Let's take a look at your wallet on the blockchain.
Hive Tokens (HIVE) - Hive is the actual crypto. Think of it as a coin or currency. This is what you can convert to other crypto on an exchange or to dollars. You currently do not have any Hive.
Staked Hive Tokens - Hive Power (HP) This is HIVE that you have powered up. The more powered up Hive that you have, the more you can do on the blockchain. First HP determines your resource credits. The more resource credits you have the more interactions you can have on the blockchain, such as posts, comments, voting. Resource credits cannot be exchanged or sold and when they are depleted, they regenerate in a few days. But more importantly, HP (Hive Power) determines the value of the votes that you give to others. Half of the vote returns to you as a curation reward and half is given to the person who receive the upvote. Your HP is 17.437 so the upvotes you give may seem small. However, people really appreciate an upvote even if it does not generate a lot of return. Upvoting and commenting helps you meet more Hivers which can lead to more engagement, which leads to more people voting on your posts.
Hive Backed Dollars (HBD) - This is Hive that is not powered up (so not HP) that you have converted to Hive Backed Dollars. This is a stable coin or currency. So when you have convert Hive to HBD, the HBD is likely to stay the same value even if Hive declines or increases.
Hive Savings - If you move Hive Back Dollars to Hive Savings, you will receive 20% interest per year on the HBD. It was 12% but has been increased to 20%. Interest is paid out monthly.
Sorry for a long explanation. I hope this helps. Feel free to ask more questions. We all learn and grow together.
You power down the HP in your wallet and it converts back to Hive. It takes 13 weeks for all of it to convert, but a portion of the amount that you power down converts each week.
Let's take a look at your wallet on the blockchain.
Sorry for a long explanation. I hope this helps. Feel free to ask more questions. We all learn and grow together.
Can one exchange HP for HIVE, or is it a totally separate token system? Thank you for your helpful reply.
You power down the HP in your wallet and it converts back to Hive. It takes 13 weeks for all of it to convert, but a portion of the amount that you power down converts each week.