Hive Blog

HBD To Fiat, My Off-ramp Experience

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This is a follow-up article from the recent Paid For My Flight With HBD article I shared. @thetimetravelerz suggested it might be of help to others if I write about the process involved in paying for my flight with HBD.

Before getting into the process, I'd like to expatiate on paying for my flight with HBD based on the comments I received from the article leading to this one since I was asked if the airline received the payment in HBD.

Those of us on Hive are aware HBD is a stablecoin and for those not on Hive and reading this HBD is a stablecoin pegged to the USD by $1 worth of Hive.

Therefore 1HBD invariably equals $1, and HBD or USD can be used interchangeably and could be meaning the same.

hbd.png

HBD To Fiat, The Process

As I explained to a friend recently when it comes to cryptocurrency we are in control, we move funds as intended, and there are several ways to achieve the same goal, though one has to be mindful of the transaction fees.

The goal for me was to end up with Rands from HBD since I currently reside in South Africa.

HBD For Hive

The first step I took was to withdraw 537 HBD from my savings account.

Next, I sold the 537 HBD for 1853 Hive on the internal exchange.

image.png

The interfaces on Hive have options to access Hive internal exchange from your wallet, in my case through Peakd, click on the dropdown arrow below HBD as seen above and you will be presented with the Market that will take you to the exchange.

Sell Hive On External Exchange

For those unaware, the reason I sold HBD for Hive is that HBD isn't listed on Binance but Hive. So I withdrew 1856 Hive to Binance. You are probably wondering why 1856 Hive when I sold HBD for 1853 Hive, I had some liquid Hive seating around so I withdrew all.

WhatsApp Image 2023-02-05 at 21.46.32.jpeg

This transaction was done in December 2022 as seen above.

With Hive now in Binance, I sold it for BUSD.

I then bought XRP with the BUSD, I chose XRP because of its low transaction fees.

WhatsApp Image 2023-02-05 at 21.47.09.jpeg

I got 1491 XRP as seen above. Notice I only bought XRP on the 28th of December and not the 27th the day I moved Hive onto Binance, normally I don't trust centralized exchanges with my funds. I had to get help from another friend whose Luno account I sent my XRP, the friend whom I had arranged with earlier couldn't access her password.

Luno

Luno is an exchange that supports Bitcoin, Ethereum, and Ripple in South Africa and it works by linking your bank account to it for on and off-ramp cryptocurrency.

My friend helped me to receive the Luno, sold it for Rand, and had the Rand sent to me which I then was able to pay for my flight.

Too Complicated?

If you are new to cryptocurrency you probably are thinking this is too lengthy and complicated, the truth is it is not. It is an easy process if you know what you are doing and I find it enjoyable moving funds around, I like that I am in control, this is what banks do, they move our funds around.

This is a transaction exercise that can take less than 20 minutes if sell orders go through sooner. Again there are other ways to convert HBD to fiat as I did, it is a matter of knowing your coins and utilizing them to achieve the desired goal.

What Is Hive

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We owe it to ourselves to make Hive great

image.png Image by @doze

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  • poshtoken profile picture(85)

     

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    • india-leo profile picture(59)

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      • cryptothesis profile picture(69)

        I think you might have brought down the price with you selling some!!! lol🤣 !PIZZA

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        • joetunex profile picture(76)

          Lol I will buy back one of these days to pick up the price again 😃

          !PIZZA

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        • bitcoinflood profile picture(79)

          This really is still a huge bottleneck for Hive is transferring funds around. Also consider CUBDeFi when doing swaps of HBD to BNB for example it might eliminate another transaction or two for you.

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          • joetunex profile picture(76)

            Thanks for the CubDeFi tip that is a route I didn't think of which would have eliminated the HBD to Hive and Hive to BUSD.

            !PIZZA

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          • jfang003 profile picture(76)

            Is the reason why you had a friend take out the money because you can't get a bank account? I remember you saying that your citizenship kept being delayed so I wouldn't be surprised if there were issues opening an account.

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            • joetunex profile picture(76)

              Yes, that was the reason, I don't have a bank account, I have to trust others with my money. The bank account I currently use now is a friend's account which she opened for me. It sucks and that is one of the reasons I decided not to continue living like this.

              !PIZZA

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            • littlebee4 profile picture(76)

              Very useful Joe, thanks for explaining the process. Have an awesome evening 👋🏻😊

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              • joetunex profile picture(76)

                Thank you, Jackie, 🙂 A lovely evening to you.

                Hopefully, I have some !PIZZA left

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                • littlebee4 profile picture(76)

                  You are welcome Joe 👋🏻😊 Thanks a lot. Hope your day is going well.

                  Enjoy it. !PIZZA

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                  • joetunex profile picture(76)

                    It's been a busy and productive day thanks, Jackie, finally was able to send money to my cousin in Benin for accommodation, it was a pain, will write about it lol.

                    And you are having a good one and your internet still serving you well.

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                    • littlebee4 profile picture(76)

                      Good to hear and I am happy you managed to send the money for accommodation. Looking forward to read about it. I can imagine the struggles…

                      Thank you so much Joe 👋🏻😊 having fun… cleaning the house further (as it wasn’t clean when we entered) and putting up wardrobes, unpacking more boxes 📦 doing some admin. Yep, also productive one can say. We are getting visitors tomorrow already, hubbies mother and husband, they stay for a few weeks. So trying to get a room ready for them. They know luckily we are not unpacked yet… other wise I would be stressing fully. (Although I am doing my best to do just that, finish it all before they arrive… but no change… hahaha 🤣)

                      Truly love my link to the stars ✨ it works so well…

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                      • joetunex profile picture(76)

                        Unpacking can take time especially if there's no reason for a rush after the adventurous travel but now that you guys are having visitors it's makes you want to have things packed and organized, I can relate Jackie.

