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This is a value for value post: see the explanation in the footer.
Max transaction lowered
Over the last few week the price of BTC has sored to new all time highs. At the same time Hive has stagnated at or below 20c. In light of this I've adjusted the maximum payment for Lightning down from 250,000 sats to 150,000 sats.
I want to remind people that this system is still in beta and is undergoing a process where by it can be decentralised. It's not meant to be a trading system, it's meant for paying real Lightning invoices in real stores and other transactional uses.
Fee
I've also increased the fee from 1.5% to 1.7%. I'm never going to recoup what I lost last month being hacked, but I need to make sure I'm not at least loosing on every transaction (which is more likely when the price of BTC jumps the way it has recently).
You can always find the up to date fees here:
https://peakd.com/hive-110369/@v4vapp/hive-to-lightning-gateway-fees
Value for Value
For the last few months while building @v4vapp I was generously supported by the DHF. Going forward I have a much more modest support which covers direct server costs and a little of my time.
If you appreciate the work I do on and around Hive, you can express this directly: upvoting posts on Hive is great. Also consider a direct donation (there's a Tip button on Hive or a Lightning Address) on all my posts.
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I find 1.7% still ok for the service. Do you have already more concrete plans how to decentralize it?
Yes. I'm working on the re-write to make running this service by others possible. It's also combined with shifting the functionality which I call KeepSats over onto @vsc.network which is a very important part of decentralising what I do.
Ok. Thanks for clarifying.
Why not make the fees fluid depending on the BTC price to Hive? Or something like that instead of a hard cap?
The fee is a flat 50 sats (which is pretty low deliberately not to hurt smaller transactions) with now a 1.7% charge of the value of the transaction.
Damn, that is pretty low! :D
I have used your service before, but I am just not one who does a lot of transactions xD
Which is a better way to buy hive with bitcoin?
Without kyc exchange?
For direct Bitcoin swaps you can use Swimpleswap:
https://simpleswap.io/customer-account/signup?referral=GMBjXNIsjL
I've used that one in the past.
Sadly, it is KYC.
So there are no really decentralized on- and off-ramps for Hive? :/
What hinders you to provide a bridge for trading?
Liquidity? Can't it be funded via Hive (DHF) itself?
I think providing a good "trading bridge" could onboard a lot of users to Hive.
All those traders looking for a good decentralized stablecoin to realize some bitcoin profits in the current run. (plus 10-20% APR ! for saving and waiting in HBD for the next bitcoin dump)
Hive would profit big from new users and new capital (BTC -> HBD) inflow.
Traders may also start blogging, documenting some of their trading path, experiences, profits and losses to earn some extra Hive, ;)
I already love how you integrate Hive into the Bitcoin ecosystem.
We should not stop here.
Thanks!
When @vsc.network is up and running and there is a proper liquidity market things will get much more interesting.
Yeo!
I just reached out yesterday and had contact with vsc discord and asked if you guys could provide help to each other.
Looking forward! :3
We already been working together for over a year at this point!
Thanks for the update Brian. Great service.
I'll certainly vote your proposal. Love this service. Do you have plans/ is it even possible to bridge the other way? From BTC straight into Hive/ HBD...?
You can already send Lightning and get Hive. The Sales tab which acts like you're running a store does exactly that.
You can also send lightning from most lightning wallet apps direct to your hive [email protected] and you'll get hive. if you want HBD use [email protected] and to hold sats use [email protected].
Oh OK thank you so much, I obviously need to read the instructions more carefully!
Or maybe it doesn't work with the Muun wallet which is the one I've got...? I'll give it another try later today!
Give up on Muun. They're not really a Lightning wallet any more.
Worked beautifully thanks, just hadn't twigged the sales app as the way to do it, fees so cheap, excellent service thanks again!
Paying lighting invoices VIA Hive is amazing. !BBH
Thanks for the update Brian :)
Intente usar la chivo wallet pero no me lo permitio.
Seguire intentando ojala ai SE pueda en algun momento.
Not sure exactly what problem you're having.
regular and happy customer here.
1,7% is still good.
@brianoflondon! @ironshield likes your content! so I just sent 1 BBH to your account on behalf of @ironshield. (10/100)
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Thank you so much for giving us this update