Make, Save, Grow and Protect Money on Hive

I was reading an IMG book most recently where it mentioned 4 basic concepts to finance. It stated further that learning them will enable one to take control of his/her future.

What are those?

Read on as I share my thoughts on how I believe they can all be done or achieved here on Hive.

Make Money (Earn Crypto)

Traditionally, our training was go to school, get a degree, find a job and earn a salary. Time's changed a lot however, thanks to evolving technology. We have many ways to make money these days and they don't necessarily mean working 9-5.

If you are here on Hive, you would have already learned and experienced the beauty of this blockchain. You too may have found out that we can definitely make money here.

How?

These are just a few of those that most of us may already know and we don't need any starting capital, but our time and effort:

• Content Creation

  • Long-form (blogging)
  • Microblogging or making threads

  We all know the drill, don't we? That around 50% (or less) of post payout is rewarded to authors so if you make contents and are able to attract upvotes, you get to share or earn liquid HBD and Hive Power 7 days after (if you set your rewards to 50/50. Otherwise, your rewards will all be paid out in the form of Hive Power).

• Curating
  If you have Hive Power or Leo Power (or any HE token staked for that matter) and you curate contents, you get to share with the posts' payout. The more HP or LP you have, the more weight your upvotes or curation value and rewards will be.

• Engagements
  Some people upvote comments or replies and if you're a good engager, you will have chances of earning HP, LEO among other rewards.

• Trading
  If you are into trading, you can buy and sell HIVE, HBD or any other tokens in the internal market.

Save Money (Save or HODL Crypto)

In traditional finance, we would have our savings in banks or in vaults in our homes or anywhere else we may have been taught in the past. There are a few ways to save here on Hive (without any counterparty risks), re:

• Hive Power
  This is just one form of saving here. We get to stake our HIVE and earn around 3% APR. Apart from that, we also earn curation rewards as mentioned above.

• Leo Power
  Locking our LEO temporarily (only takes 4 weeks to unstake) and at the same time, earn curation rewards from it.

• Staking other HE or Tribe Tokens
  There are many layer 2 tokens on-chain that having staking features with different cooling periods. Staking them means we are saving them and also earn curation rewards through them while doing so.

• HBD Savings
  Currently, any Hive Backed Dollar (HBD) put on savings earn 20% APR that are claimable and compounding every 30 days. And it looks like more Hive users are taking advantage of that based on the post by @dalz "Exploring the Sustainability of the HBD Interest Rate in the Hive Ecosystem" where it showed that HBD Savings have grown over the last 12 months and the cumulative total HBD interest paid was 640k!

  
  (Source)

Grow Money (Grow Your Crypto)

For most, growing money is a challenging task unless you are a seasoned investor. But here onchain, it becomes quite easy if we are intentional about doing so.

• HBD Savings which as mentioned above, earns you 20% APR.
• Staking HIVE as Hive Power and earning interest on it plus curation rewards.
• Holding income and miner tokens (ie. EDSMM, EDS, LEOMM, LEOM etc)
• Trading on the internal market.
• Delegating Hive Power or Leo Power (or other tribe tokens) to accounts that pay you back from your delegation.
• Leasing Leo Power on LeoFi.

Protect Money (Protect Your Crypto)

• Your Hive account is your own wallet and since you hold the keys to it, you have 100% control over your account, unless of course you lose them due to your own negligence.

• There is no account banning or closure on Hive so there is no chance of you getting denied of your account and funds too. Unless of course, as mentioned above, you lose your keys. So make sure you don't!

• Hive being decentralized pose no counterparty risk to you or your funds. As long as the nodes are running, the blockchain will continue to operate and your account and funds will be where they are.

To quote TM on his post, "Making Hive Accounts Valuable: Wallet System"

"A user is in full control of the wallet at all times. Since an account cannot be closed, there is no denying one access to his or her funds. Whatever is in the wallet is protected as long as the keys are secure."

So if you are like don't you think? The way I see it, Hive can be a place to build real wealth too. I'm not there yet, but will be... so there's no quitting.

Obviously, I'm still learning and my knowledge is still very limited. I'm sure there are many other ways to apply the 4 basic money concepts here on Hive which I'm not aware of but we hope to learn about them as we spend more time here.

For infotainment only

Lead photo created on Canva. No copyright infringement intended. 311222/14:00ph

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