How To Buy Hive (HIVE)?

A common question you often see on social media from crypto beginners is “Where can I buy Hive?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Hive (HIVE)

First, you will need to open an account on a cryptocurrency exchange that supports Hive (HIVE).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Hive (HIVE) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Hive (HIVE)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Hive (HIVE) or Hive (HIVE) trading pairs. Look for the section that will allow you to buy Hive (HIVE), and enter the amount of the cryptocurrency that you want to spend for Hive (HIVE) or the amount of fiat currency that you want to spend towards buying Hive (HIVE). The exchange will then calculate the equivalent amount of Hive (HIVE) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Hive (HIVE) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Hive (HIVE)?

Hive is an innovative and forward-looking decentralized blockchain and ecosystem built on the Delegated Proof of Stake (DPoS) protocol. It is the first highly scalable DPoS blockchain independent of central authority that addresses the problems of mass adoption and versatility of use. Hive allows the easy storage and retrieval of immutable strings of data and information. It sports three-second zero fee transactions and is designed to store vast amounts of content and to make it available for time-based monetization. Hive recognizes that transaction fees are often one of the largest challenges to facilitating development and flexibility of use on a blockchain. Instead of requiring potentially costly and inconvenient transaction fees, Hive uses a novel stake-based Resource Credit mechanism to create a fee-less model. Hive also aims to overcome mainstream adoption shortcomings in blockchain technology and content publishing by improving on their accessibility. It leverages the coined Proof-of-Brain (PoB) concept by distributing a portion of the inflation to content creators and consumers.

To earn without financial investment, individuals partake in a wide range of activities. Those include blogging, participating in discussions, curating others, building, and engaging with dapps, playing games and more; their limits are only constrained by their own imagination to further the decentralization of the system. All content is always readily available on the blockchain and retains its original integrity. Since its inception, Hive has steadily grown as an ecosystem. Myriad dapps, APIs and front ends contribute to a general and straightforward accessibility of data, transactions and records, so that this existing diversity and utility ensure that the ecosystem is welcoming to content creators, consumers, investors and builders.

Who are the founders of Hive? 

Hive was created as an independent and decentralized fork of the Steem blockchain. As a community-driven fork, its intention is to continue the strong community values that have been established, while also freeing the ecosystem from the burden of Steemit Inc. and its disproportionate influence. While that influence had threatened Steem’s decentralization since its inception in 2016, it was kept in check by the means of a social contract. Following the sale of Steemit Inc to Sun Yuchen of the Tron Foundation In February 2020, the exploitation of this influence and loss of confidence in the continued viability of Steem ultimately led to the creation of the Hive blockchain.

What is the Hive token?

The Hive network comes with two classes of cryptocurrency assets named HIVE and Hive Backed Dollars (HBD). Moreover, HIVE exists both under a liquid form (simply called HIVE) and a staked form (called Hive Power). HIVE is the liquid currency of the Hive ecosystem. It may be traded, staked, bought, and sold. Hive Backed Dollars are intended to be pegged to the United States Dollar (USD) at a one-to-one rate. Hive Power (HP), the staked form of HIVE, is vested during a process referred to as a ”power up”. Upon being powered up, Hive Power can then be entirely or partially un-staked at will, in a process referred to as a ”power down”. Staked HIVE then returns to its liquid form (i.e., HIVE) in equal amounts over 13 weeks period, with a segment delivered every 7 days.

Instead of relying on transaction fees, Hive uses a fee-less system that leverages rechargeable Resource Credits (RC). In this framework, each account holds a given number of credits related to its stake. Those credits are then consumed when transactions are executed on the blockchain and automatically recovered with time. The amount of Hive Power attached to a given account determines its level of stake and allows for the calculation of the associated bandwidth. The latter indicates how much a given account could transact within a specific period and originates from the available Resource Credits of the account, displayed as mana. Resource Credits self-replenish at a rate of 20% per 24 hours. Such a replenishment rate acts as a self-limiter and requires the account to stake an amount of HIVE directly proportional to the account’s purpose and intent of use. An account that projects a higher rate of use will need more Hive Power than an account that rarely transacts. Resource Credits are used up by different forms of transactions at different rates. A transaction that involves the post of a paragraph of textual material will deplete more mana than a transaction consisting in an asset transfer. The amount of mana required to transact is also impacted by the number of transactions during the time of use. Transactions made on-peak consume more resources than those made during low usage periods. No account is entirely prevented from issuing a transaction should it be created with no investment or provisioning through a delegation (see below). Accounts that have 0 HP Power may still issue limited transactions that vary as 4 per time of use and blockchain load. For example, an account with 0 HP may have enough Resource Credits to successfully issue 2 textual posts or about 17 transfers during a specific period of use. In this way, Hive removes one of the biggest entry barriers for users and developers.

