In the last week I have been looking into new options to buy and sell Hive. I am going to talk about a few over the next week as I compile more information on them by trying them out.
The first service I would like to share is the V4V App. This Dapp is @brianoflondon’s creation. This service bridges the Bitcoin Lightning network sidechain with Hive. Allowing a very fast way to get Hive to BTC or the other way around for small transactions. I sent around $120 through the network both ways to see how it all played out.
Honestly I have heard a lot about the lightning network, but never actually did a transaction on it before.. So I am glad I finally can say now I have sent and received lightning payments.
Using their service I first sold some Hive for lightning sats. That went really smooth, was able to receive to my aqua wallet in seconds. Usually BTC would take 30 minutes to an hour, but using the lightning network sidechain the payment is settled in seconds.
Sending the lightning to buy Hive was slightly more difficult. Maybe because the wallet I used did not calculate fees for you. So you must subtract the fee amount from what you plan on sending.. Took me a few minutes trying a couple times until I got the fees right.
One thing to note, when I sent the lightning sats to v4v. It did not show up in my wallet as sats like it did when I swapped Hive for sats to sell. Instead it just sent me the Hive of whatever the sats value are at the time. You can see below what the Peakd Hive wallet looks like after buying and selling.
Ignore the last two, those are from swaps by other services which I will discuss in a future post.
You must have a lightning compatible wallet to use this service.
Once I got the lightning sats I swapped them for BTC in the Aqua wallet.
And finally I have BTC in my wallet that was once Hive.. Very cool! Now I can HODL it in a cold wallet or sell it on an exchange.
Trying the other way around to buy Hive I was able to use the sats I just got in the previous transaction. But if you do not have any sats, you can swap for them using the Aqua wallet.
Overview:
Selling Hive for BTC: Swapping Hive to lightning sats using the v4v app > Sending lighting sats to swappable wallet for BTC > Swap to BTC
Buying Hive with BTC: Swap BTC to lightning sats > calculate fees and send to v4v app > swap to Hive or HBD
Cost me $2.34 or about 2% of the overall transaction each way.
Recommended for small amounts at the moment: $0-$250
Link to Dapp: https://v4v.app/
My transfer of around $120 was successful and a smooth process using the V4V app. For small amounts this worked great, looking at the @v4vapp wallet there is only 2357 Hive in it at the moment and 685 HBD. Probably best to not send too much through this app until there is more Hive liquidity. But doing a few hundred dollars in Hive or HBD may be okay until they add more Hive and HBD to their wallets.
Soon I will post about other services, I am still working on one of them so I was unable to make a single post talking about them all at once. But soon I will show off some other swap services that I have tried out.
I've used v4v to purchase Amazon gift cards using lightening. It's amazing. !WINE !BBH
Oh thats a cool idea.. good use of sats.
It is a good service for sure...here in Canada we have a service where we deposit money to "buy" bitcoin and we can just create a order in v4vapp.. so basically I send FIAT and it goes directly to v4vapp
what kind of service is that?
I'm searching for ways to get my cash to bitcoin,,
so the place is called Bull Bitcoin, a company from Quebec, but unfortunately it is only for Candians...it works using the lightning network. You buy bitcoin doing an e-transfer ( it is a common bank transferring p2p using e-mails as identifiers) and you can cash-out even paying bills (including credit cards). The great thing about it is that they don't hold the BTC, you create an invoice using your best BTC wallet and just use it there...So mostly they act as a middleman for FIAT -> BTC conversion. You will probably need to find something similar there! Just be careful with kraken, just googled possibilities in Germany and kraken is blocking germans lol. I also find a search result for Strike app not sure how it works.
thanks a lot for the info buddy!
you canadians can be thankful for that option, sounds sick af!
sadly in germany it is completely locked down
I can go over the border to austria, they have bitcoin ATMs (for cash) but very harsh no kyc limits
in germany there are nearly no bitcoin ATMs and even if you find one, they allow exactly ZERO to buy with no-kyc
lol
germany is such a disgusting walled garden, even on bitcoin meetups it is hard to find anyone not only decadently eating and drinking.. but trading with one..
bitcoin was for the unbanked
but without bank you got no chance to get bitcoin in germany
we already have the situation to not be able to buy, even if you have money - at least if no kyc or unbanked
but not because there is no bitcoin anymore, but because of insane status quo
@gwajnberg Oh that is nice.. I used crypto exchanges to get BTC and then move it into alts.
