Understanding the concept of tokens is very necessary as a blogger on the hive Blockchain, I didn't understand it myself and needed to ensure I understood it through and through after following up with all @ksam Posts concerning tokens and trading on the hive Blockchain.
I will like to start with the difference between hive and swap.hive; The difference here is really simple, although both tokens are the same, [meaning they are exactly the same in almost all aspects you can think of] swap.hive is used mainly for trading with second layer tokens on the hive Blockchain, and hive is the general token for trading on the hive Blockchain.
You cannot just trade second-layer tokens on hive directly, they first need to be converted to the cloned hive (swap.hive) before they can be converted to liquid hive. I will be giving an example of Swapping hive with swap.hive in this post... But just before that let's take a look and tipping tokens and what it means to tip someone on hive...
TIPPING TOKENS
If you use peakD as your hive frontend, you are sure to have seen the gift symbol underneath a Post, just after the vote icon, that gift icon is for tipping tokens as rewards to a Post you like. You can tip your hive, HBD, and any second layer token you have and the creator of the post will receive it. Tipping is simply appreciating a Post you like with a token. So if you end up liking this post, you can tip me some tokens 😉😁
An example of this is the notification below, if you have received this kind of notification and don't know what it is for, it just simply means you have been tipped a second-layer token
The tokens are also very useful and are normally backed by a community. To tip a token, you just add ! Before the token, and the person receives the token. However, conditions are guiding every token you wish to tip, so understanding the token and its use is vital before tipping. An example of these tokens is below...
| TOKEN TYPE | TOKEN RECEIVED |
|---|---|
| (!)#ALIVE | ALIVE TOKEN |
| (!)#BEER | BEER TOKEN |
| (!)#PIZZA | PIZZA TOKEN |
| (!)#LUV | LUV TOKEN |
To mention but a few, however Tipping will be considered an ABUSE if you try to tip a token you don't have or you tip yourself through another account. This second layer tokens can also be gotten through mining, but I won't be talking about it in this post, but then again mining these tokens for yourself or others is also another means of earning in the hive Blockchain
Moving forward, I will like to retouch the subject of converting hive to swap.hive, here I will also try as much as possible to explain it for newbies to easily understand the concept of converting tokens.
To begin your conversion process you must first download the keychain application. Keychain is used for storing your hive keys in one dapp, so you don't need to go through the stress of finding your keys whenever you decide to do any transaction on hive. After downloading the app, you will have to set it up by imputing all your hive keys and other passwords.
Now you are logged in to the hive keychain, the next thing is clicking on the three dots to locate your browser, and you will see something like this...
Click on the browser, and impute https://beeswap.dcity.io/swap
Now you are in, the next thing to do is to log in with your hive keys which is easy since you are using the hive keychain app.
After login, you ensure that you click on convert since you are making a conversation NOT SWAP
You will now be able to make your conversion from hive to swap.hive. Take note of the double arrow sign in-between, clicking it will show which you are converting from, as you can see below that I'm converting from hive to swap.hive; hive is up, swap.hive is below.
NOTE
A 0.25% TRANSACTION FEE WILL BE REQUIRED TO PERFORM TRANSACTIONS ON BEESWAP, AND YOU CAN'T MAKE TRANSACTIONS BELOW 1 HIVE.
Immediately you click convert, your conversion is done within seconds as you can see below.
Converting back to hive from swap.hive requires the same process, the results however are seen in what you are converting to as you can see below. This means a total of 0.5% transaction fee was used for performing both transactions
With this, I hope you have been able to understand how to make conversions on beeswap if you couldn't, and have understood the concept of tipping on the hive Blockchain. This is my entry into newbies initiative task 5 from team one under the leadership of @justfavour
Thanks for stopping by my blog today, until next time.