Task-2 of stage-02, Hive tokens and how to power up

in Hive Learners9 months ago (edited)

Hello everyone!

This is my second task of stage-02 in hive learners community, I'm excited to share with you guys again my understanding.

In this post I will be writing about hive tokens, it's important, how to acquire hive tokens, converting HBD to HP, and powering up HP.

Hive: hive is a liquid currency in hive blockchain that have value in a crypto market, and can be bought and sold like other cryptocurrency.

Hive power (HP): this is an influence token in hive.blog that give you power to influence other users post. The more hive power you have the more your voting power, also the amount of hive power you have in your wallet determine the amount of post, comments, and upvote you can make in a day.

Hive backed dollar (HBD): hbd is a liquid token we earn as a reward on the post we make on hive.blog, HBD can also be traded just like the hive power.

improtance of powering up

Firstly powering up is very important because when you have acquimulated big amount of hive power it increases the amount of post, comments, and upvote that you can make, your engagement in the hive blockchain will not be limited, but when you don't have enough hive power your engagement in hive will be limited.
Secondly it gives you the power to influence the reward of other users post.

How to acquire hive power

  • Earning from post: we can earn HP through the post we make in hive.blog, but it can be the slowest method of acquiring hive, the hive reward we make from each post is divided into four, the other two parts goes to the curators, and the other two parts goes into the authors wallet, when transferring into the authors wallet one part goes into the HBD and the other goes into the HP place.

  • Buy hive power and powering up: this can be considered as the easiest way of acquiring HP, that's if you have money of course, you can buy HP from others and then power up.

  • Through delegation: this is when a friend gift you HP, as a newbie a friend can delegate you HP to enable you make a post and comments, this doesn't mean that it's yours the HP delegated to you can also be withdrawn by the delegator when you have earned enough HP.

how to convert HBD to HP

Open your wallet

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Click on HBD and a menu with options will show, then click on the market option

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When you click the market option, it will take you to this particular place where you have the options like price, amount, and total. The price option is where you can set your entry price, that is the price you want your HBD to be converted to hive.

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In the option that reads Total is where you can input the amount of HBD you want to convert, when you input it the amount of hive you will receive will display in the AMOUNT option.
Example, I want to convert 20 HBD to HP, the 20 HBD will give me 18.928 in hive.
After inputting every figure click on buy hive, then the amount of HBD you want to convert to HP will be transferred to your wallet
.

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how to power up hive

Still in your wallet, click on hive and it will brings out the options it brought out before, but instead of clicking on market you will click on power up.

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That will take you to a new background that will bring out an option that will require you to input the amount of hive you want to power up, after inputting the amount then click on continue, and follow the necessary procedure.

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There you have your hive powered up.

Thanks for stopping by to read my post

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This was a very good explanatory post @queenpriscilla you did great.

Thanks for stopping by @prayzz

@queenpriscilla, one of your Hive friends wishes you a Happy Valentine's day and asked us to give you a new badge!

Valentine's Day 2022

To find out who wanted you to receive this special gift, click here!

You can view your badges on your board and compare yourself to others in the Ranking

Check out the last post from @hivebuzz:

Hive Power Up Month - Feedback from February day 11
Valentine's day challenge - Give a badge to your beloved!

Haha, thanks a lot

They say that the best way to learn is to teach to others. This is why I decided to Target this instructional post you have created with @Comet.Ranker @queenpriscilla! I want to encourage you to continue studying and learning in this way! 📍

I also wanted to ask you about this part of your post. 👇

hive power is also tradable like other cryptos.

I didn't realize that Hive Power is tradable. (?) I thought that once it was poweredUP the only thing you can do is utilize it with UPvotes, Down Votes, Delegations to other Hive accounts, and allocation of your Witness Votes.

I might be wrong about this... Do you (or anyone reading this comment) know if there is a way to rent out our Hive once it's been PoweredUP?

Alright! That's it for me tonight!

Take Care and THANK YOU for all of your engagement over at Comet Ranker HQ! ☄️

@wil.metcalfe
Comet Ranker

I didn't realize that Hive Power is tradable. (?) I thought that once it was poweredUP the only thing you can do is utilize it with UPvotes, Down Votes, Delegations to other Hive accounts, and allocation of your Witness Votes.

@wil.metcalfe thanks for pointing that out, it's actually a mistake from my side.

Do you (or anyone reading this comment) know if there is a way to rent out our Hive once it's been PoweredUP?

By Rent, Do you mean delegation or selling the hive?

Thank you so much @wil.metcalfe and @comet.ranker for the love and support you have shown me I really do appreciate 🥰🥰💞

Delegation could be used to rent Hive I guess. But it would be a rather informal way to arrange this.

I'm wondering if there are platforms used to broker (go between the owner of HP and the renter of that HP) the deal... This could, as an example, be done autonomously with a smart contract or manually with a 3rd party. (That last option is undesirable by the way... any idea why? 😉.)

But yeah... I mostly just thought it would be of benefit to chat about the topic more fully so as to maybe (together!) learn something new from the conversation. Sometimes questions can also lead us towards making the decision to learn something new. Always a good thing I would say! 😊

How have you been @queenpriscilla?! 😁

@wil.metcalfe
Comet Ranker

I'm wondering if there are platforms used to broker (go between the owner of HP and the renter of that HP) the deal... This could, as an example, be done autonomously with a smart contract or manually with a 3rd party.

well I don't think there's a platform such as that.

(That last option is undesirable by the way... any idea why? 😉.)

Which last option are you talking about.

 9 months ago Reveal Comment