Helping Guide: Cashing Out Your Hive Into Gcash using Binance

in LeoFinance2 months ago (edited)

Most of us knew about Binance and most of us knew how to cash out our assets into Binance vice versa. This time, I will make a guide for the New users or new in this platform who didn't knew about cashing out their HIVE into real cash. It's for the Filipino people who wants to cash out their hard earned Hive into a real one. It's really easy to cash them out, all you need is your VERIFIED BINANCE ACCOUNT, and your Hive assets in PeakD.

If you are a Filipino and you don't know how to transfer, I will show you on how to transfer you HIVE into a GCASH or real money via Binance application. You can't access Binance in the browser because it has been blocked by our government but you can access the Binance using your phone or you can use a VPN to access the Binance in your computer or laptop.

So, let's by going to PEAKD wallet website because that's where you can see and navigate your HIVE and HBD (Hive Backed Dollars) or you can also use Ecency or Hive.blog. It depends on you but PeakD for me is the easiest way to navigate my assets. While you are in PEAKD, most of your funds will be in HBD (Hive Backed Dollars) and we can't transfer that to Binance because it's not yet listed in Binance and only HIVE. We need to CONVERT HBD into HIVE to transfer it to Binance.


Source

First, you need to click the DROP DOWN icon beside the SEND BUTTON in HBD (Hive Backed Dollars). Don't click the CONVERT TO HIVE because you will wait for 3.5days for your HBD to convert into HIVE. Instead, click the MARKET to convert your HBD in a few seconds.

After Clicking MARKET, you will be redirected into the HIVEHUB page. Don't rush into click the SWAP button because you will need to LOGIN your ACCOUNT into the HIVEHUB itself so that you can convert it manually and easily.

After logging in your CREDENTIALS in the HIVEHUB, you will be directed on this market and you can SWAP your HBD (Hive Backed Dollars) into Hive. Before you can convert them you need to SWITCH them up first because the default is HIVE to HBD, but you need HBD to HIVE. After switching, you can swap them up easily from HBD to HIVE.

After you are done SWAPPING your HBD into HIVE, you can go to the PEAKD website and see if it reflects in your account. If it reflects, your HBD will turn into HIVE in a few seconds. Then, you can CLICK send to send it into BINANCE. Now, here's the TRICKY PART from PEAKD to BINANCE.


Source

Before you TRANSFER your HIVE into BINANCE, go to your BINANCE application and we are going to see the deposit information of your HIVE transfers because this is needed to reflect your HIVE into your BINANCE account or else YOUR HIVE/ASSETS WILL AUTOMATICALLY DISAPPEAR.

Here's the steps on the BINANCE application on how to get to your HIVE DEPOSIT ADDRESS and make sure that the DEPOSIT ADDRESS and THE MEMO ADDRESS is the same as where you SEND in your HIVE from the PEAKD into BINANCE.

PLEASE DOUBLE OR TRIPLE CHECK THE MEMO ADDRESS AND THE DEPOSIT ADDRESS, so that it will really reflect to your BINANCE account because MOST USERS are confuse on transferring from PEAKD to BINANCE.

After you type the name and the memo address in PEAKD, you can click transfer and wait for a couple of second to see in your Binance application.

We need to transfer our HIVE into USDT, why USDT? I use USDT because that is the most stable coin that is PEGGED to 1USD = 1USDT.

Here's how to convert our HIVE into USDT and it's really easy to convert it because there's a simple way to convert and it only took a few seconds.

After we convert our HIVE into USDT, we need to transfer the USDT from SPOT WALLET into FUNDING because that is needed for P2P transfer and swaps.

Then, you are finished transferring into the FUNDING wallet, we can directly go to the P2P and click it from the TRADE tab in Binance.

After clicking the P2P, you can also click the P2P from above and choose the P2P button. After you click the P2P, you can click the amount and after clicking the amount, choose the TOP MOST person because that's the best exchange rate for myself from the "selling" of USDT and get a higher value of money from the other exchange rate.

After you sell the USDT, you need to wait for the sender to send the exact of the USDT in PHP and you need to CHECK YOUR GCASH first before you click the PAYMENT RECEIVED because we will to make sure that it's in the GCASH.

VIOLA! You have now cash out your HIVE into GCASH and you can cash them out from GCASH outlets. It's a long process but it's really easy if you are familiar using Binance. Anyway, that's one way to convert your HIVE into real money.

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Conclusion

I calculated the slippage fee for transferring fee for transferring HIVE into Binance and it's more than 2.5% slippage fee. I calculated my total GCASH money that I received and the total Hive in the Coingecko.

When I calculated the HIVE in coingecko, the total for 30.5 HIVE is 574.65php and the money that I received in GCASH is 560.15php. Maybe one of the factor that it has a 2.5% slippage is that I cash out a small amount of HIVE because in the P2P USDT, the higher that you sell your USDT, the higher the value of the USDT but if it is lower, you have no choice but you need to choose the lower one.

Is is better than the other?

I think it is better if you have no choice and you are in need of cash in order to cash out your HIVE but if you are not in rush, you can go to Discord servers [note: it's better if you go into a discord that you knew the people well because there are others that will take advantage of you] and sell your Hive into another Hivian. It's much more cheaper than cashing out if you cash out a small amount.

Note: The first photo was edited by me in Canva

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Small fix: "choose the TOP MOST person because that's the most expensive way" sounds bad. "most expensive" means "it will cost you the most to buy the least". If you have $50 and buy the most expensive apples, you'd buy 5 apples $10 each, instead of buying at the normal price, say, 50 apples $1 each.

I checked the numbers on those screenshots, and the people on the top are the "best prices" for you. So, they give the most FIAT for your CRYPTO. That's effectively the other way around: for you, it's the LEAST expensive way to get FIAT. That's what you want. Pay less, get more. You want least expensive transactions. For them, for the sellers who post those offers, for the "makers", the ones on the top are those who agree to the most expensive terms for them, the most expensive way for them to get CRYPTO for their FIAT. But for you/us, the "takers", the top-most are the least expensive.

You want to see the highest price on the list, so yeah, it sounds a bit odd at first to call it 'least expensive'. That's why I think you could change that and use term 'rate', 'exchange rate', etc instead of 'expensiveness'.

Please consider rephrasing that one as, for example, "choose the TOP MOST person because that's the best exchange rate for you to convert your USDT into GCASH".

Thank you for this feedback, I use the wrong vocabulary for that one. I rephrase it now, I didn't knew that the word expensive is not the correct word for that phrase.

Binance was one of the best ways to get funds from crypto because of the seamless P2P feature. But sadly, the government had to step in and prioritize the registered local platforms with higher transaction fees.

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Thank you so much Sir @vinzie1 for a very informative blog. It is very helpful to me especially that I am a newbie in the platform

Thanks for sharing this info on how you cash out and make conclusions into which is better.