Hello friends,
yesterday I published a post in which I showed how to convert STEEM to HIVE using Hive Engine: How to convert STEEM to HIVE using Hive Engine (ITA/ENG)
Today I will explain how to exchange STEEM for HIVE using only Steem Engine.
I will also calculate the total cost of the conversion operation and compare the cost of the same operation between Hive Engine and Steem Engine.
The Steem Engine address is: https://steem-engine.com/
STEEMP
To convert STEEM to HIVE the first step is to deposit a quantity of STEEM on Steem Engine.
In the example of this tutorial I will deposit 1 STEEM.
When you deposit STEEM on Steem Engine you get STEEMP.
A STEEMP is a token whose value is anchored to the STEEM value.
1. Access your wallet on Steem Engine and click on DEPOSIT as indicated by the arrow in the following image.
2. In the following screen click on GET DEPOSIT INFO as indicated by the arrow in the following image.
3. (1) Enter the quantity of STEEM you want to deposit on Steem Engine and (2) click on DEPOSIT STEEM.
As you can see from the following image I have deposited 1 STEEM.
Note that you will not receive 1 STEEMP for each STEEM you deposit but 0.990 STEEMP because Steem Engine retains 1% for deposit and withdrawal operations.
4. Now in our wallet we will have an increase of 0.990 in the STEEMP entry
I have a value higher than 0.990 because I already had STEEMP fractions on my wallet.
5. The next step is to convert 0.990 STEEMP to HIVEP.
(1) Click on TOKEN at the top and (2) in the search field type HIVEP. (3) Then click on the symbol of the two blue arrows as indicated by the arrow in the following image.
6. In the next screen you must (1) select the lowest price (Lowest Ask) indicated in the column Sell Orders, (2) you must enter the quantity of HIVEP you want to buy and (3) you must click on Buy HIVEP.
For example, I entered the data you see in the following image:
6. Once you have purchased HIVEP, on the Wallet you will find a certain quantity of HIVEP
The last step is to click on the WITHDRAW button as indicated by the arrow in the next image.
7. In the next screen you must: (1) select HIVE from the drop-down menu, (2) enter the quantity of HIVE you want to transfer to your Wallet (3) enter the name of your account (without the @ character) and (4) click on WITHDRAW HIVE
As for the deposit operation, also for the withdrawal operation Steem Engine retains 1% for this 1.34259642 HIVE will arrive on your Wallet.
Is it convenient to use Steem Engine?
To answer this question we have to do some calculations.
At the time when I performed the conversion operation (time taken 5 minutes) the values of STEEM and HIVE were 0.151 $ and 0.113 $ respectively.
According to these values, a direct conversion (for example without fees) would allow you to exchange 1 STEEM for 1.3363 HIVE.
Using Steem Engine, from 1 STEEM I got 1.3426 HIVE
How much did the conversion cost me?
The total cost of the conversion was - 0.47%
A cost percentage with a negative value indicates a profit.
In practice, I not only amortized the deposit and withdrawal fees of Steem Engine but I also made a small profit.
This percentage corresponds to the purchase of HIVEP at the lowest sale offer (Lowest Ask) net of the total fees paid.
Steem Engine or Hive Engine?
On April 14, the conversion of 1 STEEM to HIVE on Hive Engine cost me in percentage terms 7.38%.
On April 15th the same operation performed on Steem Engine did not cost me anything and made me make a small profit.
Today 16 April I checked again the price trend of SWAP.HIVE on HIVE ENGINE and I noticed that the cost percentage has increased.
Conclusion
It is decidedly advisable to use Steem Engine for the conversion of STEEM to HIVE.
But it is not a general indication and is valid only at this time.
Hive Engine has little liquidity and little use because it was born a few days ago.
Before carrying out the conversion operation, always check the purchase price of the SWAP.HIVE on the Hive Engine (Highest Bid) and the sale price of the HIVEP on the Steem Engine (Lowest Ask).
- those who are new to Hive or are unfamiliar with ive Engine / Steem Engine
- those who are not registered on any external exchange and need to convert STEEM to HIVE
It would be interesting and useful for everyone if those who use different exchanges wrote the percentage of fees they paid in the conversion operation in order to have an indication on the least expensive way / tool to convert STEEM to HIVE.