To facilitate widespread and barrier-free integration, Hive currently utilizes and will continue to improve upon layered solutions. Hive is a scalable and flexible blockchain by design. It is equipped to support a larger database than any of its competitors. It allows for near real-time transactions that can be adapted for any application requiring speed and modularity. To support rapid scaling, non-consensus ledgers are implemented as plugins. A Hivemind (Python) database-driven ‘consensus interpretation’ layer acts as an API for the blockchain and eases both interaction and node requirements. The tiered layers are leveraged to allow Hive to scale at a manageable rate while it organically grows and expands. In addition to Hivemind, other key layers are projected for development as part of the deliverable’s roadmap.

What is a Hive account?

Just like the rest of the Hive ecosystem, account creation is decentralized. Existing Hive accounts create new Hive accounts, which can then be provided to new users when they join Hive. The creating account then by default becomes the trustee of the created account and may take on additional roles such as account recovery in case of stolen password. This enables a positive and accessible onboarding and initial experience process for new users. Multiple account creation services are in existence and are both diverse and offer free and paid options. The diversity in onboarding approaches and account creation options is ideal for providing a cryptoworld entry point for those who have never dabbled in cryptocurrencies or are unfamiliar with blockchain technology. New users are not required to manage complex wallets and register accounts with Exchanges prior to participating in Hive and interacting with their accounts. A Hive wallet is also the account name; it is not a numbered wallet as on other blockchains. The username is the sole user identity in the Hive ecosystem. Hive does not leverage account hierarchy. Anyone may register any available username they wish. It may be of any composition as long as it is between 3 and 16 characters in length and adheres to minor special character constraints. New accounts may be instantly generated by an existing account for a small creation fee or a free ‘claimed account token’ where the claimer is an investor with an investment over a certain benchmark. All accounts cost the same upon registration irrespective of the account name. This promotes fairness and open opportunity for those entering the Hive ecosystem.

Hive development updates in 2023

Hive (HIVE) has seen notable developments in its cryptocurrency operations in 2023. Here are some of the key updates:

• Increased Mining Capacity and Efficiency: Hive has significantly expanded its mining capacity, reaching a notable 4.18 Exahashes per second (EH/s) in November 2023, which was a 5.4% month-over-month increase. This growth was partly due to the company’s investment in new ASIC chips aimed at boosting future growth and efficiency. Hive had also deployed over 6,700 new generation ASIC miners, improving gross mining margin and fleet efficiency​​​​.

• Acquisition of Data Center in Sweden: Hive completed the acquisition of a new data center facility in Sweden. This strategic move is intended to expand the sourcing of clean hydroelectricity, aligning with the company’s focus on sustainable and green energy sources for mining digital assets like Bitcoin. The new facility is expected to add about 250 PH/s to Hive’s hashrate growth plans​​.

• Bitcoin Production and HODL Strategy: In January 2023, Hive produced 260 BTC and earned additional income from grid balancing, equivalent to a mined value of 10 Bitcoin. The company’s strategy includes selling the Bitcoin earned from GPU mining hashrate while focusing on HODLing the green Bitcoin mined from ASICs. As of early 2023, Hive had approximately 2,430 Bitcoin in its treasury, with a market value of over USD $56 million​​.

• Deployment of BuzzMiners Powered by Intel Blockscale ASIC: Hive deployed over 3,200 BuzzMiners in its facilities, which are powered by the Intel Blockscale ASIC. This deployment is part of their strategy to optimize the allocation of energy resources, either to generate hashrate or sell energy back to the grid. Hive is the first company to commercially deploy thousands of its own Bitcoin ASIC miners powered by the Intel Blockscale ASIC​​.

• Grid Balancing Initiatives: Hive’s grid balancing initiatives, particularly in Sweden, have been successful. This strategy allows the company to hedge energy prices and earn additional income by selling energy back to the grid when not used for mining activities​​.

These developments indicate Hive’s continued growth and adaptation in the dynamic cryptocurrency mining sector, with a focus on efficiency, sustainability, and strategic asset expansion.

Official website: https://hive.io/

Best cryptocurrency wallet for Hive (HIVE)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Hive (HIVE)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).