It has been about a year since I dangled my feet in the Hive waters. When I first started out it was very confusing and people tried to help me but it just never clicked for me. Now that I am about a year in and have played various Hive blockchain games and earned some of the various cryptos I want to help anyone else who still doesn't understand it or is just new to Hive.
Hive is a Cryptocurrency and a blockchain that supports smart contracts. Think of Smart Contracts like different applications that can run on it. What took me a long time to fully comprehend is that Hive Engine is just a 3rd party tool to buy and sell various Hive based cryptos.
I play a few Hive based games which are Rising Star and Splinterlands. I HIGHLY recommend playing Rising Star.
In Rising Star you can earn these things called Starbits which you get for completing missions. Right now 1 thousand Starbits are equal to $0.27. And there is a mission I can do right now that takes 5 hours and rewards me with around 3,000 Starbits. I can do that mission about twice a day which is about $1.62 per day. You can convert those Starbits to the HIVE token or you could convert it to say Litecoin or Bitcoin if you wanted to.
Here you can see so many different tokens that are accessible on Hive.Engine. And I want to walk through how to utilize this service.
When I first saw this I was so confused. Because it looks like there is BTC, LTC, ETH and WAX all in the Hive ecosystem. But fret not young crypto-goers. TPL is here to explain everything.
First let's talk about HIVE
Hive is the main token of well the Hive Blockchain. Inside Hive.Engine it is called Swap.Hive. Swap.Hive and Hive are 2 totally different things but also the exact same thing.
The way it works is that if you have 1 Swap.Hive in Hive.Engine then it guarantees that you can withdraw that for 1 HIVE to anywhere outside of Hive.Engine. If you deposit 1 HIVE into Hive.Engine it will become 1 Swap.Hive.
The same thing applies to say Swap.LTC. If I purchase 1 Swap.LTC and it is in my Hive.Engine wallet then I can withdraw it to my LTC wallet as 1 LTC. The Swap.name just signifies what it represents.
Now if you want to buy some LTC on Hive.Engine you can. You just go to the trading section and select Swap.LTC. Then on the left hand side of this screenshot you can see the Price, Quantity and Total. You input the price and quantity and click Buy. Keep in mind that you are paying for the LTC with HIVE. Let's take my recent transaction for example.
I withdrew Starbits from Rising Star into my Hive wallet.
I have the same wallet logged into Hive.Engine so I saw the Starbits in Hive.Engine.
I sold my Starbits in Hive.Engine for Swap.Hive
I then bought Swap.LTC with that Swap.Hive.
I withdrew my Swap.LTC to my LTC wallet.
One thing to note though is that in order to buy other tokens inside Hive.Engine you have to pay with "Swap.Hive" and not Hive itself. The screenshot above will say "Your Balance XX.XXX HIVE" but it should say "Your Balance XX.XXX SWAP.HIVE".
And with all that knowledge you should be able to navigate the strange world of Hive Blockchain and Hive.Engine. It may seem scary at first but once you get the hang of it, it will be so easy that you may end up writing a Publish0x article about how easy it is... :)
I hope this is helpful and if you have any questions just ask away! I will try to help the best I can.