Hope you all are well and enjoy your good health by the grace of God Almighty. As I have completed Stage 2 Task 1 in the Hive Learners community, I am now going to complete Stage 2 Task 2, which is about Hive and Hive Power.
How much do you know about Hive, Hive Power & HBD?
In fact, Hive Blockchain has three types of assets that can be earned, used, exchanged and traded. These are Hive, Hive Power (HP), and Hive Dollar (HBD). Let's discuss them one by one.
Hive:
Hive is the largest token on the Hive Blockchain. This is the local currency of the Hive Blockchain, a so-called cryptocurrency that can be exchanged, stored and staked. Hive can be traded or exchanged on various exchanges such as Binance, Poloniex, Huobi Global, etc.
The only way to get a Hive token is by posting, commenting on the Hive Blockchain. Users can post standard posts on hive.blog and receive prizes in the form of Hive tokens that can be easily exchanged. In addition, people can trade Hive tokens for profit and good profits.
Hive Dollar (HBD):
The Hive Blockchain is another local currency known as the Hive Dollar, or simply HBD, which can be converted into a Hive Token by an internal exchange of the Hive Blockchain.
Users can get HBD by posting, commenting on Hive Blockchain. Rewards given through up votes are actually in the form of Hive Dollars and these HBDs can later be converted into Hive Tokens.
Hive power (HP):
Hive Power is not a cryptocurrency in itself, but is actually a stain of Hive tokens in Hive Wallet. Yes, stacking of Hive Tokens is called Hive Power or HP only.
HP can also earn in many ways such as commenting, posting and voting on other people's posts. Although this process of accumulating HP takes a long time, HP can also be enhanced through a process known as powering up. In the process, hive tokens are converted into hive power. Another way to increase HP is to buy Hive Tokens from an external exchange and then power them up.
Importance of Powering Up
- As I mentioned before, Hive Tokens can be converted to Hive Power (HP) through a process known as Powering Up. So, now we come to the part where we talk about the middle ground. So, have a look.
- The first and foremost benefit of power-up is that it enhances users' ability to post blogs and comments on the blockchain. For example, a user who is new to the platform can only make 2 or 3 posts per week as resource credits (RCs) are reduced. By empowering Hive, users can post more comments or blogs.
- Another advantage of powering up the hive is that the higher the power of the hive, the greater the effect of the user's vote or down vote. So it's really impressive. Users can further reward standard posts by increasing HP.
- Another important point is that HP Hive explains the user's choice on the Blockchain. In fact, it is the future of consumers on the HP Hive Blockchain.
Ways to acquire Hive Power (HP)
There are actually three ways to get maximum hive power (HP). The methods are as follows.
- The first way to get HP is to post and comment on Hive Blockchain.
Another way to get HP is to power up the acquired Hive to Hive Power. - The third way to get Hive Power is to buy Hive tokens from any external exchange, transfer them to Hive Wallet and then power them up. This is the fastest way to get maximum HP.
Converting Hive Dollar (HBD) to Hive
As I told you earlier, we can convert HBDs derived from Hive blockchain internal exchanges into Hive tokens. The steps that are followed are as follows.
- First, click on the Wallat option in your Hive profile to open Hive Wallet.
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This is an amazing post @drhive75 though you forgot to include “Delegation” in the different ways we can acquire hive power.
What I'm trying to say is that you can also get hive power through delegation. If you don't understand it, then it's fine because it hasn't been taught here yet.🙂
That's because I just saw your post. It will be upvoted soon.
The next procedure will be made known to the community at the appropriate time, for now you can just continue to blog while you await the next task.
Congratulations @drhive75! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):
Your next target is to reach 50 replies.
Your next payout target is 50 HP.
The unit is Hive Power equivalent because your rewards can be split into HP and HBD
You can view your badges on your board and compare yourself to others in the Ranking
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