How to Withdraw Your Assets from Hive

Hive is a decentralised blogging platform with several frontends, including Hive Blog, Ecency, PeakD, and InLeo.

Writers are rewarded with HIVE or HBD (Hive Backed Dollars) and HP (Hive Power). Hive Power is 50% of the reward, but writers can opt for it to be 100%. HIVE can also be purchased on Binance. Before covering the process for withdrawing these assets, I'll start by defining them and how much they are worth.

Assets

HIVE

HIVE is the primary token of the Hive Blockchain. Currently, HIVE's value is about $0.30.

Hive Power (HP)

Posts are rewarded when they are ‘up-voted’ by a reader. The reward comprises ‘Hive Power’ and HIVE or HBD. The size of the reward depends on how much Hive Power (HP) the voter holds and the proportion set by the voter.

I am holding 1,152 HP, my voting power is 100%, and if I set the proportion to 100%, my next vote will be worth $0.015, so I need 760 HP (at HIVE's current value) to reward a post with $0.01.

HIVE can be converted into Hive Power in a process called ‘Powering Up’. Hive Power has the same value as HIVE tokens.

Hive Backed Dollar (HBD)

The Hive-Backed Dollar (HBD) is a stablecoin that is pegged to the US dollar. HIVE can be converted to HBD.

Staked HBD

Staked HBD are HBD that have been put into savings.

LEO

LEO is an additional token that you can earn by publishing content on InLeo.

LEO Power (LP)

LEO Power is staked LEO. You can stake LEO by hitting the ^ icon in your wallet. By staking LEO, you earn Curation rewards every time you upvote another user's content.

Withdrawing your assets

The process I use for withdrawring assets uses the PeakD front end and the Binance* app.

Converting

All the assets that you want to withdraw need to be converted to HIVE.

Hive Power
Hive Power needs to be 'Powered Down'. The process for powering down takes 13 weeks to complete, with partial payments being made every 7 days.

If you have sufficient Hive Power, you can complete the withdrawal sooner by powering down more than you need and then stopping the process when you have withdrawn enough.

Staked HBD
Staked HBD needs to be converted to HBD before it can be converted to HIVE. It takes 3 days to convert Staked HBD and a further 3 days to convert HBD to HIVE.

HBD
Convert HBD by clicking the down symbol (⌄) and clicking 'Convert to HIVE'. This conversion takes 3 days to complete.

Withdrawing

1. Get Your Binance Hive Deposit Address and Memo

• Log in to your Binance account.
• Go to Wallet > Hive > Add Funds > Deposit Crypto > Choose Network > HIVE.
• Copy the Deposit Address and HIVE MEMO. 

2. Initiate the Transfer

• Open your HIVE wallet.
• Select the Send option.
• Enter the 'Recipient Address' (Binance's deposit address) and the MEMO.
• Review the details carefully. A wrong MEMO or address can result in a lost transaction.
• Confirm the transaction by signing it with your Hive account's active key.

3. Wait for Confirmation

Hive transactions are generally fast, but the deposit may take a few minutes to appear in your Binance account.

If you want to transfer your withdrawn assets to a non-custodial wallet, you will need to convert your HIVE tokens to a crypto currency. I use Bitcoin Cash (BCH) because of its fast transaction speeds and low fees.

* Referral link