purchased Litecoin.
So now that I have a bit of Litecoin....We need to send it somewhere that will exchange it for Hive....
Step 2 - Blocktrades
This is my path to bringing fiat into the Hive eco-system but there are many other ways. This is just the way I've been using for years as it works well and is easy enough for anyone to grasp after they've done it a few times...
So the first thing we need to do, is log into Blocktrades.us (and sign up for an account if we don't have one yet, it's free!)
Once you are signed it, it'll bring up this screen...
First - Make sure you have Litecoin chosen in the 'Send' drop down! Note: The amount doesn't matter, as whatever you send will be exchanges for Hive.
Second - Make sure your receive address has YOUR Hive username!
Third - Click 'Get a new Deposit Address'
Which will show you something like this....
We now need to copy that Litecoin (LTC) address and go back to Coinbase!
Step 3 - Coinbase To Blocktrades
With that LTC address we got from Blocktrades, we are going to SEND the Litecoin (LTC) in our Coinbase account to it...
So in Coinbase, your portfolio should have Litecoin in it from Step 1 after you purchased the crypto.
I purchased around $20 worth of Litecoin and clicked 'Send All' under Send.
Then, I added the RECEIVE address I copied from Blocktrades into the 'TO' box as seen above...
Click Continue and then confirm the transaction with Google Authenticator!
Step 4 - You Now Have Hive!
Litecoin is pretty quick, within a few minutes you'll see this appear under the order page in Blocktrades...
So at current prices, $20 worth of Litecoin will generate 140 Hive.
As you can see, the transaction is pending...But after a few minutes, it'll complete and the Litecoin will be exchanged for Hive and sent DIRECTLY to your Hive wallet!
Let's see if it went through....
That took about 3 minutes from start to finish...But depending on how busy the Litecoin network is, may take a bit longer...but never as long as other options. That's why I always use Litecoin :)
But now we're in business!
Let's take this into the Hive Engine platform next!
Step 5 - Depositing Hive into Hive-Engine
This is super simple, but the reason we are transferring Hive into Hive Engine is because to purchase tokens within the Hive Engine environment the Hive must be turned into Swap.Hive.
Without getting into too many reasons why this needs to be, let's just know that Swap.Hive and Hive are always 1:1. But it needs to be in the native Swap.Hive format to do the trades on Hive Engine.
So let's log into Hive-Engine.com
And on the top right is a big DEPOSIT button, click that...
This is as simple as clicking 'Get Deposit Info' and then filling out the amount of Hive you want to turn into Swap.Hive...
Now that you've got Swap.Hive, let's buy some CTP Tokens ;)
Step 6 - Buying CTP Tokens
This is perhaps the most 'tricky' part of this process, but once you go through this a couple of times, it'll be easy to do!
So let's bring up the order page for CTP Tokens...
Click 'Tokens' and search for the ticker - CTP - and then click the two arrows pointing right and left...
This will bring up the order page....
You'll see sell orders on the right and buy orders on the left...As we are BUYING CTP Tokens, we will be using the lowest sell price of 0.14500 Hive / CTP for our trades.
Note: Depending on when you read this article, the price maybe lower or higher. The important thing is that we are pulling the numbers to BUY CTP from the list on the right.
So we'll purchase 100 CTP Tokens at a price of 0.14500 Hive / CTP
Note: I have 284.31581751 Swap.Hive in my Hive-Engine account! So I'll be able to do the transaction without any issue.
Click Buy CTP and presto....
If you look a few pictures up, you'll see I had 324 CTP under the order page for Sell...
Now it's at 424 :)
Note: You can use the Step 6 for ANY Hive Engine based token including but not limited to LEO, CTPSB, CTPM, NEOXAG, DEC, SIM, BRO, SPORTS....You name it :)
I hope this helps...And opens you up to the amazing and VERY exciting Hive eco-system!
There are so many projects to take a look at within Hive-Engine. This is such an exciting time to be involved in the Hive platform and I hope this tutorial helped you bring fiat into the markets so that you can benefit from all the activity and excitement here!
As always, if you have any questions, please let me know if this wasn't clear!
If you need more in-depth training about how to use Hive and all the amazing applications of this blockchain, make sure to check out:
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The CTP Swarm
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And we'd love to have you join the CTP Swarm!