I rarely use it. I also used the internal market on the Steem blockchain a few times. I know that if you buy and sell at the right time, then you can make a profit with it. I experienced it a few times. But I do not want to risk my hard earned Hive and Hive Dollars (HBD).
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The friend can only send HIVE to the exchange they are using.
So they need to somehow convert their HBD to HIVE first.
We just did the math: in their case right now the internal market gave them an 8% better price than blocktrades would have.
I use blocktrades only when I sell Hive or Hive Dollars (HBD) for other cryptocurrencies, or when I buy Hive or Hive Dollars (HBD) with other cryptocurrencies. For exchanging Hive and Hive Dollars (HBD), the internal market is indeed better.
That's exactly how I use it too.
I have recently started using hive engine token swaps to get better prices than with blocktrades, though.
This is exactly what I was trying to figure out.
If the internal market hives a better value that will be better and absolutely good.
But does the buy and sell order delivers the HBD/Hive instantly because the other conversion option there takes 3days for the transactions to be completed.
It happens instantly as long as your price is available. So like, if you are trying to buy Hive at 50 cents each and there are some for sale at that price, it will go through right away. But if you are trying to buy at 50 cents apiece but the lowest price for sale is 55 cents, it will sit there as an offer until and unless someone wants to sell Hive for 50 cents. You know what I mean?
Edit!
I will add that when you click on the current best offer available to make it happen right away (that's what I do), it will lower your offer so that it doesn't go through right away and sits there as an offer. I always have to circumvent this by clicking on that number and then going in and changing their calculated amount of Hive I will get back to put it over the current offer so it actually gives me that price.
That sounds confusing as hell, and it drives me crazy, but basically:
you click on the best offer
you type in how much HBD you want to trade for Hive
it will automatically fill in how much Hive you'll get
let's pretend that's 11.567 Hive. Change it manually to 11.566 Hive.
THEN it will go through, at the actual price available.
Also, of course, you have to see that there is ENOUGH available, at the price you clicked. So say you want to buy 15 Hive but there are only 10 available at the lowest price, you'd have to choose the next lowest price to finish filling your whole order.
Hope that makes sense!
Exactly, thank you so much for this simplicity in explanation.
It sure makes alot of sense..
And its really easy and gives back a better percentage off compared to using blocktrade which has been my route ever since.
Thank you.
Right! I only use Blocktrades if I'm trading for something else to change it to cash, and even then I sometimes use Hive-Engine for that too. Either of them will take a fee, but if you are just trading HBD/Hive it's better to do it internally and save yourself the fee.
Wow, okay that's great
I will learn more and more of these with time.
It is a learning curve! :)
You're welcome! I did an edit possibly after your comment explaining also the weird change it does and how I get around that if I want an order to go through right away, if you didn't see that part.
I checked it out already 😀.
Thanks alot