Hive-Engine Moving Money Magic

The other day I read an article by @edicted in which he mentions that Binance Bridge is closing on November 24th.
This is of course alarming because many of us use Binance Bridge to get money into Binance Smart Chain. And we use Binance Bridge to get money out of binance smart chain. There was a healthy discussion in the comments about using Binance and other exchanges to move in and out of Binance Smart Chain. It was all good information which I appreciate. But I must admit that I already had an alternative route for moving my money back to Hive from Binance Smart Chain: it is Splinterlands.

Background

If you are new to cryptocurrency or just to cross blockchain trading, it's helpful to understand the mechanics here. Cryptocurrency tokens exist on blockchains, only one blockchain normally, but their value can be represented by an NFT on another blockchain. We call these NFT's various names, but wrapped tokens is very popular. So if we want to trade DAI, an ERC20 token from the Ethereum blockchain on Binance Smart Chain, we need to trade our Dai for a NFT which represents its value on the Binance Smart Chain, blockchain. On binance smart chain these are called BEP20s, just like on the ethereum blockchain these NFTs are called ERC20's. So we need to a mechanism to do this, which we call a bridge. Binance bridge takes assets from outside the binance smart chain and creates a token on the binance smart chain which represents its value. So we can send one Bitcoin to the Binance Bridge and receive a BEP20 token on Binance Smart Chain which is a BEP20, which represents the value of one Bitcoin on Binance Smart Chain. When we are done we can send this BEP20 to the same bridge and on the other side will reappear our regular Bitcoin. So the Binance bridge is important as a way of moving your investment capitol onto binance smart chain to invest it, and important as a way to move your profits off binance smart chain, to spend them.

So if the Binance Bridge stops working you need another method to move money. This is important because you don't need a Binance Account to use the Binance Bridge. But once the Binance Bridge closes on November 24th, you will no longer be able to connect your Metamask or other wallet to Binance Bridge and transfer funds. You will need a Binance Account, you will need to transfer funds from your Metamask wallet to your Binance Exchange account, then use the Binance Exchange bridge to move your assets to the binance smart chain.

A problem and a Solution

The above explains the problem and the below explains a solution.

SPS token

The Splinterlands token SPS is a Binance Smart Chain token you can trade on PanCakeSwap on Binance Smart Chain, and you can send it back to the Hive Blockchain via the game Splinterlands. Then from there you can send it to Hive Engine. On the Hive-Engine Exchange you can trade SPS for Hive, and Boom your done. You just moved money from Binance Smart Chain to Hive, and from Hive you can move it to Bittrex or Binance and trade for anything listed there, like Ethereum and now you have effectively used Splinterlands as a bridge from Binance Smart Chain to Ethereum. It's a few transactions, but in cryptocurrency transactions are a way of life. It’s a fast, and drama, it just works.

Hive Engine Appreciation

At this point I would like to point out that this is just one of many useful tools developed by the Hive Engine development Team. Hive Engine itself made Communities with tokens possible on Hive. These communities have contributed to the great growth of the overall Hive Community. Many projects have developed on Hive Engine like Leofinance, and the entire Hive community has benefitted.

The End..for now.
@shortsegments

Posted Using LeoFinance ^Beta