Turning Fiat Into Hive & Buying Some Hive Engine Tokens

Bringing Fiat Into Hive  Buying Some Hive Engine Tokens.png

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;

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.

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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...

BlockTradesCryptocurrencyExchange.png

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....

BlockTradesCryptocurrencyExchange.png

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.

Coinbase 2.png

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!

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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...

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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!

Cool huh?

Let's see if it went through....

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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...

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This is as simple as clicking 'Get Deposit Info' and then filling out the amount of Hive you want to turn into Swap.Hive...

HiveEngineSmartContractsontheHiveblockchain.png

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...

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This will bring up the order page....

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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

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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....

Success

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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:

The Hive Guide

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Let's grow together!!!

Come say hi and meet with the most dedicated and fired up entrepreneurs on the blockchain ...

The CTP Swarm

We're big on community!

And we'd love to have you join the CTP Swarm!

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35 comments
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Little tip: you can use leodex to pay a lot less fees. Just 0.25% at https://leodex.io/. They need to have the liquidity(which they usually do) but you pay only a quarter of the fees.

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Yup, we spoke about using LeoDex in the video on Monday night. Reason I just used Hive Engine....Simplicity.

People that we're bringing into Hive know nothing about crypto. So telling them they are joining Hive and then throwing them to something called 'Leo' would confused and complicate it.

Once people get familiar with Hive and it's inner workings, we always suggest LeoDex and other applications.

This is meant to help brand new people get into the habit of flipping fiat :)

We have a big Leo module inside of Hive Guide too.

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Not to mention the Blocktrade fees. One of the most expensive services in the market.

Posted Using LeoFinance Beta

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Blocktrades is a flat fee. If you do large enough fee becomes negligible. For something quick and easy its worth it.

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Great Post Jon, I am glad you were inspired to recreate this information and have made sure I for one have absorned it :0

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Yeah I hope it helps people down the road.

A reference for anyone looking to dive into Hive deeper.

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Awesome post Jon! I'm sure it will help a ton of newbies and refresh some people's memory!
I got so used to use Bitcoin as soon as I lost the fear to use it (the transaction times still haunts me lol) that I didn't look for alternatives!
Bookmarked for sure :)

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Yeah, it's the default crypto for sure...But when people start seeing the other alternatives...Hive might even become more attractive for day to day payments!

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This is a great post to accompany last night's Crypto Monday training. I have both a Coinbase and an Uphold account so I guess I could start the process in either one. I know I have money in the Uphold account that I have earned and can be reinvested. Still haven't taken anything out of pocket to get my crypto.

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Yup, and remember....Here's the big win with Uphold...

You are earning BAT from StartEarning.Today along with commissions from CTP that get paid directly to Uphold.

I will do another post and use Uphold as the example...thanks for the suggestion ;)

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very informative guide for those starting out. I'll repost it too, in case I need a reference 😉👍🏼 thank you for this, Jon!





Posted using Dapplr

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Thanks Rose, glad you liked it and thanks so much for the support!

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Great post and steps. That will help many new people😀

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Hope so, thanks so much for the comments :)

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Very good tutorial, but the expensive one too. And it shows the reality that it'll be a long way to mass adoption.

Posted Using LeoFinance Beta

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Yeah ultimately it would be better if we could just get a big fat 'Buy Button' on whatever blockchain we liked and it would be settled LOL

One can dream :)

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(Edited)

Nice one on the guide.

I think you can make it even simpler as you might be able to deposit LTC directly to Hive engine which would save the steps of going through blocktrades. I know you can deposit BTC but don't know about LTC deposits.

The only things I don't like with this method are the hefty fees of buying direct from Coinbase and then using blocktrades but you're right, it's by far the simplest, just not the cheapest 😊

Definitely good fun to play around with Hive engine tokens though and thanks for breaking it down!

Edit: I just had a look and you can actually deposit LTC directly to Hive-Engine which would save steps and fees, even simpler 😊

image.png

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Oh absolutely. Biggest issue is liquidity of LTC on hive engine. You don’t always get the best exchange.

My route isn’t the cheapest. But it works. Which is really important for new members that have never messed with crypto before.

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Yes, moving LTC to hive directly doesn't give you good conversion rate.

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(Edited)

This is a very good post. I just sent some Litecoin from Coinbase to Hive for Hive Power this morning. I really wish Coinbase would start supporting the purchase and selling of Hive. I bet this is content material for the Hive Guide and if it is, then it is rockin!

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Yeah they have an agenda and I dunno when that it will show up on Coinbase. a big ‘buy hive’ button would be awesome to see

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That is a really great guide Jon, and it has also been added to the index in the Hive Affiliates Community, now it has 60 posts and videos with guides and tutorials.

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Awesome man, thanks so much for doing that!!

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Awesome guide! It will be a very useful reference to newcomers on the platform! Thanks for creating such a detailed tutorial!



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Hope so, took hours to put it together LOL But loved every second of it :)

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Love the steps Jon this will help a bunch. Now how do we save this post so we can come back to it?

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Nothing that a good ol' fashioned bookmarking page can't fix :)

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