@woelfchen these days you need to do KYC, those ATMs are not a solution as they charge a lot in fees. Honestly if I did not do KYC I would not get on many exchanges. But that is your choice.
thanks for this great review! :)
Ah glad to share about it.
Last I saw, there was no way to see how much V4App can handle either way, can you tell what it has for liquidity?
On the Hive side we can see how much they have.. a few thousand HP and a few hundred HBD.
On the Bitcoin side, I would need to look at the transaction IDs more closely and see if I view their wallet balances.. Honestly have not checked the BTC side yet.
https://inleo.io/threads/view/omarrojas/re-leothreads-2hkvakfxk?referral=omarrojas
What! You sold Hive? No more upvotes for you! :) I think I used an earlier version of their service to move BTC into HIVE for a friend of mine and it worked really slick. I was quite impressed. It would be cool to see this grow large enough to handle bigger volumes.
Lol... so if I buy will get upvoted? 😅
Only if your content is good. It definitely helps based on the recent poll and ensuing conversation that was had.
Haha yeah but just for testing.. I will stake it all when I am done.. dont worry :-)
Oh cool.. good to hear others have used it with success.
The information is very useful to those interested to buy and sell Hive other than Binance, I think?
Sure is.. good to have many options.
I agree with that.😊😊
Excellent guidance by Hive and its us our dear @solominer . Thank you for keeping us informed, through your publications. Best wishes.
Ah glad you liked it.
I keep hearing about this service, but I have never looked into it. You're right; it's best to do small transactions until they have deeper liquidity in their account. That's advisable.
Good information, thanks for sharing it.
By the way, are you able to use Binance too (already)?
Ah yeah same here, glad I finally tried it out.
No problem.. yes doing swaps I was able to get funds from binanace. I will write about the multicoin swap websites and tried out and how well they worked.
I've been using V4V for many months now and it works wonderful to get sats to my ln wallet.
Oh nice, I plan on using it along with other services in the future.
I love how low the fees are. I did 50 hive to my ln today and it was 288 sat fee. If I want to go to hw wallet thru Boltz it is a minimum of 1400 sats for a 50k sat trx.
@solominer! @ironshield likes your content! so I just sent 1 BBH to your account on behalf of @ironshield. (2/100)
(html comment removed:
)
It was necessary for the Hive. I believed in its existence.
I have used lightning service on other platforms before. I bought about $15 worth of BTC 3 years ago. I can't access my assets because I forgot my passwords. Who knows, maybe it will turn into a huge amount of money in the future.
Oh cool.. glad you used it. But sucks you lost your keys.
I've used it to stack a little more BTC, it's great, I hadn't noticed that about the low liquidity, not sure how they can incentivise people to provide more, but for smaller amounts it works great!
Ah nice, yeah it has its use-case. Just got to use small amounts.
It certainly works well in my experience!
Thanks for the feedback
@tipu curate
You are welcome, glad to share my findings with the community.
Upvoted 👌 (Mana: 27/57) Liquid rewards.
Thanks for the report, that is really interisting.
Waiting for other reports. 👍
!WINE
Great.. I will wrap up on my next one service review soon and post it.
Made this comment on an older article of yours. You must take a look at https://leodex.io as it gives many options to trade cryptocurrency directly from different blockchains without having to use wrapped assets. https://inleo.io is full of clever innovations.
Oh thank you, I am already investigating leodex. Should have a post out on it soon.. thanks for the recommendation.
That is great to know. Since you are swapping large amounts, changing the streaming interval could help you with minimizing slippage. The Liquidity Pools we have are not that large.