Can I convert my $LEO, $POB, $LOH and $NEOXAG Tokens to Hive? And Can I buy them with my Hive? (A Step-by-Step Newbies Guide)

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Outline for Ease of access

  • Introduction
  • What are Second Layer or Layer 2 Tokens on Hive
  • Features of the Second Layer Tokens on Hive
  • Location of the Second Layer Tokens in your Hive Wallet
  • The Big Questions
    • How to Sell Off Your Second layer Tokens (using LEO as an example)
      • Swap from Leo to Swap.Hive
      • Convert from Swap.Hive to Hive
    • How to Purchase Tokens with your Hive (using LEO as example)
      • Convert from Hive to Swap.Hive
      • Swap from Swap.Hive to LEO
  • Concluding Remark (+ Giveaway)

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☆ INTRODUCTION


In our exploration of Hive Blockchain as Newbies, sometimes we come across certain tokens which we receive as tips or some other tokens which we get when we make posts using appropriate tags.

You can read my post on “PLAYING WITH TAGS” to learn what TAGS are, how to use them effectively, how to Earn with them, and how not to abuse them.

You know what I am talking about, right?

Your $PIZZA, $LUV, $BEER, $LOLZ and $LOH (Ladies of Hive) tips, among others.

And the $LEO, $NEOXAG, $POB (Proof of Brain), $ONEUP, $BRO, $BEE, $CINE and other tokens.

All these tokens are called Second Layer Tokens on Hive.

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☆ WHAT ARE SECOND LAYER OR LAYER 2 TOKENS ON HIVE


Hive Second Layer Tokens are tokens that are connected to secondary layer projects built on Hive Blockchain: for instance:

ProjectTokens
LeofinanceLEO
Splinterlands GameSPT, SPS or DEC
ProofofbrainPOB
The Great City of NeoxianNEOXAG

These secondary layers aid in the expansion of Hive Ecosystem, by improving it’s efficiency and output without affecting the activities on Hive. – @leoglossary on Scalability

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☆ FEATURES OF THE SECOND LAYER TOKENS ON HIVE


Some of the features of these second layer tokens include:

  • They are crypto coins but they are built on Hive (Hive is their HOME)
  • They are volatile (they can increase and decrease in value),
  • They have wonderful use cases,
  • They can be converted to Hive, then to fiat (cash)
  • They have the support of a Community behind them, and some of them enjoy support from a community that extends outside Hive blockchain,
  • There is a road map for the future plans of the token.

It is important to note that not all the tokens fulfill all the criteria and enjoy the support of a strong community, that is why it is important to know more about the tokens, purpose or use of the tokens, the community behind it, and the future plans for the tokens.

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☆ WHERE CAN I SEE MY SECOND LAYER TOKENS?


So now we understand what these tokens are, but do you know where they are in your Hive Wallet?

In case you don’t know, they are located in the Hive Engine.

This is how to access them:


STEP ONE 1️⃣– GO TO YOUR HIVE WALLET ON PEAKD.COM


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Click on the area indicated by the arrow (in the red box)


STEP TWO 2️⃣– GO TO HIVE ENGINE


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Click on “Hive Engine” as indicated by the arrow.


STEP THREE 3️⃣– SCROLL TO VIEW ALL YOUR SECOND LAYER TOKENS


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You can scroll from top to bottom and side ways to view all the information


STEP FOUR 4️⃣– SHOW ALL TOKENS


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Scroll down to the last part of the table and click on the words “Show … Low Balance Tokens” so that you will view all your tokens, both low balance, tokens with no value and tokens with high value.

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☆ THE BIG QUESTIONS


Now that we have seen where our tokens are located (Hive Engine), and we have also seen some $$$ worth in some of the tokens, some of the questions going on in our minds are:

  • How can I convert these Tokens to Hive in order to withdraw it as cash? – (keep following the discussion, you will learn)
  • How can I use my Hive to purchase some of these tokens as I believe they will be of great worth in the future? (keep following the discussion, you will learn)
  • What do I need to do to get more of these coins?
    • Keep making quality posts and using the relevant tags (Check my post on Playing with Tags to understand this better)
    • Keep on participating in Community Contests as you may win some tokens.
    • You can purchase them with your Hive

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☆ HOW TO SELL OFF YOUR SECOND LAYER TOKENS


There are various methods for carrying out this transaction: You can use either beeswap.dcity.io/convert, leodex.io or hive-engine.com. However, for this piece I will use the beeswap method as it will be easier for Newbies to try out.

I will use 10 LEO TOKENS for this practical session.

However, I strongly advice that you download the Hive Key Chain Mobile application from Play Store so that the procedure will be an easy one for you.

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You can check this post by @zekero to understand How to Set up your Hive Keychain for android devices.

