For the uninitiated, Steem, Hive, and Dark Energy Crystals (DEC) are cryptocurrencies. Steem is the cryptocurrency of Steem blockchain, Hive represents the Hive blockchain, while DEC is the base currency of Splinterlands, a game on the Hive blockchain.
Those authors who are writing since the Steem days would have had the requirement to change and transfer your Steem to Hive or vice-versa. The earlier known method was to go through the exchanges and convert these cryptos to USD/USDT and then transfer them back to the other crypto. So, let’s say you wanted to transfer Steem to Hive, you would have possibly done the following:
- Convert Steem to USD/USDT (at any exchange where Steem is listed)
- Transfer the USD/USDT to the exchange where Hive is listed
- Buy Hive with the USD/USDT and
- Transfer to the Hive platform
Now, if both the coins are listed on the same exchange, then a step is reduced. However, if they are on a different exchange, then the steps are as stated above. While this may or may not be a problem for many, I used a simpler method by finding a common platform for both Hive and Steem.
Yes, you guessed it right. I am talking about Splinterlands, which is common to both platforms. Before we talk about the conversion, let me take a minute to explain Splinterlands to those who would like to try their hands on the game.
What Game is Splinterlands?
Well, it is one of the earliest blockchain-based collectible games. Though I started playing the game quite late, I should have had gotten going early in hindsight. Anyway, no need to despair. There are so many opportunities no matter when you start.
Splinterlands is a digital card game that allows you to collect, trade, battle, rent, and even earn on the cards. It is one of the most generous games that I have seen where cards, potions, Dark Energy Crystals (DEC. Cryptocurrency) are given out every day to thousands of players for just playing and winning daily quests. And there are tournaments or guilds that you can join.
Just to give you an idea of a few of the uber-expensive cards, take a look at this recent purchase of Prince Julian at USD 3500.
Did you go to the link and see for yourself? I hope you did. And I hope that gives an overview of the game. I just love the game, and those interested can go to Splinterlands’ site and join. If you want a link to join, I will leave one at the end of the article, which you can use.
Scroll down, quick. 😊
Besides, there is a land sale in progress too. I will update you on that pretty soon.
Converting Steem to Hive through DECs
Coming back to our discussion, there is a way to convert Steem to Hive by using DECs. This is something I use more often. For the sake of our discussion, let’s assume I want to convert some amount of Steem to Hive. Here is what I would do.
Step 1: Transfer Steem to Steem-engine.net
Use the deposit tab to deposit the amount of Steem that you want to have converted into Hive.
Once the Steem is deposited, then go to the DEC market.
Step 2: DEC Market
Use the DEC Market to buy DECs equivalent to the Steem that you have deposited.
In this case, as an example, let’s say I buy 495 DECs. So I converted the Steem to DECs now.
Step 3: Transfer the DECs to Splinterlands
Go to Splinterlands.com and click on the DEC tab.
When you click on the DEC tab, the following pop-up opens up.
Note: With the current migration of the Steem-engine site from Steem-engine.com to Steem-engine.net, the Steem Engine site's DEC values do not show up over here. Usually, it would have read as 495 DECs under Steem Engine.
However, since we already know that there are 495 DECs on the Steem-engine site, we put those details to transfer the DECs to the game.
With that, the 495 DECs are transferred to the game.
Step 4: Validate the Transfer of the DECs
The transfer from Steem Engine to the game is almost instantaneous. At the most, there will be a 10-20 second lag.
Here's how you will see the DECs in the game.
Step 5: Transfer DECs to Hive Engine
Now, from the game console, transfer these 495 DECs to the Hive Engine site.
On clicking the transfer out tab, the DECs will be sent out to the Hive Engine site.
Step 6: Validate receipt at Hive Engine
The DECs will now show on the Hive Engine (Hive-engine.com) site.
That’s it, your Steem in DEC form has moved from Steem site to Hive Engine. Now, you can convert the DECs to Hive and, as the last step, withdraw the Hive back to your Hive account.
By hitting the withdraw button, you move the Hive to your Hive account.
With that, you complete the conversion of Steem to Hive all within the same platform ecosystem: steem-engine.net, splinterlands.com, and hive-engine.com.
How cool is that?
That Wasn’t Difficult
So, the steps are quite simple and easy, and most of the transfer part is provided within Splinterlands itself. You only have to manage the movement of your Steem to Steem-engine and Hive to Hive-engine. The exchange could be in the reverse direction as well, in which case you would first buy DECs with Hive and then transfer to the Steem-engine site through Splinterlands.
I have had many opportunities to take advantage of arbitrage between the price differentials of Hive and Steem. At times, I found myself with higher DECs or higher amounts of Steem (or Hive). I love this way of transfer.
So, try it out and let me know your experience. 😊
Want to Join Splinterlands?
You can click below and follow the link. All the best!
Image Courtesy: Splinterlands, Steem-engine.net and Hive-engine.com