My first Hive withdrawal to FIAT
This post can be misinterpreted as I'm powering down or selling my Hive or even leaving Hive. It is not the case. I would like to start the article with this disclaimer that this withdrawal is just a small experiment that I did today. When I talk to new guys about Hive, they usually ask me what are the options to convert Hive to FIAT especially with all the crypto-related challenges we have in India. I wanted to verify if it was possible so that I can tell anyone confidently that Hive can be easily withdrawn to INR with just few steps.
Yesterday I was having a very long conversation with @mango-juice about options to withdraw Hive to our FIAT currency which is INR. I was saying that Wazirx was one of the options and long back when I was using Steem, I have tried using Instashift to convert my Steem to INR. After having big conversations with @mango-juice, I also wanted to experiment with my first withdrawal to INR. While discussing we found that Binance itself had a p2p transfer facility. There were two requirements to do a peer to peer transaction. One was to get KYC done and another was to link the mobile number.
I was fortunate enough to have done that earlier so my withdrawal went very smoothly. The first step in this process was to send funds from Hive to Binance exchange. In this step, the memo is very important to receive the funds properly to the exchange wallet.
Above was my binance wallet details. Every individual with a binance account will get a unique memo. If the memo is incorrect, the funds will be transferred to a wrong account.
I then transferred 100 HIVE as an experiment to the Binance wallet. I used the keychain to make the transfer. Keychain is always handy in doing transfers to someone. It is good that Keychain also has a facility to transfer Hive Engine tokens as well.
Yesterday after a very long time, I tried using my Binance account. I noticed that I had some shit coins in my account that I bought long back. The worth was around 150$. I'm not going to do anything about them even now. When I checked the notification section, I noticed that there were so many notifications about P2P and also about new features for Indians to do crypto trading. When I also checked the P2P option, I was able to notice that many Indians were using Binance to do P2P trading.
As we don't have proper regulation or information about crypto trading in India, we have to stick to the P2P option. I have done that before with the help of Instashift where I bought some Steem using my FIAT using P2P transaction. I'm glad that this feature is now available in Binance itself. Though Binance is a Chinese based crypto exchange, P2P is not going to create any big harm and I guess even if the government imposes any ban on that, this P2P option wouldn't get affected so much.
After transferring funds to the Binance wallet, I noticed that my funds were received. They have different types of wallet and the normal or regular wallet is called Spot wallet. I was able to see my funds there in the Spot wallet. The next step in the process would be to convert my Hive to USDT as P2P works only for a few currencies in Binance. I believe USDT is a comfortable method.
The next step was to move my funds from the Spot wallet to the P2P wallet. I cannot directly use P2P for the funds from the Spot wallet. I use the transfer option to move my funds from the Spot wallet to the P2P wallet. This transfer button can be found inside the Spot wallet and the below options will be provided for the transfer.
As the funds are in my P2P wallet now, I have to go to the P2P trading section and sell it with someone who is willing to buy my USDT. Unfortunately, I noticed some problems with payment methods in the web version. But when I switch to a mobile application, I was able to see multiple payment methods available. The payment method is dependent on the buyer or the seller. Some sellers might support IMPS and some might support UPI.
I switched to my mobile application and initiated a P2P transfer, I luckily got someone who had UPI was the payment method. I also promptly received the payment and then I had to click the Release button to release the funds to the seller.
One good this about this process is that there is also a chat window available in the application with which we can chat between the seller and the buyer. The below screenshot shows the communication that I had with the buyer.
The entire process was seamless and I noticed that only the first time it is difficult or a little complicated from the looks of it. After we do it for the first time things become easier. I guess this is definitely a great option for Indians to transfer their funds to their bank accounts with the help of crypto wallets. As this is a P2P transaction, I believe there will not be any problem with tax and other issues.
If you find this article interesting, please vote, share and follow. Also, please share your thoughts in the comments section.
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Posted Using LeoFinance
wow, you made it look so easy. Thanks for explaining it well. I must bookmark this for use.
india needs to go ful private sector USA partnership and find a partne LIKE COINBASE who can GIVE indians THE SAME FINTECH PRIVALAGES and REAL ADVANTAGES as everyon else in usa
india can leapfrog itself AHEAD of the USA
just remain allies for all eternity ok? ok deal
Yes, but the Indian government is now again working on finding out ways to ban cryptocurrencies. Recently after a court order, the ban on cryptocurrencies was lifted but looks like it might come back. But we always have a peer2peer option. But in my opinion, I guess having a regulated crypto trading would be an ideal way to go for India. If they keep banning cryptocurrencies then there is a high possibility that they might lag behind when every other country in this world keeps moving forward.
Posted Using LeoFinance
Yes after the conversation with mango yesterday, I thought I should write an article on this so that it becomes handy for many people. That's why spent some time to compile this article with some screen shots as well.
Posted Using LeoFinance
Well written. Good info for individuals who need to withdraw any crypto from Binance.
Yes, it answers the question about Hive Withdrawal for many users. Thanks for your comments. Cheers!
Posted Using LeoFinance
Ahh, nice, but what if the person on the other hand is your local drug peddler, dealing in crypto. One day the police knocks on your door and asks, where are the drugs😂
Lol, the first time I did p2p with an unknown person, this was my first thought. Crazy me.
I guess that is definitely a valid thought. We will not be able to provide proper answers to the police in such cases. Man, now I guess p2p is bad.
Oh wait a minute. I guess even in that case he would have done KYC on Binance and in such cases, I hope we can also give some explanation or come up with some story.
Posted Using LeoFinance
Lol, fake KYC?
How difficult is it to have fake id's from dark web. If you want to go on the road.
Lol, I am just a overthinker, and look for the negative biases first. LOl. Don't mind me.😂
Well the argument remains the same. The illegal business exists long before the cryptos. 🤣
lol...
Yes, that's true. There is a high possibility for us to get screwed. 😀
crazy how complicated this seems when its really not, you just make it seem bigger than it is when all the parts are there on the table spread out .
Yes, it is true. The first learning is always difficult. But once we learn how to do it, it becomes easier. Cheers!
Thanks a lot for the informative post bade bhai this is very useful to me.
Glad that you found it, useful bro. Cheers! 🙂
yours posts are alwa9ys useful for me and others like me aloso. 😃
🙂
Upvoted by GITPLAIT!
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Thanks for the votes @gitplait. Cheers!
Binance verified my profile within minutes whereas for wazirx it took 3 days. We better use binance from now on. :) very nice and easy post bala. And thanks for the great help :)
You are the reason behind this post mango. Thanks to you. I was also able to verify how cashing out works. Cheers! 🙂 !BEER
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