Building Wealth on Hive | A Guide for New Users

Hello Readers!

Hope you are all having a fantastic day filled with joy and quality time with friends and family. If you are reading this post, there is a good chance you are already part of the Hive community, and like me, you have noticed some recent changes in the Hive token's price. From its long-time price of around $0.16, it rose to a high of $0.23 before settling down around $0.184, probably due to the ongoing downtrend in the crypto market. However, while we all hope for more positive changes, today, let’s talk about something important, that is how to build wealth on the Hive blockchain. Whether you are just getting started with Hive or have been around for a while, this guide will walk you through key ways to grow your portfolio within the Hive ecosystem. So if you are interested, Let us take a dive right in without any further ado!

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1. Hive Power (HP)

Hive Power or in short HP, is the backbone of my wealth-building journey on Hive. If you are serious about making the most of your time here, I think focusing on growing your HP should be a top priority. Now, for those of you who are new, you might wonder what exactly Hive and HP are. In simple terms, Hive is the native token of the Hive blockchain, and when you stake (or lock up) your Hive to get Hive Power, you are boosting your reward earnings and influence on the platform. Here is how it works..

• Earn Rewards by Voting With more HP, your vote has more value in terms of USD, and you can earn "curation rewards" simply for voting on others' blog posts, threads or comments, etc.

• Community Participation Having more HP also means having a stronger say in community decisions, like voting for witnesses (trusted network operators) and proposals.

• Growing Your HP Building up HP takes both time and consistency. By posting regularly, voting and saving your Hive rewards without powering down or liquidity them, you can steadily grow your HP. The more HP you accumulate over time, the more curation rewards you generate through voting, which brings you closer to your goals.

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Current Progress

In my most recent financial tracking post published 1 week ago, my HP balance was 15,215 HP. I am happy to report that I have since grown my balance to 15,465 HP, an increase of 250 HP in just a week! With my initial goal of reaching 15,000 HP achieved, my new target is 20,000 HP. It is a slow process, but that is the beauty of Hive, consistency pays off!

2. Hive Backed Dollar (HBD)

Next, let us look at Hive’s own stablecoin, the Hive Backed Dollar or HBD in short. HBD’s value is softly pegged to the US dollar, which means it stays relatively stable, unlike most cryptocurrencies whose value fluctuates. When you earn author rewards from posts, half of it is paid in Hive Power and the other half in HBD. HBD is an ideal currency in the Hive blockchain to save without worrying about its value fluctuation. By moving it to the “Savings Wallet” within Hive, you can earn a flat 15% annual interest paid on a monthly basis with minimal risk. In short, Think of it like a savings account in a bank that pays you interest every month. Saving in HBD gives you easy access to your funds.

Many users, including myself, save HBD and withdraw it periodically as needed. It is a convenient way, at least for me to have some stable crypto on hand while earning extra through interest. Just like Hive Power, I have also set goals for HBD savings. For example, you might aim to reach 1,000 or 3,000 HBD over time. With consistent savings and added interest, these goals can become achievable milestones.

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Current Progress

Just a week ago, my HBD balance was 900 HBD. Today, when I went to check my current balance, I was very happy to see it standing at 934 HBD and I have also earned 4.244 HBD as interest in these last 11 days for my savings amount. With an increase of 34 HBD and growing, I am working towards my long-term goal of 3,000 HBD and hole to reach there one day.

3. Leo Power (LP)

Last but not least, if you are interested in finance, investing or crypto and all other niche topics, you might be already into InLeo, a social media platform and community within Hive focused on these subjects. Here, users can earn Leo tokens, which are like Hive tokens but specific to the LeoFinance platform.

• Earning Leo Power By holding and staking Leo tokens to gain Leo Power (LP), you can increase your curation rewards and influence on InLeo posts and earn rewards for voting on others' content.

• The Growing Leo Community Inleo started as a niche finance community l, but at present, it has evolved into a social media hub where not only finance and crypto enthusiasts, but also users of all niches share ideas and engage. By participating actively, you can earn Leo tokens, which contribute to your wealth-building journey.

• Achieving Milestones Setting targets in Leo Power, like reaching 5,000 or 10,000 LP, can help you stay motivated and engaged. Remember, every interaction in the community is a step toward building both knowledge and wealth.

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Current Progress

During the last Leo Power Up Day (LPUD), I powered up 204 Leo tokens, bringing my total LP balance to 11,711 LP. Since then, I have gained an additional 56.26 LP in rewards, which I will be powering up in the upcoming LPUD as usual. My ultimate target with Leo is achieving a total of 15,000 LP and snatching the OG LION status, a long-term goal that will be well worth the effort.

So, whether you are focused on HP, HBD, LP, or a combination of all these three assets, building wealth on Hive is about consistency, patience and strategic saving. Each part of Hive’s ecosystem offers unique benefits that can I believe will help you achieve both short-term and long-term financial goals.

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I hope you liked reading my post about my financial journey. Now tell me which token or asset will you start building today? Let me know in the comment section below and I’ll be seeing you all in my next post.

Posted Using InLeo Alpha