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The fluctuations in cryptocurrency prices in general have discouraged many people from staking on the Hive blockchain. Only a few people who are true believers of the project are still investing in it and powering up on a daily basis. The market is very volatile, which has made a lot of people hesitant to lock away their funds. When there is a large price swing, people prefer liquid assets to the benefits of staking.
To power up simply means to stake your cryptocurrency, which, in so doing, you get little returns in terms of interest at the end of the day. Staking means locking up your funds for a period where you can not withdraw your staked currency all at a time. This helps to stabilise the price of the currency since staking (power up) reduces the impact of the sales of the currency, giving it a stable-like price.
I have been on the Hive blockchain for nearly two years now, and I will say that I have powered up only a few times, not that I won't like to power up more often; I just find it difficult to keep to it. After deciding to power up, I always end up withdrawing my earnings.
In the beginning, I never knew the importance or advantages of powering up until recently, when I took my participation on the Hive blockchain more seriously. This was when I started writing on the Hive blockchain.
Power up has various advantages, which include and is not limited to, an increase in the influence of an individual, having better voting power, an increase in resource credit, which in turn helps in posting, making transfers, as well as helping one in active participation of commenting and engaging with others.
The major reason, however, I am unable to power up as much as I want to is that I sometimes find the need to take care of some basic needs. I cash out my rewards when they can add up to something at the end of every week, but I still consider powering up occasionally when I am more stable with my finances.
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