Guide on how to withdraw your HBD without waiting for 3.5 days

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(Edited)

Need to get your HBD and trade it to Hive for urgent purposes? Try this process to get it liquidated quickly!

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Photo is made via canva.com by ivarbjorn

Hello everyone! I hope y'all are doing well today! On this post I will be doing a guide on how to get your HBD and convert it to Hive without waiting for 3.5 days. Specially for urgent needs!

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Note:The hive you get from your HBD depends on the value of hive in the market. Also I am not promoting that you withdraw your HBD daily, but it might be useful for people that need it immediately.

Now let's go and do this, this is actually very easy to do! I will make a bullet point about the things that you need to do!

  • First Step
    Make sure that your HBD is liquid and not in Savings. This example is from @Leofinance but there are lots of site where you can check this too like your Keychain or @PeakD and @Ecency (click them to get to their corresponding websites). You can go to your Keychain or this websites and check HBD in your wallet (make sure you are in the Hive Wallet if you are using Leofinance so you could see it).


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As soon as you have that confirmed or if you are certain already that you have liquid HBD, you can proceed to the 2nd step!

  • Second Step
    Go to @Hive-engine.com, and then go to your Wallet. It should be on the very top of the page. You can click your Wallet and it will take you their.

    image.png
  • Third Step
    (At this moment you are now on your hive-wallet) On your Hive Wallet you can see your tokens and their amount, but what you need is what is above them and below the Wallet that I have stated in the 2nd step. You need to click Deposit in here, just like what you see in the photo.
    image.png
  • Fourth Step
    4.1 Once you click Deposit you should be able to see this on your screen,

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    4.2 After that you can click the dropdown I have highlighted above, then you will select Hive Backed Dollar (HBD) on the selection, just like on the photo below. Then click "Get Deposit Info" below once you selected it.

    image.png

    4.3 You will then be given an instruction on how to transfer your HBD, please note that it is very crucial and important that you follow the instructions since it is non-refundable, so double check the details before transferring.
    Here is the instructions:
    "Please send any amount of HBD to the following address and you will receive an equal amount of SWAP.HBD in your account account once the transaction has received the required number of confirmations on the external chain.
    Please ensure that you transfer to the following account and use the following memo. Refunds will not be given, so double check the details before transferring.    "
    Note: Memo is so important so do not miss it out!

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  • Fifth Step
    5.1 Then you can go back to @Leofinance wallet again, as I showed in the first step, and then you need to click

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    5.2 As stated in Fourth Step 4.3 you need to send it to an account named "graphene-swap" and make sure that you enter the correct memo, memo should be like this "SWAP.HBD @username" (replace @username with your actual username of course) (it is actually easier if you copy and paste it to avoid errors), after making sure it is correct press "Continue"
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    NOTE: There is a 1% fee on all deposits and withdrawals. Ethereum deposits have no deposit fees.
  • Sixth Step
    6.1 When you see the balance on your account you can now trade it to Hive(Swap.Hive) or other tokens that you would like to have. You can go to @Leodex to trade it, or you can use @hive-engine, I just use @Leodex on this example since it is easier in my opinion, but I still do some trade in @hive-engine. Click token market which you will see below,
    image.png

    6.2 Once you are on the token market you can now start trading it, you just need to find buy orders, and you just have to click them, (see arrow 1) or sell it to a much higher price than the highest buyers asking price (see arrow 2), enter the quantity of HBD you have (see arrow 3), and (see arrow 4) for the value you can get out of your HBD, and (arrow 5) is the asking price which you are selling it for. Voila! After that click Sell and then you just have to approve it using your keychain, which will automatically pops out. Lastly, you just need to wait for few minutes, until someone trades your HBD with the token of your choice (Hive for this example)

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    Note: If you are selling it for a much higher price that the current highest "Buy Order" it might really take time, but at least you don't need to wait for 4 days.
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That will be all for our guide, I made this guide because we got some questions like this one on our discord server. I hope this helps a lot of people, especially those who are new to the @hiveblockchain, just like me.

See you all on my next post 😍

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Posted Using LeoFinance Beta

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18 comments
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It is an interesting swap path. The post doesn't say why this is a convert instead of a standard swap.

