Mac users: When do you hide and when do you minimize?

I was a long time Windows user before recently switching to Mac. I never really used either function in the beginning, until I found the usefulness of hiding things and having them pop right back up when clicking on its icon in the dock. I still don’t use much of the minimizing function, except to minimize VLC while I “float on top” and need to concentrate on something.

I feel like I’m missing out on efficiency by not using these two functions to their maximum potential, so I’d like to hear about when other people use hide and when they use minimize.