Quick tip using HIVE to transfer BTC between exchanges and save on fees

in crypto •  2 months ago 

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By now we all know that Hive and Steem are listed in some of the most well known exchanges. However one of the major coins which we use to transact is still BTC and Eth as it is still considered as the grandpa and grandma of cryptos.

Even though Hive is accepted in these exchanges, however HBD is not. And if you are like me where I do more around funds between exchanges for my trades.

The best was to do it is thru HIVE or Steem. For example if you want to move 0.5 btc from Bittrex to Binance...

  • sell BTC to HIVE
  • move it to your HIVE acct.
  • once its in.. Transfer it to Binance wallet
  • Sell HIVE to BTC

This all can be done in less then 3 minutes and you would have paid a total of 0.1 Hive for the transaction which is worth about 0.039 cents. In oppose of transferring BTC directly to Binance which would cost your about $5

This is great if you have smaller amounts to send but if it's a bigger amount I would not recommend it as you may loose out a lot on the exchange fees.

Cheers guys and have a great night.

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Excellent post @bitrocker2020.

This is the first of its kind that I saw but it really does provide a use case for HIVE.

Being able to move BTC (I presume it will also work for other tokens such as ETH and LEO) between exchanges can be done for a few cents using HIVE as compared to BTC.

This is a marvelous find. We need to spread word on this.

Posted Using LeoFinance

yea .. cuz i realized it as I managed to gain some BTC on bittrex and wanted to transfer to binance for my trades. its not a lot just about $40 of BTC but the thought of loosing that $5 on transfer fees is just too much for a small amount. And even ETH would cost you about $1.5 ... so decided to do it the HIVE way .. and it went thru within minutes with such insignificant fees.

Thanks for sharing the information. It is a wonderful way to utilize HIVE for a simple purpose but there is a major benefit.

As stated, on a small move like $50 of BTC, a $5 fee is a lot. Thus, HIVE with its zero transaction cost, could be used for that purpose.

Posted Using LeoFinance

You can do this even with the cheaper way sending xlm costs 0.01 xlm and the price of one xlm is 0.0678.

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it's less than 0.1 🤗