Here's a step by step guide on how you could cash out your hive tokens or hive dollars (HBD), by using binance and then finally transferring it to Globe Cash more commonly known as Gcash. There might be better cash out processes out there so never forget to do your own research, main reason I am making this guide, is actually for me, so that i can remind myself how I've done it on my next cashout.
- Before we start i would like to suggest that you try this in small amounts first. There are no do-overs or second chances when dealing and trading with crypto. A single digit mistake could cost you all of your assets
Hive Keychain
Hive tokens and assets are stored in your personal hive key chain account, think of it as a wallet. Now to be able to trade and then eventually cash out. Your hive dollars should be first converted into Hive.
Here i am trying to convert 46 Hive dollars to hive, note that it will take 3.5 days for the conversion of hbd to hive to be completed; and your expected amount of conversion is based on the means of those 3 days so keep that in mind as you might be surprised to get a lesser amount if you base your computation on current exchange rates
I made this conversion last September 27. And you can see that there's one conversion listed scheduled to be finished on October 1.
After conversion you could see below, that i have 0 HBD and it all got transferred now into hive
Afterwards, you will now have to transfer this hive tokens to your binance account. To do this, you need to fill up the below with your binance address and include the memo
Binance
To get your address and memo; go to your binance and select deposit hive, it should direct you to a pop up which would have the deposit address as well as memo address and even qr code. You need both deposit address and memo to complete the transfer
Once you have successfully transferred from hive wallet to binance - next part is to trade hive to usdt
Just go to trade > select sell hive to USDT, you can only trade whole numbers for hive, which in my case 102 hive coins. the ".53" will be left there and won't be part of the trade. with the current exchange rate i am expecting to get around $62 worth of USDT
once your open order has been succesfully traded you should have USDT now available in your spot wallet
P2P Trading
Now the next step is to transfer your usdt balance from your spot wallet to your p2p wallet, right now p2p wallet is already merged into funding wallet. it's just a feature in the binance app. To do this simply click on transfer and for my purpose im just selecting max amount
After transferring your USDT from spot wallet to p2p or funding wallet. you are now ready to trade peer to peer, to do this again just go to TRADE and then select p2p tab. There will be multiple traders available on the platform, just select the one which has a high amount of trades and completion rate. Also check their minimum limits as you cannot sell your USDT if it falls below the minimum amount of the requested trader.
*I selected gcash as my payment method. Then selected a trader which is within the amount i am trying to trade who also has gcash as their modes of payment.
you can chat with the trader to confirm details like gcash account name
Once buyer sends the money to my gcash account, complete the process by confirming receipt of payment
And there you have it. From Hive Dollars to Hive to USDT and finally to Peso. Congratulations on your successful cashout.
This is actually my first time trading or cashing out, it feels good to have this done successfully, i think the reason everything went smooth is i id lots of research beforehand and watched hours worth of videos of different guides and processes. I also started with minimal amounts first just to confirm if the trades, conversions, sales, would push through.
I hope this article helps others who are trying to cash out. If you have questions just leave them below and i'll do my best to answer your queries.
Beerbod to the moon