Helping people make their first withdrawal from Hive 💰

ripple.jpg

Public domain images from Pixabay

I had three sessions introducing two of my onboarded referrals @zannta and @chibiimee to D.Buzz (and Hive)! On this post is the third one.

  • The first one is about registering to D.Buzz through HiveOnboard and making their first quality post. This one happened in the evening of Sunday, December 20, 2020.
  • The second one is about various apps (such as #Dapplr and #Ecency) they can install on their smartphones that they can use to explore the Hive community (though they had difficulty using them to post on D.Buzz). Since I did not write an article about this, I could not remember the exact date, but I knew it was midway between Christmas Day and New Year's Eve! That said, I hope #DBuzz releases native smartphone apps for D.Buzz soon! 😅
  • The third and last one is about withdrawing their earnings on Hive, directly into their cryptocurrency wallet of their choice. This one happened in the evening of Wednesday, January 13, 2021.

Don't worry about them withdrawing all their earnings, since they are not going to quit or Power Down Hive.

That's all for the introduction! Listed below are what I told my onboarded referrals, until they finally received their withdrawal on their cryptocurrency wallet (on Coins.ph)!

  1. I told them to register at BlockTrades.us. When they asked me what #BlockTrades is, I told them that it is the cryptocurrency exchange on which they can convert their HIVE or HBD into any cryptocurrency listed on the website. After that, they asked me if they might need to go through the hassle of using their long private keys again, for which I said no. I told them that they just need to provide any email address they can access, and a corresponding password for it. I assured them that if they are transacting with such small amounts (more or less $1), they do not need a complex password for their BlockTrades account.
  2. I told them to go to their Hive Wallet to claim their pending rewards. That is at https://wallet.hive.blog/. I wanted to tell them about the Hive.Vote automation of reward claiming, but I postponed it because it might cause their experience to be more complicated than it should be. Anyway, both @zannta and @chibiimee won 2 HIVE each from @dbuzz's "On The Spot" awards!
  3. I told them to convert their HBD to HIVE. Both of my referrals use Coins.ph, which is a cryptocurrency wallet app (accessible on their website and on smartphone apps) available in the Philippines. Coins.ph is an app which is really convenient to use and offers a lot of rebates, but its fees for cryptocurrency trading and sending are very high compared to other exchanges. Among all the cryptocurrencies available on BlockTrades for withdrawal to Coins.ph, HIVE to BCH (Bitcoin Cash) was the one that had the lowest fees. They preferred BTC (Bitcoin), but I said that it has very high fees and is discouraged by BlockTrades. I then sent them equally all my HIVE after converting to it all my HBD, so that their first withdrawal will be higher (and the fee percentage is reduced).
  4. I told them to go back to BlockTrades and supply the necessary information. After my referrals converted their HBD to HIVE, I told them to fill in the required information. Send HIVE, Receive BCH, and all their HIVE into the Send quantity field. I estimated that the fee was roughly 15%, which they said was high, but they won't complain for something they will receive for free.
  5. I told them that they just needed to wait for the BCH to appear in their wallet. After about 10 minutes, BlockTrades told them that their withdrawal was successful. When they checked their BCH wallet on Coins.ph, the funds had not appeared yet. I told them to visit the bitcoin cash blockchain explorer at https://explorer.bitcoin.com/bch, and put their BCH wallet address there. They saw an incoming transaction to their wallet there, and I told them that the transaction needed to have enough confirmations (which I don't know how many exactly) for the amount to be credited by Coins.ph to their wallet. While waiting, I told them about how confirmations in sending cryptocurrencies work. After another 15 minutes, there was a confirmation, but the amount was still not yet credited to their BCH wallet because... obviously, just one confirmation is realistically not enough.

Because I did not know how many confirmations were required by Coins.ph for them to credit the incoming cryptocurrency into the user's wallet, I told my referrals to wait overnight for the BCH to be credited. Furthermore, I told them that since the transaction was already on the blockchain and Coins.ph was just waiting for enough confirmations, BlockTrades already did their part, and Coins.ph just needed to credit the sent amount after enough confirmations. So, in case Coins.ph does not credit the BCH, it is no longer BlockTrades's problem. After a few days, I asked them if they received their BCH, for which they acknowledged that they did receive them right in the Coins.ph wallet.

Hope my story helps others who want or need to withdraw their D.Buzz (Hive) earnings too!

By the way, if anybody noticed why the cryptocurrency in the picture is XRP (Ripple Token) and the fiat currency is in U.S. dollars, it is because that is the best image on Pixabay I could find that features both cryptocurrency and fiat currency.

ğŸ˜Ž Thanks for reading! ğŸ˜Ž

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