It doesn't really explain why one would take this path when the price of HBD is trading above $1.00.

It seems to me that the standard HIVE market would the best way to trade HBD for HIVE at the moment.

https://wallet.hive.blog/market

Posted Using LeoFinance Beta

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(Edited)

Thank you for this comment, to be honest. I did not know this exist until now, I am pretty much new to Hive blockchain and thought that the only way to convert my HBD to Hive is to wait 3.5 days, but glad to know that this exists this just makes it easier. My research did not point me in this direction though lol.

Note: I will need to try this first before I could say what are the advantage and disadvantages though.

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HIVE doesn't do a good job educating new users.

My understanding is that the HBD to HIVE convert process actually destroys the HBD and mints new HIVE. The convert decreases the HBD supply and increases the HIVE supply. The financial stats by @arcange shows information about the supply of HBD and HIVE and where it is stored.

HIVE recently created a process to convert HIVE into HBD. This destroys the HIVE and mints HBD.

The goal of the conversion is to help maintain the HBD peg to the US Dollar. So, when HBD is trading below $0.95, you can get a bonus using the convert. When HBD is above 1.05, you can get a little bonus converting HIVE to HBD.

The 3.5 day delay prevents people from manipulating the market with the convert process.

I haven't figured out the exact moment when a convert is better than a trade.

The Internal Market has the URL:

https://wallet.hive.blog/market

The internal market lets people trade HIVE and HBD. Here you trade one coin for another. It is my mine path for turning HBD into HIVE.

When the price of HBD was well above $1.10, I played the game where I would convert my HIVE to HBD, then buy HIVE on the internal market and convert it again. This game increased the supply of HBD and helped bring its price back to $1.00.

If the price on external exchanges are different from those on HIVE, you could transfer your funds to the external exchange. Usually you have to trade the HBD for USD or BTC. Then you trade this BTC for HIVE; then transfer the HIVE from the external exchange back into your account.

The swap services allows users to trade coins at the price set by the swap service. The service often takes a cut of the price. There are numerous swap services. BlockTrades is a service created by some of the leading contributors to HIVE.

The swap services generally charge a fee and you don't get to select the sale price. They are convenient.

graphene-swap looks like an interesting swap service. It appears to be trading coins and is not actually converting coins. The conversion actually transform the value stored in HBD into HIVE. It reduces the HBD on the market and increases the HIVE on the market.

@arcange is a good source for information on the HBD and HIVE supplies.

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Thank you so much for all this information it is really helpful specially to people like me that is new to the hive blockchain! Cheers!

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Extremely well written. The bullet points made it clear and easy to follow. And the fact that you provided a picture along with each step made it easy to match it up with the bullet point. Overall a very well written guide. You can tell a lot of time, effort, and thought went into this. Great work!!!!

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Thank you man, actually, I was just able to learn it myself since we are new to the blockchain, but seems like there is a really easier way than this one,
You can see it here:
https://wallet.hive.blog/market

Note: I did not know we can do this at the time I did this post. LUL

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This is a great tutorial for not having to wait for 3.5 days to get my HBD to Hive. Of course I never need it in that much of a hurry. And it's only small amounts that I am converting anyway.

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Thank you that you liked, but seems like there is a better way to do it though, which I don't know when I did this post.

You can see it here:
https://wallet.hive.blog/market

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Oh yea, sorry it will take you to the hive market/wallet where you can exchange your HBD Easily.

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(Edited)

Great post but yea I see you now found out about the hive market instead. It is much easier and instant I have talked about it a few times on stream and in a video I made about staking and curating @ceejm had the same problem using the convert and having to wait for 3.5 days, when I told him and skynotik about it they were shocked. Should do an updated video on it seeing as there is a lot of people that don't know how to use that. This is a very well done post and provided a ton of useful information I had no idea about doing it this way so thanks for sharing bro.

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Thank you bro, I could have missed it on your post. I have been using this all along Lol.

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Interesting option .... another way is just to use the internal market for native HBD to HIVE
https://wallet.hive.blog/market

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Thank you! I just knew about this, I did not know that this exist until I posted this guide and someone actually point me in that direction, I appreciate you all

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