Of late, I began to wonder what my condition would have been if I hadn’t found blockchain, crypto or Hive as at when I found it. Will I get stuck with depending on my family members for almost everything I need, including personal items? Or will I live in perpetual debt, borrowing from friends, paying back and borrowing again with no clear source of income (except if I attached Family as my source of income)?
Well, obviously I don’t like borrowing except if I am 101% sure that I have the means to payback, and will pay back no matter the circumstances. I don’t like disappointing someone, especially based on financial reasons.
Don’t get me wrong, I don’t mean that this is how I envisage my future to be, No! I am making reference to my present short-term situation.
DISCOVERING BLOCKCHAIN
I joined Hive without knowing that I joined blockchain, and without knowing so much about blockchain. But, later in my journey on Hive, I began to understand more about blockchain and the blockchain related jargons; scalability, decentralization, dApps, blah blah blah...
The more I walked along this path, the more I discovered that the world of Blockchain is so vast that we could get lost in it as if we were in Dr. Strange’s Multiverse of Madness. Yes, it is a “Multiverse of Chains” closely connected and linked in a transparent and automated way. In this Multiverse of Chains, we have digital assets and currencies that rely on the technology that the blockchain has to offer, and this enables fast, secure, transparent and automated transactions. The digital currencies that rely on blockchain technology are called cryptocurrency.
SAVING IN CRYPTO?
Unlike the Traditional method of banking which is centralized and regulated, Cryptocurrency operates on a decentralized network (blockchain). Put differently, cryptos are not controlled by any centralized authority like the government or financial institutions; every crypto transaction is automated, transparent and encrypted, and can be initiated at any time, from anywhere. Thus, it is permissionless and borderless; having faster and lower transaction fees for international transactions also.
This means that transacting via crypto offers certain benefits above traditional method of banking, albeit the former isn’t bereft of risks.
Likewise, saving in crypto also offers a potential for huge returns owing to its price volatility. Thus, with this, crypto can be taken as a “long-term investment” (of High risk), whereby you purchase the currency when the value is low, and sell off when it is high, leading to a substantial Return on Investment (ROI). However, it is important to do your research before investing in or buying any crypto currency.
THE HIVE STYLE
A good number of us started off on Hive without investing a dollar at the beginning, rather we invested our content, creativity, time and engagement. Today, many of us have huge portfolios on Hive and in other currencies, and we can go ahead to write a 5,000-word article on our grass to grace story (I wish I experience this also).
This makes Hive a unique blockchain because it does not limit accumulation of coins and tokens to purchasing in the market alone, rather it gives you multiple means of acquiring the Hive coin and other tokens built on Hive second layer. Some of these ways include:
- Sharing Content
- By sharing your wonderful quality content, you have the opportunity to earn in Hive, as well as other second layer tokens.
- By sharing your wonderful quality content, you can also earn in HBD, which you can use to purchase Hive.
- Voting Content
- By staking your Hive, you can curate/vote other people’s posts and comment, and earn curation rewards for voting them.
- By staking your second layer tokens, you can curate/vote other people’s posts and comments, and earn curation rewards for voting them.
- Staking Hive
- By staking your Hive (Powering Up) you receive an increase in APR of approximately 2.96% (at the present rate)
- Delegating Stake
- By delegating your Hive Power to Curation projects, you earn curation rewards in Hive, or in their unique tokens.
- By delegating your stake Power of some second layer tokens to their related curation projects, you can earn curation reward in the native token.
- Holding Tokens for Rewards
- Holding or staking other second layer tokens can earn you liquid Hive rewards.
- Holding or staking other second layer tokens can earn you
- Earning on Hive Backed Dollar (HBD) Savings
- By holding your HBD in savings, you can earn 20% APR in interest.
These are some of the ways you can acquire and accumulate Hive coins and the second layer tokens, even without investing $1.
The rapid development on Hive Blockchain inspires and prepares us to save these accumulated Hive coins and the second layer tokens for the future. In fact, the activities in the community will also motivate you to be fully involved, and contribute your own quota towards the progress of the blockchain, and its mass adoption.
CAN CRYPTO SAVE YOU?
If by “save” we mean “to help someone survive” or “to rescue someone” or “to revive something in someone,” then I am sure that almost all of us have a story to tell about How Crypto came to the rescue. While many of these reasons are finance-based, Hive, as a social blockchain, gives us both finance-based reasons and life-motivational reasons. Some of the ways blockchain can “save” us (relying on the aforementioned three explanations of “save”) are:
- Earning and saving in crypto helps those living in regions experiencing harsh economic conditions. While their currency keeps depreciating, like the Nigerian Naira, they can save their wealth in a more stable currency (HBD) and they can survive better with their earnings.
- International transactions are fast and less expensive with Cryptocurrency. With this, you can assist or send money to family or loved ones in far distant countries better than the traditional banking method.
- Saving in Cryptocurrency helps us diversify our wealth, which tends to save us during economic crises and inflation.
- Winning Massive airdrops can change your financial story.
- Hive can help you revive you long lost abilities and skills, can make you get better at your craft, and can give you more reasons to love what you do, thanks to the appreciation and words of commendation from the wonderful community.
- Saving Cryptocurrency for long-term will teach you patience and curbing of Greed, which are essential qualities that can help you in life.
Let's hear your thoughts?
How has crypto "saved" you?
- Logo Collage property of: Hive Learners, Ecency, Leofinance, Hive, 3speak and Ksam.
- Thumbnail was edited via Canva
I AM KSAM
I may not be your favourite author, but you can journey with me to help me develop my writing skills. I am always open to criticism, correction and learning.
Posted Using LeoFinance Alpha
