Cryptocurrency is offering people are tremendous opportunity. Hive is leading the charge in this area as it is one of the few ecosystems that is providing Web 3.0 applications.
When markets get beaten up, people freak out. This is understandable since most are looking at price, based in a fiat currency such as the U.S. dollar. However, we have to step back and take a view of the bigger picture.
Wealth building is not something that most excel at. Instead, we live paycheck-to-paycheck if we are lucky. The majority of humanity runs out of money before they get through the month.
Cryptocurrency can change this. We already see some things forming on Hive. It is a process so we have to understand what we are dealing with. This is far from a finished product.
We also have to stress, this is not a get rich quick scheme. Those who approached Hive in this manner left extremely disappointed.
So let us dig in and see how to build wealth on Hive.
Long Term View
This is something that should be obvious but we have to mention it.
Building wealth entails having a long term view. For some reason, people think the lottery ticket approach is the way to riches. Very few have an overnight windfall.
If you look at the richest people in the world, most of them took years (decades?) building their wealth. Many were tied to companies that grew over time. Whether we look at Elon Musk, Jeff, Bezos, or Warren Buffett, their beginnings were not into the tens of billions.
Certainly, some hit upon success quicker than others, especially when involved in technology. Again, this is a path yet is not the norm.
With Hive, having a long term view is essential.
What Is Wealth?
Before really delving into this, we need to understand what wealth is.
This starts with the idea that wealth is not money. Money is a way to generate wealth. This is evident in the fact that countries that tried to "print" their way to prosperity in the past failed. If the ability to turn that money into economic productivity, i.e. wealth, then it is a failure.
Wealth is the building and growing of assets. This is a lot different than simply having a bundle of cash. Developing processes or systems that keep feeding one's bags is how wealth is accumulated.
This is compounded by the growing of asset value. When this happens, we see, over time, the numbers get a lot bigger.
Start The Flow
When starting it is vital to get the flow going.
What do I mean by this? It is crucial to start the process of getting money to flow in.
Everyone who opened a Hive account received a wallet that has nothing in it. The account balance when first starting was zero. This is important to remember.
That means to have some wealth, we need to get something in it. Fortunately, on Hive, this can come in different forms.
On most blockchains, purchasing the coin is the starting point. While that is approach one can take on Hive, there are other options. We can start the process of creating content in the form of articles, videos, or comments. This allows people to start getting rewarded for their activities.
Is this a slow process especially in the beginning? Yes it is. However, when we look at attempts at rewards on the Web 2.0 social media platforms like Twitter, we see how much different this is.
On Hive, you can get rewarded on your first piece of content. If it generates 10 cents, that is what you receive (half of it actually). Try this on YouTube. Those platforms have minimum levels to be eligible.
Grow The Asset Base
Whatever flows into one's wallet can be put to work. There are a number of ways to start the next phase of the process.
Some of the most popular are:
Here is a basic premise of wealth building. The key is to put one's money to work.
There is another component to this.
With cryptocurrency, outside the base layer stablecoin HBD, these are assets that can involved speculation. Since there is price volatility, they can appreciate over time.
This means a 5 cent reward today could be 25 cents in the future. Of course, if the market goes down, it could be 2.5 cents.
It is part of the reason why a long term view is crucial. Short term volatility is really nothing more than noise unless one is trading.
As the asset base grows, i.e. holdings, putting those to work will result in larger returns.
Focus Upon Solid Projects
There are a lot of opportunities on Hive. This is something that appears to be growing.
Here is where many are presented with a problem. Where do we focus our attention?
Each of us has the same time. We all suffer from time limitations and most of us are dealing with only a certain amout of resources. It results in having to be judiscious with what we involve ourselves with.
Having $HIVE as a foundation is important. All stems from here. Consistently growing Hive Power (HP) is crucial for the individual and the ecosystem. However, there is a lot more here.
Hive has different communities, many with their own tokens. With the upcoming development of smart contract platforms, this is likely to grow.
We also have games that have NFTs available. Here is another opportunity to build wealth. For example, Splinterlands allowed people to take their decks (NFTs) and rent them out for income. This is what many people do in real estate. The difference is we are dealing in the digital world.
Assets generating income which allow for the accumulation of more assets, many of which grow in value over time.
This is how to build wealth.
Get Active
Too many people show up believing their presence alone will generate huge rewards. After all, in their minds, their work is of the highest quality.
That might be true. However, this is still social media which means being social is a vital part of the process.
No matter what field one is in, to be success at "selling" ones goods or services, gaining a following is necessary. On the Internet, this means getting people to visit your page.
It is no different on Hive. If one does not get involved and engage, few are going to know about that person. Regardless of how great the article or video, if nobody sees it, then it is going to languish.
There are a number of ways for people to get involved and engage. This can come through comments, games, and threads. All allow one to interact with other people. That engagement could lead an individual to click on one's profile and, perhaps, give a follow.
Focus Upon Your Holdings And Not Others
The easiest way to sabotage oneself on Hive is to look at the accounts of others. If you are comparing what you are receiving to others, then that is only going to lead to frustration and kill any chance of wealth.
There is a strong entitlement mentality. For some reason people seem to believe money should be given to them. They feel, again, simply by being here that they are deserving of the largest upvotes.
Again, this is not how things work, either on Hive or in the real world.
It doesn't matter what someone else has or is doing. The only account that anyone should focus upon is his or her own. That is the one that needs to be built.
When I look at my asset base compared to Warren Buffett's, it is joke. He is worth tens of billions and I am not. If he increases his holdings 50%, does that mean anything to me? No. The only balance sheet that is important in this scenario, to me, is mine.
Develop Your Personal Growth Metrics
Growth is crucial in this game. If that is the case, how come people do not focus upon it.
Each person needs to concentrate on the growth these are creating. This means developing metrics that quantify the activity taken and results garnered.
This is tied to the suggestion right above.
When focusing upon one's own account, what is the growth rate. In the beginning, it can be incredible. The raw numbers are small but the growth percentage is huge.
It is possible for one to have 1%-2% growth per day early on. Anyone who knows about numbers compounding will realize that will be a tidy sum over the course of a year. Naturally, as accounts get bigger, the percentage get unsustainable. We do see, however, the numbers growing.
The idea is that is you have 5 tokens, work to turn that into 10. Once that is achieved, aim for 20. After that, strive for 50.
Rinse and repeat.
In Conclusion
There are many opportunities on Hive. The key is to find those projects you believe in and start to get involved. As one's assets grow, they should be put to work, getting a return that can lead to more asset accumulation.
Each of us engage in buying and selling. Some projects will reward you even if there is no interest. Sell those tokens for what you are more optimistic about. This will increase the holdings a bit more.
Do not look at where you are today. Instead, pick a time in the future, say 5 years, and concentrate on what things will look like then.
Each Hive account should be treated like a business. There is monetization involved which takes this to another level.
There is one final point to this:
Most will ignore what is suggested here. The masses are lazy and full of excuses. This means the opportunity for those who do get active is great.
The opportunities are expanding on Hive. People who take advantage of them should be able to build wealth over time.
logo by @st8z
Posted Using LeoFinance Alpha