                        Nice to be having your in-laws visit for weeks.

                        Great to know starlink sorted you out for good. Hopefully I get my internet connection sorted easily in Benin otherwise I'll be miserable around the people 😃😃

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                        • littlebee4 profile picture(76)

                          Yep, exactly like that… I do what I can. Still have tomorrow during the day. They won’t arrive before 1700h… it gives us a bit more time 😁😉

                          It’s nice and we have lots in common.

                          Thanks a lot, still very happy with it. I cross my fingers that when you arrive can sort it out quickly, as I sooooo know what it is like without internet hahaha 🤣 We sooooo need it 🤪😇

                          Have an awesome evening Joe 👋🏻

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            • magnacarta profile picture(67)

              It's getting easier to go from cryptocurrency to cash, but it's still not an easy process. I think this could be one reason many people shy away from cryptocurrency.

              That may change when cryptocurrency-to-cash conversions become as easy as ForEx, trading one fiat currency for another.

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              • joetunex profile picture(76)

                It is a reason why some shy away without giving it a try, which I think isn't doing them any good. Perhaps it might help to imagine the process banks take to do transfers as well.

                We have the opportunity to be in control here and I am embracing it without excuses.

                I do hope the process gets simpler though.

                !PIZZA

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              • niallon11 profile picture(76)

                So many ways ot go about it.

                I have a crypto.com debit card for fiat off ramping.

                I would sent hive or HBD to the binance smart chain through one of the leo bridges.

                https://wleo.io/

                Swap that to USDC on my metamask and withdraw to my crypo.com account. Then i can swap to Euros on the app and load my card.

                Lots of different ways to achieve the same goal.

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                • joetunex profile picture(76)

                  That is another cool way to about it through Leo bridge onto BSC. I use to have a Xapo crypto debit card until they cancel their services in Africa, I don't know of any crypto debit card available for use in Africa at present it will be nice to have one again and just swipe away at shops.

                  !PIZZA

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                  • niallon11 profile picture(76)

                    It makes crypto so handy. Being actually able to use and spend it in real life with no hastle.

                    Hopefully we see a few more come on stream in the next couple of years and gain more adoption.

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                    • joetunex profile picture(76)

                      I am really hoping we get more of it out there, I experienced the use of it and it was seamless back in 2015/16. You would see smiles on my face each time I spend my BTC swiping, I should have HODL 😃

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                • pizzabot profile picture(59)

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                  • pregosauce profile picture(57)

                    Thank you for sharing this information brother. It is so many steps, and it is one more testament to your perseverance!

                    We seem pretty far away from bringing the worlds of crypto and fiat together but maybe it is getting closer each year.

                    Good luck! !PIZZA !LUV

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                  • r1s2g3 profile picture(75)

                    !PIZZA

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                    • thetimetravelerz profile picture(71)

                      Thanks @joetunex for this excellent and detailed post. It is a perfect example of how crypto and specially hbd & hive in your case were used to fulfill a fiat world need of buying a ticket. With the global financial situation being what it is it is extremely important to have savings in multiple asset classes specially crypto. Hope this guide helps other follow your example both of saving in crypto and using it in an hour of need. #stayblessed and now that you are in your native place you still have the opportunity to earn in crypto thanks to hive. Another example of how irrespective of where we are we can still earn in crypto without any geographic or political boundaries.

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                      • joetunex profile picture(76)

                        Thanks for inspiring me to write about this. Hive is impacting lives directly and not just speculating on price alone, regardless of bear or bull season Hive's impact on lives doesn't stop.

                        and now that you are in your native place you still have the opportunity to earn in crypto thanks to hive.

                        Absolutely that's the beauty about Hive and cryptocurrency in general, it is boaderless.

                        I booked my flight to depart South Africa on 27th of February, in 3 weeks I using Hive from my native home.

                        Many thanks.

                        !PIZZA

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                        • thetimetravelerz profile picture(71)

                          Have a safe journey back Dear @joetunex

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                        • thetimetravelerz profile picture(71)

                          .

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                      • tomiwah profile picture(52)

                        really a long process but very educative, I actually learn how to convert my hbd to hive which i hope i will try one day

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                        • joetunex profile picture(76)

                          Yeah, I notice it will look lengthy but if you are comfortable with it, you won't even realize whether it is lengthy or not. Always try with a smaller amount so you get comfortable before doing big transactions.

                          !PIZZA

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                        • young-kedar profile picture(62)

                          Thank you for this insightful post! I was also among the ones who were wondering how it all came about. I can say it's fairly simple and straightforward. After a few tries, it will become a breeze :)

                          That's indeed what banks do lol. They move funds around. Now, we can do it too. With crypto, we're our own bank :)

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                          • joetunex profile picture(76)

                            Am glad to have written this to clarify the use of HBD for the payment of my flight.

                            It is really easy, not for a seconds did I find the process difficult. I guess it's because am used to cryptocurrency.

                            We are our own banks now, we can move our funds as we wish.

                            !PIZZA

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                            • young-kedar profile picture(62)

                              Yes, you have enough experience with it. I'll probably be doing a test trial in Q2, we'll see how that goes in gaining XP about it.

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