So, you want to exchange your Steem for Hive?
There is always an Exchange Rate to consider, when trading money, goods, or services. Each party needs to find value in the transaction or it is worthless. If I had several bicycles and wanted to trade them for cars, I probably could not trade 10 bikes and get 10 cars in return, as cars are more expensive than bikes. I'd probably have to give all 10 bikes, or more, to get one car in trade.
Here is a real-world example:
We have a coin in my country called a DIME, which is worth $0.10 and we have another coin called a QUARTER which is worth $0.25
So, if I have $0.50 worth of DIMEs (5 Dimes) and I want to convert it to $0.50 worth of QUARTERs, I will get 2 Quarters in exchange because:
(5 dimes x $0.10) = (2 quarters x $0.25) = $0.50
If I give you my 5 dimes and you give me 2 quarters in exchange, I have not lost any money. I still have $0.50 worth of coins, even though I just traded 5-cheap coins for 2-expensive coins.
That is exactly how the Steem-to-Hive trades are now. You lose no money, but have less coins because the new coins (HIVE) are worth more (each) than the old coins (STEEM).
Before I started writing this post, I checked the price of STEEM and HIVE with Bittrex:
• STEEM is worth $0.1629 each
• HIVE is worth $0.2586 each
Therefore, each STEEM is worth $0.6299 HIVE. So, if you have 74 STEEM to convert, it is worth 47 HIVE. The exchanges are not keeping 40% of your money for themselves!
Only if STEEM and HIVE were the exact-same price would you get 1 coin for 1 other coin. Note that there is usually a small fee on the exchanges, so you might only receive 46 HIVE in the end. But the exchanges have to make a small profit to stay in business, so don't complain unless their fee is too high! Actually, checking on the fees charged by the exchanges is part of your "due diligence" as a trader before you begin a transaction, or else you have no one to blame but yourself.
After the launch of the Hive blockchain, the first exchange I heard that was actually trading Steem-for-Hive was IONOMY. Compared to other exchanges, Ionomy has a surprisingly user-friendly, uncluttered, and intuitive interface and I was able to cash-in some Steem for Hive with no problems at all! The @naturalmedicine community was kind-enough to write an awesome tutorial on using Ionomy for this very purpose, trading STEEM for HIVE:
And here is an earlier review of Ionomy:
I know our old friend Blocktrades has also been working on implementing a Steem-to-Hive conversion, but I am not sure if it is "live" yet or not. (The last time I went to their site, it was not yet working.) Also, I heard a rumor that another exchange or two, such as Bittrex, might follow, but not sure of the status there, either. So, if you have an old favorite, keep checking with them, but don't be afraid to give IONOMY a try, too!
😊
25-Mar-2020
Great to see this stuff simplified - glad I got in early on ionomi when Steem was still worth more than Hive - could see that wasn't going to last long!
https://ionomy.com
For the faint of heart and first time traders,I found it very easy to do. I did not use the @naturalmedicine post but another, and yes it was extremely easy to use for a flat out first time ever trading crypto coins. I did learn that you need at least 5 steem to convert on ionomy, but other than that glitch free, email confirmation and verification but yes very very easy to use instructions and system even for a totally brand new crypto trader like myself.
Useful info for novice traders. I'm just waiting for the powerdown to get my liquid STEEM and get the heck outta there....
Apparently the currency is gaining ground and a good price, that it continues to rise !!!
Excellent information, thanks for this.🙌😊
I will sure try
I did create an account on Ionomy, but then @blocktrades did bring the Steem-Hive conversion online yesterday and I made several quick and easy transfers before the token prices really started to diverge...
It's good to have options, though!
GREAT POST!!
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Great and very complete information in a very didactic and simple way for those of us who are new to the subject. Thanks for sharing, a hug back, @thekittygirl.
That 74 to 47 ratio... :) Now that I think of it, each pair has such symmetrical numbers at some point.
Well written :)
all the points are very interesting to consider, thanks for all the input.
will be back when I have some liquid Steem.
Thank you Kitty!!
Blocktrades does work; I used it last night on my first weekly steem powerdown. Worked like a charm and only took a few minutes.
Excellent! I might give ionomy a go... Still waiting for my first powerdown payment...
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Great tutorial @thekittygirl! I hadn't heard about IONOMY, I'll need to check it out 😉
Thank you for the post. Very useful information to have.
I'm not changing a thing. 🙏
I hadn't heard about IONOMY, I probably will check them out, although Blocktrades is what I normally use.
Upped and Steemed
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🎁 Hi @thekittygirl! You have received 0.1 HIVE tip from @dswigle!
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Yes, the thought of exchanging Steem for Hive has crossed my mind over and over.
Thank you for this post, it is very useful for non-traders, lol.
Tomorrow I am getting some STEEM from the first week of my power down so I will exchange it for HIVE. :)
Awesome post, sis @thekittygirl! I surely will try it.
Be safe and take care 🥰🌺🤙
This is very helpful!
Great information, I have to get rid of my steem at some point and convert it to HIVE so I'll need this to refer too.
Thanks for taking the time to share this,
Sult
Thanks for the helpful info.
Good information, thanks.
Thank you for this. reblogged
I'm glad blocktrades got the conversation up. They make it stupid simple, which is exactly what I need.
Thanks for putting this out to help those newer people that are wanting to get into Hive.
Thank you for putting all that in plain English! Are you a school teacher? Because even kids could understand that. :-)
It looks like Hive trading is really opening up!
The steem to hive conversion is live now on the block trade.us site
Thanks for the information always helpful finding places to move crypto.
Steem to Hive I am currently testing on @blocktrades have not found a way to move SBD to Hive Dollar, if anyone has information it would be greatly received.
Go to your wallet and click the arrow beside SBD and there is a "Convert to Steem" option in the drop-down menu. 🙂
Thanks for the tip will take a look have not had time today to get to doing much with moving again.
Thanks for the info! Interesting to see the new HIVE coin is doing so well in comparison to STEEM!
I'll have to exchange mine so I can be a HIVE dolphin! Just waiting for my powerdown on Steem
This is great. Thanks for putting it together for us!
I've used @blocktrades to convert my first powerdown and it worked easy peasy...😊 I have to precise that I already have an account with BT so I don't know if it's as smooth as it was for me if you have to create one, but I suppose it goes well anyway 😉
Always helping others, that is our @thekittygirl! Great of you to share this information with everyone during the PYPT Show.