Until today I never understood the power of the swap tokens on Hive-Engine!
Well I was writing an article about the route of my daily earnings from splinterlands to other crypto or fiat! And how expensive this is when it comes to a combination of multiple withdrawal and transaction fees. When I did realize that Hive-Engine also does have Swap tokens, which could make my life a lot easier and maybe also saving a few bucks during that process! In the article below I didn't take into account the deviation between purchasing BCH on exchanges and the value of BCH on Hive-Engine!
In crypto here is often a cheaper way, we just need to find it!
I am playing Splinterlands (https://splinterlands.com?ref=fullcoverbetting) since the early start. As you did read in some of my previous posts I easily earn $10 to $20 each day by just playing the game and a part of my daily SPS airdrop!
Until today all those earning did flow back to my fiat account, but I also do want to belong to the 1 BCH club sooner than later. So from time to time I also did convert some of my earnings into BCH. But that was a long road, costing me some money with the transfer and withdrawal fees. But there is an easier road. A road with is less costly! So let me explain this to you. Maybe you already know it, but for the ones unaware of this possibility, it could save you some money!
Let me use the DEC rewards as example!
Each time when you do win a battle, you do earn some DEC. The amount of DEC you do win depends on lots of variables. Do you belong to a Guild, what cards you did use, are you into a winning streak and what League you are in.
At the moment I am battling out my battles in Diamond III.
On average I do earn around 70 DEC per battle won. The value of DEC at the moment is $0.00550. So 70 DECs is around $0.385.
From Splinterlands to Hive-Engine!
So for this example I did withdraw 607 DEC to my hive-engine wallet where the magic will take place.
This withdrawal is almost instantly.
So, now it is time to sell this DEC for some HIVE on Hive-engine!
I sold my 607 DEC for HIVE. I did get 7.49 HIVE for it.
My old route would be withdrawing the Hive to my Hive wallet, which would cost me 1% of my Hive withdrawal in fees. Then I had to withdraw it to Binance, no fees there. Swapping in into USDT, again fees to pay. Using the USDT to purchase some BCH, another loss in fess. Finally I am ready now to withdraw it to my BCH wallet, which again does cost me fees. The withdrawal fee on binance for BCH is 0.001.
So, my new route is very simple, has less transaction and some are fee less. I do buy swap.bch with my Hive on Hive-Engine. On Hive-engine there is no fee for selling or buying tokens!
So my purchase request has been sent out, now I do have to wait on another party to complete the deal!
Well patience is not one my best qualities. So I am going to use another another transfer I made this morning to complete the route!
Withdrawing swapped tokens from Hive-Engine is pretty straight forward and isn't rocket science.
Just select Bitcoin Cash as the token you do want to withdraw.
Fill in the amount of BCH you do want to withdraw. This immediatly also show you how much BCH you will receive. In my case this is 0.00637917. So I only pay 0.0000644 BCH as transfer fee! Which is incredibly low compared to withdrawaf fee on Binance. Don't forget that I also did save a lot of BCH in transaction fees and withdrawal from Hive-Engine.
The last step is to fill in your BCH address!
Click on Withdraw BCH and approve the transaction and the BCH is on it's way to your BCH wallet, which is Celsius in my case, which does earn my some interest on my holdings!
So this is a lot easier process to increase my BCH holdings compared to the old route I was using. Not only is it simpler, it also does save me a lot of money in transfer and withdrawal fees. Now I will to try this out for other tokens as well. Because this could save me a shit load of money! Okay only pennies, but a penny not spend is a penny you don't need to earn :)
As you can see, the BCH is already virtually in my wallet. I only need one more confirmation of the blockchain!
So another 0.006371 BCH closer to my 1 BCH goal!
It also still not to late to start playing Splinterlands. You can start with purchasing the spell book for $10, which could be recovered in less than a month! And with some luck, much sooner!
I did start playing with an alt account 2 weeks ago and already did recover 80% of the initial investment. I do expect that this week I will be in the green with that account!If you want to try it out, feel free to use my ref link: https://splinterlands.com?ref=fullcoverbetting
Which I did knew this route before!