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☆ USING www.beeswap.dcity.io/convert


This is the route we shall follow:

Leo – Swap.Hive | Swap.Hive – Hive

FIRST MOVEMENT: SWAP: LEO TO SWAP.HIVE


STEP ONE 1️⃣


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  • Go to your browser on your Hive Key Chain Mobile Application.
  • Click on the search area to type in the following address: www.beeswap.dcity.io/convert.
  • Confirm the Sign in message and proceed.

STEP TWO 2️⃣


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  • Click on the three dashes indicated by the arrow and click on Swap.

STEP THREE 3️⃣


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  • Click on the three dashes to collapse the drop-down menu and scroll down to the Swap tokens area.
  • Select the token you intend to swap: remember this is our route (Leo – Swap Hive | Swap Hive – Hive).
  • So, make sure the token you want to swap is at the box above; and the token you want to swap it to is at the box below.

STEP FOUR 4️⃣


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  • Check below if there is available liquidity for this transaction.
  • For instance, here we have 214292.910 available LEO and 27256.045 available SWAP.HIVE.

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  • If there is no liquidity available, then swapping will not be possible: for instance LEO and BUDS has 0 LEO and 0 BUDS in the Liquidity Pool

STEP FIVE 5️⃣


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  • Write the number of tokens you intend to swap, it will automatically bring out its equivalent in the token you intend to swap it with.
  • Then you click on SWAP and confirm the transaction.

☆ SECOND MOVEMENT: CONVERT: SWAP.HIVE TO HIVE


STEP ONE 1️⃣


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  • When you have confirmed that your transaction is successful, click on the three dashes indicated by the arrow and click on Convert.

STEP TWO 2️⃣


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  • Conversion only takes place between Hive and Swap.Hive.
  • They are both the same thing; the difference is that Swap.Hive works for the second layer; so you can use it to make transactions on the Hive Engine, but Hive works for transactions and activities on Hive (curation, transfer, gifting).
  • So, make sure the coin you want to swap is at the box above; and the coin you want to swap it to is at the box below.
  • Also check if there is available liquidity

STEP THREE 3️⃣


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We intend to convert 1 SWAP.HIVE to Hive. Notice the following

  • The minimum input amount for Conversion is 1 Hive or 1 Swap.Hive

  • The fee for the transaction is 0.25% (that is why if I convert 1 Swap.Hive to Hive, I will get 0.998 Hive)

After this, click on the Convert button and confirm the transaction.

That is all!

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☆ HOW TO PURCHASE TOKENS WITH YOUR HIVE


With the 1 Hive in my Wallet, I shall make a purchase of LEO using www.beeswap.dcity.io/swap

This is the route we shall follow:

Convert: Hive – Swap.Hive

Swap: Swap.Hive – Leo


☆ FIRST MOVEMENT: CONVERT: HIVE TO SWAP.HIVE


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  • Go to your browser on your Hive Key Chain Mobile Application and click on the search area to type in the following address: www.beeswap.dcity.io/swap
  • Since we are converting from Hive to Swap.Hive, make sure Hive is above and Swap.Hive is below.
  • Make sure there is available liquidity; remember that the minimum input amount is 1 Hive and that there is a fee of 0.25%.
  • After you have confirmed this, then you can Convert.

☆ SECOND MOVEMENT: SWAP: SWAP.HIVE TO LEO


STEP ONE 1️⃣


With the available Swap.Hive, we shall go up to the three dashed lines and click on SWAP.

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STEP TWO 2️⃣


Select your tokens: since we intend to purchase LEO with our Swap.Hive, we will select Swap.Hive above, and LEO below.

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Remember to check if there is available liquidity


STEP THREE 3️⃣


Input the amount of swap.hive that you intend to use to purchase the LEO

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I will use 1.267 SWAP.HIVE to get 9.936 LEO. (Remember the fees of our transaction has reduced the initial 10 LEO we brought out for this purpose).

Then I will click on Swap and confirm the transaction.

That’s all!

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I believe by now we understand what these second layers tokens are, and we have a practical idea on how to sell off these tokens to Hive, and how to purchase these tokens with Hive.

I hope this piece helps you in your journey on Hive.


BONUS FOR NEWBIES (Less than 64 Reputation)


I shall give 20 LEO to two Newbies (10 LEO tokens each) to enable them put this into practice.

Requirements

  • Summarize the lesson as a comment in your own words to prove that you understand the Tutorial (the shorter the better).

Good Luck!

  • I may decide to add more prices if there are more participants
  • Asking RELEVANT QUESTIONS MAY earn you 1 LEO TOKEN

Feel free to drop your feedback and more thoughts on this piece.


Have you read these posts by me?

Playing with Tags: Practical Exercise, Use and Application of Tags in your Hive Posts (B)

Did you know that there are more than 10 ways to Earn on Hive?

