When you start posting in Hive, expect that after 7 days, you'll receive your post earnings and it will go directly to your Hive Wallet. The next question is what to do with your earnings once they're inside your wallet. Basically, what you do with your earnings is totally up to you. But before that, you need to first understand the different components of your wallet.
Let us walk you through your wallet.
You can access your wallet through https://wallet.hive.blog/
The first thing you'll see is your Balances tab. This tab shows your account's Estimated Account Value. You will also see a breakdown of your Hive, Hive Power, HBD, and Savings.
HIVE - Similar to the blockchain name, Hive is the native token of Hive blockchain. Hive tokens, just like other cryptocurrencies like Bitcoin, can be traded or purchased from different exchanges like Binance, Blocktrades, Bittrex, and many more. You can do whatever you want to do with these tokens because they're liquid and transferable.
HIVE POWER - Hive Power(HP) is the vested/staked form of Hive tokens. Hive tokens can be transformed into Hive Power in which the process is called "Power Up". 1 Hive token is equivalent to 1 Hive Power. Hive Power constitutes the user's influence in the blockchain, the higher HP the greater the influence he/she can make or rewards to give.
HIVE DOLLAR - Hive Backed-Dollar(HBD) is the 3rd cryptocurrency of Hive blockchain. As the name implies, it's tied to the value of the US dollar. 1 HBD is designed to par with 1 USD. HBD can be traded into Hive tokens in the internal market.
SAVINGS - This portion of your wallet serves as your HIVE and HBD Savings. This was made to add extra protection to your assets if problems like hacking happens. It would take 3.5 days to withdraw your savings out to your HIVE and HBD wallet. So if hacking happens especially if your active key is compromised, you have enough time to reverse the operation and change your private keys.
ESTIMATED ACCOUNT VALUE - The portion of your wallet where it shows the total estimated value of all your token holdings. Estimated because the value of your Hive tokens varies from time to time while your HBD will remain pegged at 1 US dollar. Your Hive Power holds the same value as your Hive tokens.
Your Post Earnings are divided into two upon payout time: Hive Power and HBD. For example, your post garnered a total payout of $10, 50% of which goes to the curators as Hive Power while the remaining 50% will also be divided into two equal portions, HIVE Power and HBD(Hive Backed Dollar).
$5 - To the curators, varying distribution in Hive Power.
$5 - To the author, $2.5 worth of Hive Power, $2.5 HBD.
Transfer and Transfer to Savings - A wallet function for transferring Hive and HBD tokens to any account, exchange, or to your own savings.
Power Up - A wallet function for powering up your own Hive tokens to yourself or to any hive account. This converts your hive tokens to hive power. Learn more about powering up on this article:
The Importance of Powering Up Your Idle Hive Tokens
Power Down - A wallet function for powering down your hive power making them liquid again or hive tokens. This process takes 13 weeks to complete a power down operation. For example, powering down 1300 Hive power will give you 13 equal payments of 100 Hive tokens where each payment takes a week to complete. You can cancel a power down anytime.
Delegate - A wallet function for delegating your own hive power to any account. It is similar to borrowing or letting someone use your hive power and influence in the blockchain. Undelegating Hive power will take 5 days to complete the operation.
The delegations tab is where you can monitor the Hive Power that you lend to someone. Here, you can see how much HP you have delegated, the account of the delegatee, and the indication of how long the delegation has been awarded. (Refer to this link to know more about delegations)
This is the area where your passwords and keys to your account are stored.
Each keys has different function. It is made not similar to each and every key to make it safer. Take note that hive doesn't store the password and keys to your account so it is irretrievable if you forgot or lost it. Always make sure to have a backup.
Get to know more about your Keys on this article about Your Password and Keys
As the name suggests, this tab is where you change the password. Just like any other social platform, hive gives you the privilege to change your password whenever you want. Fret not, this zone has its own rules for you to follow and not get confused. It also offers a password generator if you are having difficulty in building a string of characters that is difficult to hack.
Are you a Leader material? Do you want to build a section where you can invite similar-minded individuals? Or you just want to create a space where people of different genres can gather? Then, the communities tab is the place to be! Here, you can create a community that you intend to have. Create a title and add a description of what the community is about the follow the steps to complete the profile.
Hive PH is a community of Pinoys and Pinoys-at-heart living all over the world. Our motto: Supporting Filipinos Worldwide. Learn more about us from these articles:
Hive PH: Supporting Filipinos Worldwide
We are Hive PH
We hope you learned a lot about your Wallet. It may be a bit overwhelming at first, but once you get the hang of it, we're sure it will be easy breezy for you to navigate your wallet on your own. Feel free to comment any questions you may have and we'll do our best to answer them.
°º¤øº°°°º¤øº¤øº°°°º¤øº°
We are inviting you to subscribe to Hive PH to help with the curation and post promotion.
Don't forget to follow Hive PH trail on hive.vote as well.
Chat and interact with our fellow Filipinos in our discord channel.
