Easily transactable cryptocurrencies play a major role when we are moving funds from one wallet to another wallet. It can either be from one crypto exchange to another exchange or just from one crypto wallet to another wallet. I'm going to be discussing a Hive in particular in this article that can save us a lot of money while transacting with them. The transactions are not cheap on Hive but they are absolutely free.
Before I start off with those easily transactable cryptocurrencies, I would like to first highlight why we need them. Bitcoin for example is the top traded or top transacted cryptocurrency in the crypto market. One of the biggest reasons is that most of the traders here know only about some of the top coins and trade only on them.
There is sometimes a need where we have to move the coins from one exchange to another exchange to make use of the price fluctuations. I have seen many hardcore traders doing that. I have even done that by myself when the price of HBD is lower in the local market but higher in the Bittrex market. I have bought it from the local market and sold it in the Bittrex market.
So, in situations like this, if we have an easily transactable cryptocurrency that is either free or very cheap, it will be a boon for us to save lots of money in transaction fees.
Hive is the best choice
In situations like this where we have to move our crypto from one exchange to another exchange, Hive is the best option because the transaction on Hive is absolutely free if we move the funds from one wallet to another wallet. But when it comes to exchanging wallets, the transaction fees are still cheap where most of the top exchanges charge only 0.01 Hive per transaction which is not even one cent.
Of all the cryptocurrencies we have in the market, there are only a few cryptocurrencies that have free transactions. The sad thing is that they don't get bigger visibility and the market cap is very less on them because many people don't know about this. Every time I have a need to move crypto from one exchange to another exchange, I first convert my holdings to Hive and move Hive from one exchange wallet to another exchange wallet. Then in the new exchange wallet, I convert it back to my desired cryptocurrency. By doing this I save a lot of money in transaction fees. I know there will still be small fees involved in trading but compared to paying gas fees or transaction fees, these fees should be easily manageable.
I know there are also other similar cryptocurrencies that are cheap for transactions. I don't see any coins that are absolutely free though. TRON, DOGE, Monero are a few examples but I still prefer Hive as the option and if Hive is not available in the exchange where I'm transacting, I go for the other cheap coins.
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Posted Using LeoFinance Beta
I haven't really traded HIVE on the exchanges but can you elaborate a bit on this. Are you saying you can convert like 1,000 HIVE for a fee of 0.01 HIVE?
I am also a bit interested in how you are using HIVE to move things from exchange to exchange as well how much you lose (spread and fees).
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I'm interested in the specifics too.
!ENGAGE 10
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ENGAGEtokens.Moving millions of dollars from one wallet to another in 3 seconds, for free.
Hello Hive :)
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Yeah. 😃
Oh sound good Hive is the best option because the transaction on Hive is absolutely free. You are doing well
Oh sound good Hive is the best option because the transaction on Hive is absolutely free. You are doing well
Your post was promoted by @jfang003
I have been using Doge for a very long time to do transactions between exchanges because it was cheap and fast. It actually never occured to me to use Hive and actually it's a much better choice !
I have picked this post on behalf of the @OurPick project and it will be highlighted in the next post!
Yeah even I realized it only recently. I was using TRX for my transactions. Thanks for the votes by the way. Cheers! !BEER
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BEER.There aren't that many exchanges that trade Hive though are there?
Also, isn't there the risk that you get the timing wrong or there's a delay in the trade and you loose some of your bitcoin, for example, as a result?
Also, isn't there a chance that the prices won't be the best if you're using one of the smaller exchanges so what you gain in not having to pay fees you lose in the poorer price?
It would be helpful to have examples to we could see the actual prices paid.
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You are right there is a small risk involved as well. But there are times when you get lucky while moving funds from one exchange to another.
Better to give it a try while transacting on bigger exchanges. But if the exchange you are moving the fund to is smaller one, keep a watch on the price where you can buy low and sell high.
Yes. I suppose that must be so. I hadn't thought of that! 😁
!ENGAGE 10
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ENGAGEtokens.The transaction fee - is not this based on percentage of amount or it’s just a flat fee and does not mater the amount you transact ?
It usually is based on the percentage of the amount we are transacting but surprisingly it is flat 0.01 Hive on binance and a few other exchanges as well.
Excellent point. Why aren't more people talking about this?
It is a major advantage that hive has over most other cryptos out there. Glad you decided to focus upon it.
If I could suggest, would you do a comparison of the cost of moving from one exchange to another in the larger currencies as compared to doing what you did with Hive?
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Yeah that will be a nice post topic to write about. I'll do it sometime. The comparison will definitely impress us.
Honestly I have to disagree with this post. For me its VERY hard to find any worthy exchanges or swaps to convert Hive to anything else.
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True that we don't have enough swaps or big exchanges but I have done the below with Hive.
Binance to Bittrex
Bittrex to Binance
Binance to Huobi
Huobi to Binance
I frequently move funds between these exchanges for trading some coins that have huge price difference. It worked out really well for me.
Depositing to these exchange wallets is absolutely free. The flat 0.01 fees is only for withdrawal and to move funds between exchanges.
I've never really tried to move Hive by myself, so I don't know much about this. But I have paid some outrageous fees on some exchanges for moving funds and paying 0.01 Hive seems extremely cheap to me.
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Yes indeed it is very cheap. Only recently I myself found out that it helps in moving funds from one exchange to another.
When you're talking about the Hive blockchain, take out some of those shitty affiliate links to Publish0x and instead link to hive.io.
Would be much more helpful to LeoFinance and the Hive blockchain itself.
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