WHY I HATE HIVE

SAY THANK YOU TO YOUR MENTOR ON HIVE

Unravelling my Favourite Hive Author: The Story between the Storyline


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I AM KSAM


I may not be your favourite author, but you can journey with me to help me develop my writing skills. I am always open to criticism, correction and learning 🥰.

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Congratulations @ksam! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):

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Thank you for this awesome information.
Really helpful

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I'm glad this was a helpful piece

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That was a very detailed guide. I hope it helps the newbies. Thank you.

Posted Using LeoFinance Beta

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Thank you so much for your wonderful comment
I'm grateful

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Thank you so much..
I am really searching of it..
It's really helpful to me 🤗

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I'm glad this post is helpful to you

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This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.

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Please contribute to the community by upvoting this comment and posts made by @indiaunited.

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Wowwww
Sam, I have been looking for this knowledge sinceeeeeee.....chai
God bless you, I understand the explanations and I am happy to have downloaded the hive keychain. Do you know I have been wondering how I can trade these hive engine tokens? But you just came to my rescue..

At least I can convert some to swap.hive and then to hive and get my cash or do whatever I want to use the liquid hive for.
Thank you so much for sharing this
God bless you 👍❤💖

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(Edited)

I'm glad this piece is really helpful to you
It's my joy to get positive responses from people regarding this piece.

It is quite easy, but many people don't really know how this things are done. Buy if you know, you'd realize how easy and simple it can be.

If you have any questions regarding this, I'm always here to help.

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Wow
Thanks Sam....I wouldn't hesitate to call you when the need be👌👍👏

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Wow, this is an amazing step-to-step process on how to sell the second-layers tokens. An amazing job you did explaining in detail how to have them done. Thanks for this.

Waltzed in through dreemport.

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Thank you so much dear
I'm glad you found this piece amazing and helpful, it's my happiness that Newbies get to know these stuffs and find it easy to navigate Hive Ecosystem.

Thank you for Waltzing

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Hehe...thank you @ksam...hope you are better...

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This is interesting and well detailed post for newbies and others who still do not understand this topic. You have given the best breakdown explanation and I don't think anyone would be confused, following your procedures.

I came through Dreemport 🤗

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Thank you so much dear
That's the aim of making a detailed post oo, I hope no one gets confused by following this guidelines meticulously.

Thank you for your comment

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Woa 😲🤩 A very Nice Tutor on this Dear But it's really not easy thuo
Thanks for Sharing this
God Bless you Abundantly 🙏
Reading from @dreemport

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Just take it easy, and follow the steps little by little, you'll see that is is very easy to try out.

Do you want to try it out soon?

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Kk
It would be Nice to do that's is converting the hive engine to Hive and selling but am not conversant with Crypto market

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Well, the focus of the tutorial is on internal conversion.

At least when you convert from the Hive Engine to your Liquid Hive, you can withdraw it the way you usual withdraw it into cash.

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Amazing guide! Maybe you are interested in some of our @leo.tasks, where the community can get things done for the Leo Ecosystem and get rewarded in the process!

Posted Using LeoFinance Beta

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Thank you so much for this wonderful comment and invitation.

I'll check it out immediately. Its my joy to contribute the little I have to the Hive Community.

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What an informative post @ksam! I'm still lightyears away from doing anything other than working to power up, but I have bookmarked this post to refer to when it is time! Your information was very concise and easy to follow, many thanks from us NewBees :)

Visiting from dreemport!

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@ksam Thank you. Thank you and Thank you. I’m so glad I found this article. I’ve been very confused about tokens, although I knew how to earn them (by making quality posts, posting in the right communities and using the right tags( which you called playing with tags). But what I didn’t know was what to do with it. I just kept piling it up. But today, I took a bold step to know more about tokens and I searched for “All I need to know about token” on peakd. Luckily, it saw your article.

What have I learned from your article?

Personally, the main things about Second layer tokens is that they crypto coins that are built on hive I.e hive is their big daddy. They can be converted to hive, then to cash and they have the backup of a community. Second layer tokens can be found in your wallet.

The most important part is how to swap your tokens for hive.

To do this, you’ll have to download the hive keychain app. Next is to click on the search area and input the address (beeswap.dcity.io/convert). I checked the website out and I learn some things, although I’m still confused about something; you said “ if there is no liquidity available, then swapping will not be possible: for instance “LEO and BUDS has 0 LEO and 0 BUDS in the liquidity pool” Then what? Is it that we’ll just have to wait for the liquidity to be available, or it is just IMPOSSIBLE.

Because I checked if it was possible to swap LOLz for Hive, but the liquidity available: 0

I also learned that I can purchase tokens with my hive.

🕺🕺🕺
Thanks again.

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Wow
This is just so perfect
I'll respond to this fully when I am less busy...
This is wow!
Sending you 15 Leo right away, that should be about 2 Hive or less

Enjoy your swapping 😁

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