My Weekly Financial Progress on Hive Blockchain

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Hello Readers,

I hope all of you are having an amazing weekend with your family and friends, but do not forget to keep an eye on the crypto market, because many are expecting an altcoin pump season is about to happen anytime soon. Whether you are an old soul in this crypto space or a sapling who just started exploring this realm, most of you already know how thrilling, and sometimes nerve-wracking these pump seasons can be. For me, I am expecting a huge bull market in the future especially when Bitcoin has already made a new all-time high. I also have high hopes for Hive to hit at least 1$ this time and it has started showing symptoms of the upcoming trend already, but after its recent first pump to 0.42$, it took a dip after reaching the peak and got heavily corrected back to $0.24, but gladly it is recovering well right now while trading at $0.33 and probably preparing to make a new high again. Despite the crash after the first pump, I stayed calm and decided to hold on, confident in Hive's potential and sold a part when it again touched 0.35$. But now I will be holding all my Hive until it reaches at least 0.8-1$ this time.

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Now for those who are new to this amazing blockchain, Hive is not just another cryptocurrency that you come across, it is a revolutionary ecosystem built on a truly decentralized system and an absolute environment to build Dapps. Hive has successfully combined blogging, gaming, and decentralized finance (DeFi) under one roof and one seamless blockchain platform, where you can earn cryptocurrency simply by creating and engaging with valuable content. It is more than just an earning opportunity for your valuable contributions, as Hive is a vibrant digital community and a dynamic web3 space to connect, learn, and grow. Like many of you, I am also an old Hive user and been trying to build my wealth on this platform. So in today’s post, let us dive into my latest weekly progress and some tips for newcomers to thrive here.

Hive Power (HP)

First, let us focus on Hive Power as it is both the backbone of Hive's ecosystem and the most important pillar of my portfolio as well. Hive Power or HP simply means Hive token in staked form, and building HP is crucial for long-term success on the platform. When you stake liquid Hive as HP, you can vote on other users’ content and earn curation rewards based on your active HP amount. After seven days, 50% of your vote's value will return to your staked Hive wallet, helping you gradually grow your HP. Not only curation rewards, but Hive Power also increases the influence you wield in this blockchain. More HP gives you more vote weight while voting in community decisions, from funding DHF proposals to witness voting, thus empowering you to shape Hive's future.

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My Progress This Week

Last week, my HP balance was 15,450.2 HP. Now after a week, I am proud to report it has grown to 15,659.61 HP, so I have made a nice increment of 209.41 Hive Power. While the increase in Hive power may seem slow, especially if you are a newcomer and have yet to build a reader base, remember that consistent engagement makes a big difference over time. For beginners, my advice is simple - just focus on building HP and avoid withdrawing staked Hive until you have established a decent stake. It is a slow but without a doubt rewarding journey to experience.

Hive Backed Dollars (HBD)

Hive Backed Dollars (HBD) is Hive blockchain’s own stablecoin, which is softly pegged to the US dollar. When you earn author rewards on Hive, half of it comes as liquid HBD, while the other half is paid in Hive Power (HP). What sets HBD apart from most other stablecoins is the 15% annual interest it offers when stored in the HBD savings wallet. With just an unlocking period of 3 days, it certainly provides a fantastic low-risk option for building wealth while earning a flat 15% APR which I guess any traditional investments will rarely match.

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My HBD Progress

This Week Last week, my HBD balance was 931.9 HBD. But I had recently sold around 4.5k Hive for HBD when Hive made its second pump at 0.35$, so it has now skyrocketed to a total of 2,513.81 HBD. Also, over the past 14 days, I also earned 8.703 HBD in interest from my HBD savings and hopefully, it will reach 15+ HBD by the end of the 30-day period. My goal with HBD is to grow my HBD savings to at least 3,000 HBD. Right now I am hoping and waiting to convert some more Hive into HBD if the price hits $1, so let's see when this next big opportunity hits us. For anyone starting out, I would suggest treating your HBD wallet as a digital savings account. It is a great way to secure emergency funds while earning interest while lowering the risk.

Leo Power (LP)

One of my favorite parts of Hive is Inleo, a vibrant Web3 community centered around sharing short-form threads, short videos, and blogs. Its native token, $LEO works much like Hive, offering both author and curation rewards and also helps to build an influence. When you stake your Liquid Leo tokens, it is called Leo Power (LP) and you can vote for any content you like on the Inleo platform and easily earn Leo curation rewards based on your stake amount.

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My Progress This Week

Recently, I participated in December's Leo Power-Up Day, staking 150 LEO and increasing my total balance to 12,011.13 LP. Since then, I have saved an additional 79.78 LP through curation and author rewards. My ultimate goal with Leo is to reach a total of 15,000 LP and earn the prestigious "LION" status one day, which is a pretty big milestone but achievable in the long term.

Lessons for Newcomers

• Set Realistic Goals - Growth on Hive is not instant but is immensely rewarding. Start small, produce quality content, focus on building HP, and stay consistent with your engagement.

• Diversify Within Hive - Explore different opportunities Hive offers, whether it’s staking HP, saving HBD, building LP or investing among all the thriving projects on this chain. Each contributes uniquely to your success.

• Stay Patient and Positive - Crypto markets can be highly volatile, but Hive’s unique ecosystem offers value beyond market fluctuations. Focus on creating, connecting and contributing, because that’s the real key to grow on Hive.

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I hope you liked reading my post about my weekly financial progress. Let me know if you are also building your wealth and reputation on this amazing blockchain and what’s your next goal in the comment section below and I will be seeing you all in my next post.

Posted Using InLeo Alpha