This is great education for we beginners and I say a big thank you to @prayzz for these lessons.
Starting with Hive and Hive Dollar. In the world of cryptocurrency, we have what we call a value given to a known coin. In Hive. Blog, its currency is Hive. It’s what we turn into cash. After making posts, we get a reward and before one can enjoy his or her works, you need to convert that to Hive. As every cunty has a currency, the currency for hive.blog country is Hive.
Hive Backed Dollar (HBD) is also a currency. We gain that one too on posts after payout. T can be converted easily to Hive and vice versa. We use the market feature to do that. The ratio of HBD to Hive changes since the coins aren’t stable.
Powering up
Powering up has to do with converting Hive tokens into HP. This power is what gives us the power to vote on people’s posts. We can convert HBD too. But before we do, we have to first convert to Hive then we use it to power up. Basically, powering up is the converting of Hive into Hive Power. The amount of Hive Power you have then determined the number of posts, comments, and votes you can make in a day. as your HP increases, your influence to stay active on the platform increases too.
There are ways one can earn HP, they are earnings from posts, buying Hive and powering up, and also through delegation rewards.
In earning through posts, when you make a post, the reward is divided into HBD and also HP. The HP goes to add up to your HP and that’s one way to increase that.
The nest is buying Hive and powering up. We have exchange platforms that we can get Hive from. One example is Binance. One can buy Hive then transfer it into his hive.blog wallet and then power it up. This is another way to increase your HP.
To Convert HBD to Hive using the market.
First, you open your wallet and log in with your activation key.
Then click on the dropdown arrow at HBD
Click on market.
Buy the amount of Hive equivalent to your HBD
You then confirm the transaction.
Powering Up
Click on the drop-down arrow at the Hive.
The next is to click on power-up.
Enter the amount you wish to power up. That’s how power is done.
Thanks for this task. I have learned a lot.