Since I joined Hive in July last year, I only withdraw my income twice. Yet, I didn't go into the process as the first was; I sent the total amount of Hive to a friend. Then, she was the one who sold it through Binance and sent the total amount of fiat in our local currency. For the second one, I traded into a friend at Discord, sent the Hive in his Hive-engine wallet, and done.
Still, I had been thinking of doing it on my own. We could only expect sometimes to have someone to always ask for help or favors. Right?
However, I was more on the thought of growing my account just like others I engage with in different communities I subscribe to. So, most of the time, I used my payouts to buy Hive for HP and LP and transferred it to savings for my 365 daily savings goal. NOT knowing how to withdraw my own was a trick for me not to get tempted to sell 😁.
Thus, a month ago, I canceled my subscription with the internet in our Staff house for the reason that it was too slow! The router was too far from my room, that is why. I asked to help my housemate/officemate since he is our ISP technician, but nothing happened. Rather than stress myself about it, I bought a prepaid wifi! It was much better!
And, a few days ago, I ran out of load, lol. That is when I think, why not withdraw some Hive for this month's budget?🤔. With that, I started looking for related blogs and saw @callmesmile written guide.
Here is the start of my first withdrawal.
Convert HBD to Hive
I have done this several times through https://wallet.hive.blog/market, so it was easy.
In Buy Hive, fill up how much HBD you want to trade, then click lowest ask (if you are okay with the current price). Click confirm, and the transaction will be approved using keys or hive-signer.
It only takes a few minutes.
Transferring Hive to Binance
I am unfamiliar with this, so I double-checked several times if I copied the correct wallet address and memo.
The amount I sent was only an additional as I transferred a few days ago. Thus, I failed to process it as I didn't know there was a minimum per transaction in selling Hive to USDT, 10. That leaves me with no choice but to wait for the next payout since I already transferred my remaining liquid HBD to savings.
The good thing was, before you proceeded, there was a warning message at Binance telling you what would happen and what you would lose if you failed to input the correct wallet address and memo.
Selling Hive to USDT
It took me a while to figure this out as opening Binance on my laptop confuses me, always. I find the features more complicated, 😂, so I switch on using my phone.
In spot trading, search for the pair Hive/USDT. Click sell.
The same in buying Hive from HBD; you may set an order or sell with the current price. As for me, I sell the market price, which is 0.35.
I am almost done as I am in the last step, selling through P2P to convert it into our local currency.
Again, I tried using my laptop, but I don't know why I couldn't find the P2P.
Using a mobile, you could easily find it as it was labeled P2P. I was in a hurry as I was doing this while at work; I proceeded to use my phone. Thus, while writing this blog, I checked it and found it!
It's the Buy/Sell icon, 🤣.
So, this is the exciting part! I click the P2P, Express, and sell without a fee.
For the mode of payment, I choose cash as it is more convenient.
For security purposes, the KYC process was implemented by the Binance team. In my case Code via SMS doesn't work, and I don't know why. So, I opted into another option via call, and it went okay.
After inputting the code, I was simultaneously excited and nervous. What if I get scammed? I heard from some friends about these risks.
Thankful, I wasn't as a few minutes only, I received the payment from the buyer.
YAY! Finally, I am done and in the last step.
Verifying the payment
As it says, only click if you received the payment. Do not rely only on screenshots of proof of transactions; validate it yourself.
And that is how I withdraw my Hive earnings and convert it into our local currency.
Disclaimer: I am just sharing my experience; if you want to try this, trade at your own risk.
After that, I treat my Boss with some Frappe, lol. My way of knowing my officemates about Hive.
Thanks for dropping by.
Lead image was edited using Canva
Screenshots obtain from my account in Peakd and Binance
Footer credit to Sensiblecast
