Ultimate Guide: The Hive Wallet — All You Should Know!

Hello, lovely Hivers,

If you're a newbie here like me, you might be finding it hard to navigate your way around.
Or not...

You perhaps have a head full of questions and you don't know where to start.

Luckily I have a guide @samostically that has taken out time to explain a lot to me as I have done my research.

So today, I would like to share with you all you need to know about Hive Wallet.

This article is not going to overwhelm you as I have made sure it is beginner friendly.

Let's begin with what a Hive wallet is:

What is Hive Wallet?

Hive wallet is simply a digital wallet where all your Hive earned and rewards are stored. It is linked to your account and shows how many Hive and Hive-Backed Dollar (HBD) you have.

Earnings or rewards are stored in our Hive wallets. We can also purchase Hive from exchanges like Binance and fund our wallets.

You earn rewards when you get upvotes from writing, engaging, and even when you curate content.

Rewards are usually divided into HP and HBD.

You may have seen that and be wondering:

What are those? We'll get to that in a moment.

The Hive wallet contains 5 things altogether; Hive balance, HP, HBD, Savings and account estimated value.

What are HP and HBD?

HP means Hive Power and you can say it determines your power on Hive. Hp could mean your power on Hive but this definition can be vague if you have all your HP delegated to someone else. Hive Power is also important for general engagement on the blog as it helps recharge Resource Credit (RC) faster.

What is Resource Credit? you may wonder...

Resource credit helps you perform activities on the blog — from commenting to posting your article — It is RC that enables us to do that.

Therefore, the more HP you have, the faster your RC recharges.

HBD on the other hand is Hive Backed Dollar, it is pegged to the US dollar so it stays around 1 USD value.

It is a liquid token therefore it can be traded at any time.

Earnings are usually split between Hive, HP(which goes directly to their wallet and is powered up) and HBD.

Therefore, to increase your HP you — Power Up Hive, which is transformed to HP in the process

To do that, simply convert your HBD to liquid Hive then Power Up.

Similarly, if you wish to liquidate your Hp — you simply Power down

You don't know how to access your wallet? No worries, it's pretty simple: Just click on your profile, go to others and click on wallet.

There You have it!

I hope you found this article informative!

I do intend to share more articles like this in the future. I believe learning becomes easier when you teach what you learn and I enjoy learning more on Hive.

I know life can be tough, so if you are going through a hard time, just know :
You can do anything and everything!