I recently tested the Value 4 Value gateway created by @brianoflondon. After reading a few posts covering the app and hearing about it on the Community Token Talk (CTT) podcast, it seems like a project that HIVE users should definitely be paying attention to and using. Check out the proposal and use your voice on HIVE to support.
There's a lot in the pipeline but the project has already delivered plenty. And as much as I like HIVE projects working with other blockchains, any interopability with the Bitcoin protocol promotes true long-term growth.
From my understanding, the initial use case or proof of concept for the app was to serve as a tipping mechanism (alongside the @podping app), with the max amount being 100,000 sats, around $30 USD as of today. By default, it can also serve as a quick swap to convert HIVE:BTC and BTC:HIVE because of its lightning network functionality.
In terms of making the swap from BTC:HIVE, this was by far the fastest and easiest process I've experienced. I usually use Blocktrades or SimpleSwap, which are pretty simple themselves, but involve a few more steps and higher fees. Since the v4v gateway utilizes HIVE and lightning, fees are essentially nothing. There is currently a transaction fee of 200 sats or 0.8%, based on the amount sent.
As of today you need to create a lightning invoice to swap from HIVE:BTC but there are a lot of developments happening and lightning address capability is one of them. I tested the swap using CashApp so I wasn't able to create an invoice to test the other way around.
Here's the process start to finish:
(1) Go to https://v4v.app/ and select "Get HIVE" from the top menu
(2) Enter the HIVE account you would like to tip or send funds to and memo if applicable. Select if you want to receive HIVE or the HBD stable coin.
(3) Scan QR code to send satoshis. This capability was take to the next level with the quick link that pretty much turns all HIVE profiles to Lightning wallets! Just replace my username with yours and you have your own like the 2nd pic below https://v4v.app/v1/lnurlp/qrcode/opinizeunltd and BOOM, you can receive BTC that will be converted to HIVE and automatically sent to your HIVE wallet. More info on that here.
(4) Wait for deposit. I actually received the HIVE within a minute. Just took awhile to take the screenshot.
Again, to sum it up:
(1) Go to https://v4v.app/ and select "Get HIVE"
(2) Enter "receive account" and select to receive HIVE or HBD
(3) Scan QR code
Finito
credit @doze with more 🔥