Since I dedicate part of my valuable time to monetize content in the Hive ecosystem the people around me (family, friends and work colleagues) have noticed a change in me, naturally because it's hard to hide when three months ago financial worries were overwhelming my life and now it's a thing of the past. Precisely in January this year I joined Hive and since then I have not stopped sharing my thoughts with the community, which has translated into income in the form of cryptocurrencies and tokens that not only generate extra income, they have become real real money and superior to any fiat currency.
So when I'm asked what I'm doing to increase my income the answer is blunt: I'm monetizing content on Hive. Usually most of the people I meet don't know what that means, on the one hand they think I'm just getting paid for writing and on the other hand, they imagine it's a kind of job where I get paid for submitting a paper, as if it were a scientific journal. Faced with such responses I thought about the idea of explaining to those who are not part of this community what it means to monetize content in the most didactic way I can think of.
It is not difficult to understand, monetizing content refers to the creation of original articles, videos or illustrations that you upload on a social network where the community rewards you through a payment system, depending on whether what you share is considered a quality publication. In the case of Hive, content is rewarded through its own cryptocurrency (named after the social network) or through hundreds of tokens associated with the community.
For the vast majority is well known the Youtube platform, where content creators expose their videos and according to the degree of views or popularity (likes) receive financial compensation for their work. This payment is in fiat currency (U.S. dollars) and is made by the company itself through the valuation of each content made by its algorithms. Under this method, the contents are subject to be valued according to the criteria of the administrator or owner of the social network, who has the power to decide whether a publication should receive a high or low reward, even considering the application of censorship.
In the case of Hive, authors enjoy creative freedom, as long as their work is original and of high quality. Being a decentralized social network all members have the power to assess through voting (upvote) if what they observed is worthy of being rewarded with the cryptocurrency, in that sense, each time a member exercises the upvote option not only pays the author for his work but also receives an economic compensation for such support (game theory: win-win). When a community member generates upvotes he/she is performing an action called healing and this gesture is also compensated with part of the total proceeds of the supported material.
The money generated by the content is released to the author's wallet seven days after publication, with 50% going to the creator of the content and the other 50% to the curators. Under this scheme, the feedback of the system is guaranteed, by virtue of granting the same opportunities both to those who share their work and to those who support them as curators. It is necessary to warn that curation should not be taken lightly, if you exceed the daily amount of votes these will lose value, therefore the income you intend to collect for such action will also be diminished, which is why you must choose very well the content to qualify so that it generates an important reward.
I hope this explanation about monetization is useful for those who are curious or want to join the Hive community, in order to encourage more people to publish their ideas in a creative and original way, without censorship and receiving an economic compensation in a cryptocurrency increasingly appreciated in the world.