Hello everybody.
Hopefully, all of you will be good and happy and enjoying your good health with the grace and blessings of Almighty Allah. As I have completed the Task 1 of the Stage 2 in the Hive Learners community so now I am going to complete the Task 2 of the Stage 2 that is all about Hive and Hive Power.
How much do you know about Hive, Hive Power & HBD?
Actually there are three types of assets in the Hive Blockchain that can be earned, utilized, exchanged and traded. These are Hive, Hive Power (HP), and Hive Dollar (HBD). Let's discuss them, one by one.
- Hive:
Hive is the major token on the Hive Blockchain. It is the native currency of the Hive Blockchain that simply be called as a cryptocurreny that can be exchanged, stored and staked. Hive can be traded or exchanged on a number of exchanges like Binance, Poloniex, Huobi Global, etc.
There is the single way to earn the Hive tokens that is posting, commenting on the Hive Blockchain. Users can publish the quality posts on the hive.blog and earn the rewards in the form of Hive tokens that can be exchanged easily. Moreover, people can also trade the Hive Tokens to get benefits and good profits.
- Hive Dollar (HBD):
Hive Dollar or simply known as HBD is another native currency of the Hive Blockchain that can also be converted into the Hive Tokens from the Internal Exchange of the Hive blockchain.
Users can earn the HBD by posting, commenting on the Hive Blockchain. The rewards that are given through upvotes are actually in the form of Hive Dollars and later on these HBDs can be converted to Hive Tokens.
- Hive Power(HP):
Hive Power is not actually a cryptocurrency by itself but it is in fact the staking of the Hive tokens in the Hive Wallet. Yes, staking of Hive Tokens is called as Hive Power or simply, HP.
HP can also earned by a number of ways like commenting, posting and upvoting others posts. Although this process of gathering HP is so much time-taking so the HP can also be increased by a process known as Powering Up. In this process, the Hive tokens are converted into the Hive Power. Another way to increase the HP is to buy the Hive Tokens from the external exchange and then power them up.
Importance of Powering Up
As I have told you before that the Hive tokens can be converted inro the Hive Power (HP) by a process known as Powering Up. So, now we will discuss the benefits of powering-up. So, have a look.
The first and the most important advantage of powering up is that it increases the ability of the users to post blogs and comments on the blockchain. E.g, a user who is new on the platform can post only 2 or 3 posts per week because the Resource Credits (RCs) become less. By poweing up hive, users can post more commenta or blogs.
Another benefit of powering up Hive is that the more Hive power, the more will be the influence of the upvote or downvote of that user. So this is really impressive. The users can reward the quality posts more by increasing the HP.
Another importance is that the HP tells about the authority of that user on the Hive Blockchain. Actually, HP is the future of users on the Hive Blockchain.
There are actually three ways to acquire more and more Hive Power (HP). These ways are as follows.
First method to acquite HP is posting, commenting on the Hive Blockchain.
The second way to acquire HP is by powering up the earned Hive into Hive Power.
The third way to acquire Hive Power is to buy the Hive tokens from any external exchange, transferring them to the Hive wallet and then powering them up. This is the fastest way to acquire more and more HP.
Converting Hive Dollar (HBD) to Hive
As I have told you before that we can convert the earned HBD to Hive tokens from the internal exchange of Hive blockchain. The steps that are followed are as follow.
- First of all, click on the Wallat option in your Hive Profile to open the Hive wallat.
- Click on the down arrow next to the Hive Dollar (HBD) option and then click the Market option.
- Now, the internal exchange will be open. Enter the amount of HBD that you want to convet to Hive token and click the Buy Hive option.
- Click the OK option to continue.
- At last, enter the Private Active Key and clcik the Sign In option. Your HBD will be converted to the Hive tokens.
Powering Up Hive
As I have told you before that we can power up Hive tokens tk the Hive Power (HP) by a process known as powering up. For this, we have to follow these steps.
- First of all, click the Wallat option in your Hive profile to open the Hive wallet.
- Now, click on the down arrow next to the Hive option and clcik the Power Up option.
- Now, enter the amount of Hive that you want to power up and click the Power Up option.
- Ptess the OK button to confirm the power up.
- At last, enter your Private Active Key and click the Sign In option. Your Hive will be converted to Hive Power (HP)
Thanks a lot to all of you for stopping by and reading my post. Hopefully, all of you will like it.