One of the biggest needs of each cryptocurrency is its ability to exchange with others or fiat. We show you some secure KYC-free exchange variants from/to #HIVE.
Image generated by Stable Diffusion IA with prompt:"interconnected blockchains swap, dark background, hive, realistic" and edited on LibreOffice impress
Hi Hiver, I've been away for a while as far as writing, a lot of busy. I have been experimenting, together with my brother @ertytux, with the different variants of exchanges available for HIVE, always looking for security and privacy in the operations.
We show you the results of our experiments.
Cryptocurrency exchange services
Cryptocurrency exchange services can be classified as:
Centralized exchanges (CEX)
Possibly the option is known by those who have been related to the crypto universe. Currently, the most representative CEX where Hive is listed are: Binance, Bithumb, Bittrex, Gate.io, and our favorite option CoinEx.
But:
Screenshot when accessing from a restricted location
The CEX is registered as a financial institution, directly linked to banking activities, so they have to comply with the limitations established by these. One of the biggest limitations is to restrict access according to geography, which constitutes an act of discrimination and violation of our rights as human beings and citizens of planet Earth. Join all this the FTX virus-style risk.
And:
Taken from Privacy laws might prove to be a blessing in disguise for crypto article form cointelegraph
As a positive aspect, we could mention the fast interaction with fiat and that acceptable withdrawal and exchange commissions are achieved.
Decentralized exchanges (DEX)
Decentralized exchanges (DEX) operate on a blockchain by exchanging tokens attached to it. From this point of view, Hive has its own DEX provided by Hive-Engine with a variety of the most common cryptocurrencies.
There are several exchange solutions through products derived from HIVE, these are bridged back networks such as being on the Binance Smart Chain or pHIVE on Polygon, then these can be exchanged for other tokens using traditional DEX as [pancakeswap] or sushiswap. In this non-native DEX, the HIVE tokens must be bridged to the DEX's working chain. For bridging, you can use the services of LeoFinace https://wleo.io.
The big problem with this mechanism is that what you have is a representation of the cryptocurrency or token in the working blockchain, not in the native form that we often need. We will describe our solution to you later.
Centralized Swap
Centralized Swaps are centralized applications that have our funds owned during the exchange process. They allow sending or receiving on different chains with a wider variety of outgoing cryptocurrencies depending on liquidity. As say many the are limitless non-custodial crypto swap services, exchanging crypto instantly with no account needed.
Among the most prominent swap services that accept HIVE are:
- SimpleSwap
- StealthEx
- Our preferred: ChangeNow
Click and see
The long way
The steps described below also work in reverse, for simplicity we will assume that the goal is to convert HIVE into another native cryptocurrency, such as LTC or BNB.
We will start by having HIVE on its native blockchain
Swap HIVE for SWAP.HIVE in LeoDEX with the option deposit or in BeeSwap with the option convert: 0.25% fee.
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Change SWAP.HIVE to your expected crypto SWAP.YourCripto value Pegged on the Hive-Engine TribalDex FrontEnd. If your crypto is not listed we recommend that you use SWAP.LTC, because it has low commissions and does not have a minimum limit. You can make an operation at market price or at a limit, depending on your experience you can even manage to make an advantageous exchange that restores the costs of the fees.
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In the wallet link on TribalDEX click on the option Withdraw and select the crypto or token to extract.
About fees, TribalDex says: "There is a 0.75% fee on withdrawals. For Ethereum, ERC-20, BNB, BEP-20, Polygon (MATIC) and Polygon ERC-20 withdrawal fee is 1% and you will also pay for the Ethereum / BSC / Polygon network gas fee."
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This is all if your target cryptocurrency is listed within the TribalDex options. Depending on your withdrawal option, the fee was in the range of 0.99-1.24%.If your crypto is not listed we recommend that you use SWAP.LTC as in the last point, and you will get a 0.99% fee in the way HIVE->LTC. Then you can use a Swap Service to get your preferred crypto. We recommend you FixedFloat or ChangeNow. FixedFloatturns out to be cheaper (0.5-1%) but with a limited set of output cryptocurrencies, among which is BTCLN. On the other hand, ChangeNow has a wider range of output cryptocurrencies but an exchange commission that may be somewhat higher (1.5-2%).
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The very easy way
For a quick exchange with a satisfactory user experience the way recommended by us is ChangeNow, and all you need is to click on the following image link
At the time of writing the price of HIVE according to CoinMarketCap is 0.4121, they are needed 485.319097 HIVE to send 200 USD equivalent:
screenshots
As you can see the process is quite simple and the commission is 0.7% with a cashback of ~ 3.893731 NOW Token in addition.
ChangeNOW's support is excellent, with a quick response to all issues, however, we remind you that in the exchange process, they ask you to put the memo identifying your transaction, and not doing so can create a bad time.
And remember:
Freedom exists only when it belongs to everyone.
Thank you for reading us, we hope we have added something to your knowledge or reaffirmed the one you have.
Cheers!
Posted Using LeoFinance Beta
