Since the early stage of blockchain technology, scalability has been one of the major issues hindering its global adoption.
The 10 min TPS (transaction per second) time before a Bitcoin transaction can be processed is not encouraging. That makes Bitcoin not widely adopted as a payment method in some big firms — where billions of transactions are processed every minute.
Hive is a blockchain project that aims to enhance decentralization and scalability in the blockchain space. Hive also allows content creators to have ownership of their intellectual properties.
However, Hive has been gaining enough traction due to its fascinating features. Hence, many crypto investors interested in the Hive project want to know how to buy Hive cryptocurrency.
In this article, I’ll walk you through a guide on how to buy Hive cryptocurrency. But Before I proceed to the guides, I’ll give in-depth details into the Hive project ecosystem and explain Hive crypto mining, Hive wallet, etc.
What is Hive?
Hive is a public blockchain created to enable content creators to earn rewards for their work and store their content in a decentralized protocol accompanied by a blockchain.
It emanated from the STEEM blockchain hard fork proposal voted by the Steem community to create a protocol that the users of the ecosystem will govern.
Hive blockchain aims to enhance social interaction and financial services on the blockchain by allowing decentralized social platforms and Dapp to be built on the blockchain.
The immutable feature of blockchain enables data, information, and others to be safely stored and available to anyone.
Where and How to buy Hive cryptocurrency
If you have wanted to know how to buy Hive cryptocurrency, the guides in this article will walk you through how you can successfully buy the Hive coin.
However, it’s worth noting that the exchange platform used in this guide might not be your preference. Thus it’s important to list cryptocurrency exchange platforms that support buying and selling of Hive cryptocurrency. Although, the crypto exchanges in this guide are just an illustration to give you an edge on how to buy Hive cryptocurrency on different exchange platforms.
Binance is one of the largest cryptocurrency exchanges in the world that enables its users to buy and sell cryptocurrency. It was founded in 2017 by Changpeng Zhao and has, since then, earned the credibility to be considered a secure and reputable crypto exchange platform in the world.
It offers a wide array of crypto assets, including Hive coin. Binance exchange platform allows users to utilize different payment methods, has a great user experience, and also enhances security by providing a robust security architecture.
Binance has many intriguing features that are needed for crypto newbies and experts.
Can I buy Hive on Binance?
Yes, you can buy Hive coins on the Binance platform; it’s the top exchange with the highest liquidity for daily Hive coin transactions. Hive coin is listed on the exchange with BUSD, USDT, and BTC pairs.
How to buy Hive on Binance
To buy Hive on Binance, you need to first register on the exchange platform (Binance.com) and submit your details as instructed on the registration page.
After registration, you’d be asked to verify your account by uploading your government-issued Id card on the verification page, and you’d be prompted to take a selfie of yourself to confirm that you own the ID card used.
When verified, you can explore different services in the Binance platform without a limit (having unlimited access to different features).
However, you ought to skip that process if you’ve already registered and verified an account with the exchange platform. Now login with your details used during your registration process.
After that, navigate to the wallet section and find a deposit button to add funds to your account. They allow you to fund your account with different fiat currencies (you ought to choose your preference based on your country) through debit cards.
Although you can also utilize the p2p (peer-to-peer) method to deposit funds to your account, the P2P method enables you to buy USDT, BTC, or ETH directly from, probably, your fellow citizens. The P2P method will require you to send your country currency to the merchant, while Binance will freeze the crypto asset during that period, and it will be released to you when the merchant confirms that your payment has been received.
Now that you have successfully deposited funds (USDT, BTC, or ETH), the next thing is to navigate to the “Trade” section on the Binance app page and type “HIVE” in the search bar, and select any of the pair that will show up based on the asset you have in your wallet e.g. HIVE/USDT.
2. Huobi Global
Another crypto exchange platform that supports Hive coin is the Huobi Global exchange platform. It was founded in China and is now headquartered in Seychelles.
Since its launch, it has been expanding its horizon and now has offices in different countries and places, including Hong Kong, South Korea, Japan, and the United States.
It supports a variety of crypto assets, including BTC, Ether, Doge, Shib, etc. It has grown rapidly and is currently one of the most used crypto exchanges in the world.
However, it’s not available in some countries, including the United States. Huobi global enable you to buy HIVE coin on the platform.
If you have wanted to buy HIVE on a reputable crypto exchange platform that has gained credibility among the rest, Gate.io is one of the recommended exchange platforms to buy HIVE coins.
Gate.io was founded in 2013. Though it’s not as popular as other leading crypto exchanges, it’s considered a home of gem coins. This is because it happened to be one of the crypto exchanges that continuously list altcoins that look promising.
You can buy Hive coins on Gate.io with a relatively low trading fee, and it also has a simple user interface — which can be helpful for a crypto newbie. Likewise, it has a chart feature that enables technical traders to conduct their technical analysis on the exchange.
Can you buy Hive on Coinbase?
Coinbase is the largest crypto exchange platform in the world that allows US residents and other countries restricted on some exchange platforms to buy, sell and trade crypto assets. Due to this, many crypto traders or investors tend to seek their favorite crypto asset listing on Coinbase.
However, according to data from Coinmarketcap, you cannot buy Hive on Coinbase as it’s not yet listed on the platform.
How does Hive work?
Hive is a data-sharing blockchain that houses many different data-sharing applications that will allow users to create content and get their content curated and rewarded by the community.
Hive blockchain network uses Hive coins and Hive Backed Dollar (a stablecoin pegged to dollar price backed by Hive coin) to incentivize content creators.
It creates an avenue for a content creator to share long and short-form content in the network, and the content can get monetized for 7 days. During this period, the Hive community can curate the content by upvoting and downvoting, enabling voters to earn a return on their staked token in the network while the content creator gets rewarded.
What is Hive coin used for?
Hive blockchain consists of two tokens which are the Hive coin and Hive-backed dollar (HBD). The Hive coin is the native crypto asset of the network that powers the ecosystem, while the Hive-backed dollar is a stable coin created solely for the network, and it’s backed by the Hive coin.
Hive coin is used in the Hive blockchain network to incentivize and reward content creators or users. It also serves as a utility asset in the ecosystem, whereby transaction fees on the blockchain are charged with Hive coin.
Hive wallet is a mobile crypto wallet created solely for Hive blockchain users, and it enhances security and privacy.
It’s a wallet that can easily be used to explore the Hive ecosystem of Dapps. The Hive wallet also enables users to have their wallet address as an easy-to-remember username.
Is Hive crypto a good investment?
It’s worth noting that a crypto asset price is driven by demand and supply; when there’s not much demand for the asset, it will not increase in value.
Before considering a particular crypto asset a good investment, we must look into the fundamental factors that might drive the price up.
Hive coin can be considered a good investment due to its robust technology and aim to give content creators full control over their shared information and who can access the information.
Likewise, It also offers them incentives for sharing their information. Hive is a true concept of blockchain technology that provides decentralized social blogging platforms for Individuals to share data and information. This intriguing concept of the Hive blockchain will attract more people to start using the blockchain, thus influencing the Hive coin.
Hive coin is also a good investment because it’s the governance asset of the ecosystem — meaning holders of Hive coin have the right to participate in the network governance.
Hive blockchain has the potential to be the leading information-sharing blockchain due to its scalability and efficient user experience.
Moreover, Hive is a kind of blockchain network that’s very important for web 3.0 adoption — as it’s developed as a decentralized social platform that enhances privacy and security by enabling individuals to share and store information securely.