Sharing Knowledge
Every now and again, I see common questions that pop up as I browse through my feed on @peakd and as I've occasionally shared some of my experience and knowledge over the last 2.5 years of being here, I try to help where I can. Some of my friends have been asking me about HBD conversions and how they work so I thought, instead of repeating myself multiple times in various comments across many users posts and DMs, I might as well just write a post about it and share what I do when it comes to converting HBD via PeakD. Here goes!
What Is An HBD Conversion?
It really is as it sounds, you're converting HBD to HIVE but instead of using a market or exchange to do it, you're using the Hive blockchain itself to process this and it will take 3.5 days to do it. Here, the blockchain will take the median average of the price of HIVE over the 3.5 days from the price feeds given by the Hive witnesses. There is more information on your PeakD wallet page about this but this is the basic principle of what an HBD conversion is.
How Do I Do An HBD Conversion?
Thankfully, PeakD has made this very simple as all you need to do is go to your PeakD wallet by clicking your profile in the top right of the screen and then "wallet". When you're in your wallet, click the drop down box (this will be greyed out if you have no HBD to convert), then click "convert to HIVE".
You will then see a second screen which will ask you the amount you wish to convert with a little more information about how the process. Once you have put in the amount of HBD, click continue and then that's it! Put your feet up, relax and wait for 3.5 days for the conversion request to complete. In the meantime, why not write another post or read someone else's 😃
Why Would I Want To Do An HBD Conversion?
Well, this depends really on what you want to do! For me, I want to power up HIVE and just build my holdings seeing as HIVE Power can really work for you here in so many ways. So converting from HBD to HIVE is a no brainer for me but you may have your own goals to achieve, or you want to have something a bit more variable as HBD is (supposed to be) stable at $1 USD (besides, you can't do much else with HBD at the moment).
How Do I Get HBD?
HBD is generally given as rewards for posting content on PeakD when the price of HIVE is about $0.17 or above, assuming you have set post payouts to 50/50 in your settings at the bottom of the post editor (see my previous guide to setting post payout options. Otherwise, you can buy HBD from certain exchanges that offer it but you'll need to be wary of the price fluctuations and work out what's best for you.
When Should I Convert HBD?
Generally, I go by the rule that if the price of HBD goes below $0.95 then I just start converting via Peakd, if HBD is above $1, I go to the internal market, which you can access via your wallet by clicking the down arrow next to "send" as below. Otherwise, I just hold HBD until it goes below $0.95 or above $1 (or unless I really need it or am impatient)!
I used to wait until HBD was below $0.90 but that doesn't happen as much these days, things to be a bit more stable but always keep your eyes on the price feed in PeakD's wallet! Others may do things slightly differently but after I've read a few people posting about their approach and trying things out myself, this has been what I've been doing - happy to read other approaches in the comments section!
Conclusion
PeakD's HBD Conversion is a pretty useful tool if you want to wait 3.5 days and potentially make the most of price fluctuations in HBD and get more HIVE. I'm always looking for ways to grow my HIVE Power and converting to HIVE for HIVE Power is one of my routes to do it but if you need that HBD to live then for goodness sake, exchange to your local currency! Nothing wrong with that either!
What about you? What's your approach to HBD conversion? Do you even use it? Did you know about it? Let me know in the comments below and hope you found this helpful!
Nicky
P.S. I have some referral links for Coinbase's "Earn" program where you watch a series of short videos (a couple of minutes each) and earn up to $10 USD worth of that particular crypto by answering questions which are quite frankly, a doddle!
Here's one for Stellar Lumens (XLM) - 4 referrals available:
https://www.coinbase.com/earn/XLM/invite/3nxtg25bAnd one for EOS - 4 referrals available:
https://www.coinbase.com/earn/EOS/invite/q872vpzn
Enjoy!
Nice one - I'd sort of sussed HBD out, but there's some nice bits of info here that fills in some gaps.
I'd forgotten about the coinbase tutorial stuff as well, so thanks for the reminder as well!
All in all, mate - Thanks!!
Glad to have helped fill the gaps here Mr Gribbles on all fronts!
Make sure you use the referral links as they will fast track you to the Earn programme on Coinbase, otherwise, you'll get on a wait list which could last for any length of time!
Another top tip! You just can't help yourself...
(Thanks - have done!)
It's #toptipfriday mate haha!
Indeed. 👍
Looks like it still bunged me on the waitlist, anyway - I got to accept your invite, but still have the waitlist banner. 🤷♂
No worries, I'll wait...
Ah bugger! What a weird system! What's the point in a referral link if you can't be fast tracked. Oh well, you'll get an email when you get "accepted" on I guess.
How much would be the difference of HBD to hive.....I generally use the internal market no matter if it is above $1 or below...most times I get around 4 time of my HBD...suppose for 50 hbd I do get around 206 Hive from internal market...and doesn't need to wait...unless there is no buyer...
You will see the difference of HBD to HIVE on the PeakD wallet also, here's how it is currently but think you can only see this on the PC browser at the moment - can't seem to see it when browsing on my mobile:
So currently, it's about 4.2:1 (HIVE:HBD) but this is information from CoinGecko, not from the internal market or witness price feeds as far as I can tell. So about 4:1 is when HIVE is at $0.25 but you may lose a bit on the internal market as I think the prices are a bit higher there. Advantage of course is you don't have to wait but I think the volume isn't too high on the internal market...
I think ratio is almost same...hardly any matters...the only worry how much would get after 3-4 days...the price of hive is showing little on the lower side...in inter market it was approx .24
Yes but you also need to add the variance of HBD to it too. They are independent of each other actually and if HBD goes up and HIVE goes down, then you'll get more HIVE but unless there's a massive fluctuation, it's likely to not matter too much at low amounts. Maybe if you're converting 1000s you'll notice it but the odd one or two, probably not
Rightly the variation does matter, infact I do check with blocktrades too, the internal market is far better. Now peakd I can give a thought but the time period is too lengthy ,...might the team need to check upon it to shorten a bit
I don't know if it's a function that's in built to the blockchain and PeakD just made a button for it but I believe it's not up to them but the witnesses/developers to change it if there's demand, rather than PeakD.
I think the moral here is, just check all the different options available and what works best for you. Some people get put off by charts and graphs/exchanges and just want a button that does the exchanging for them so that's where the benefit of the Convert HBD feature comes in
That's true...we must explore all the possible option....anyway do you have any ide, how different dapps shows different reward value....have you noticed that ?
Useful and complete article, I will share it to new users for more understanding.
Moreover, I just seen yesterday your delegation, wow 😇✨
Thank you too much 🎆, I really appreciate and I look forward to learn and knowing more family Hive friends.😤
I wish you a nice weekend, big hugs 😊
Thanks a lot for checking it out and glad you found it helpful! It's just a small part of what you can explore in the wallet on PeakD - there's loads to get through!
You're welcome for the delegation and congratulations on winning! Take care and have an awesome weekend too!
Yes it is very helpful for me. It's been a year I'm on the platform learning. I feel very grateful thanks again 🙌😊
Big hugs.