If you are also stacking up on CREDITS to prepare for the Chaos Legion General Sale, you might have noticed that there are some cryptocurrencies that give better rates than the others. In this post, I will be sharing with you my experience in converting HBD to Credits, and why I suggest converting your HBD first to HIVE before converting it to in-game credits.
Note: You can see the price reference used by Splinterlands here.
Converting HBD to Credits directly
Since my funds allocated for the presale are all in HBD, my initial plan was to convert HBD directly to CREDITS. However, upon checking how much HBD is required to get $400 worth of CREDITS, the discrepancy seemed too much that pushed me not to go through with the transaction right away.
As you can see in the above image, I would need to spend 442.10 HBD (in-game conversion facility prices HBD at $0.905) to get the $400 worth of CREDITS that I need for the Chaos Legion General Sale. That is a +10% difference if you peg HBD at 1 dollar or a +8.3% difference to Coingecko's price ($0.98/HBD) as of the time of screenshot.
Now let us take a look at buying CREDITS using Hive...
The next thing I did is to look for a viable payment alternative as I do not want pay a 8-10% premium when converting into Credits. Since Hive is the easiest to convert from HBD using the Market facility, I opted to check Hive first before the other cryptocurrencies.
As shown in the above image, I would need 312.5 HIVE to get a $400 worth of Credits, which prices Hive at $1.28. This is just the same as how CoinGecko is pricing Hive at that time. Because of this, I chose to convert my HBD to Hive first, before buying the Credits.
Buying Credits with HIVE
To convert my HBD to HIVE, I placed a Buy order for 312.5 HIVE in the Market facility, that can be easily accessed from your PeakD's wallet page (see above image). Since I want a quick fill, I just set the buying price to the lowest price that can give me a total of 312.5 HIVE, in this case 1.269213 HBD/HIVE.
As shown in the transactions above, I got a total of 314.729 HIVE from the 396.63 HBD that I have spent in the conversion. Due to adding the additional step of converting HBD to HIVE first before buying credits, I have saved ~45 HBD and still have an excess of 2 HIVE from this transaction!
While I am not certain if this method will always yield favorable results, I would definitely double check each transaction first before doing direct credits conversions in the future. With HBD, it is quite easy to spot if the value is unfavorable as it's normally priced near to 1 USD. However, with other cryptocurrencies, it is not that easy to see, and I would definitely double check first how the cryptocurrency is priced before proceeding with the Credits conversion.
Thanks for sharing! - @alokkumar121
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Did I see over $400 HBD pushed in at once? Hey, there is much to learn. Goodluck on your investment.