What is the Hive blockchain and how can you earn cryptocurrency for consuming content?
Hive is a brand new social media network that is based on a blockchain. It has been created in march 2020. Hive allows creators and consumers of content to earn the cryptocurrency Hive.
Watch this video to understand how Hive works
source: What is Hive and how can you earn money with it
What do you need to create a Hive account
In order to participate, users need a Hive account. There are several options to choose among to create a hive account.
Once you created an account, you will get your keys and you can start with your activity. You might also want to have a look at my online course that will teach you the very basics to get started.
How can you earn cryptocurrency with your Hive account?
There are two main ways to earn cryptocurrency with your Hive account. You can start to create content like articles, pictures or videos. If people like what you have created, they might give you likes that we call upvotes. These upvotes are worth cryptocurrency! The more upvotes you will get, the more cryptocurrency you will earn!
In the image on the right you see one of my posts that got 140 upvotes. This gave my post a total value of 11.66 USD. After 7 days, I got a payout in the cryptocurrency Hive worth 5.8 USD. The remaining 5.8 USD was distributed to the people who actually consumed my content!
Yes you heard correctly, on Hive you can actually earn cryptocurrency just for consuming content and for giving likes.
How is it possible to earn cryptocurrency by consuming content?
On Hive people get paid when they create content of quality but also for consuming this content, which we call curating.
Making your Hive account more powerful
In order to be able to generate rewards for consuming content, it is necessary to power up your account. This means that you kind of freeze your Hive cryptocurrency on your account to get more power. The more Hive you have powered up, the more powerful your vote will be and the more value you will give to the posts that you upvote.
Earning crypto with your powered up account
When you have powered up your account, you will see that when you give upvotes to content that you consume, the value of the post will change. Thanks to the Hive Power that you have, you will influence the value of the post.
Seven days after a post has been created, there is a payout that takes place. 50% of the value that the post has reached thanks to the upvotes goes to the author of the post. The remaining 50% of this value is distributed among all the people who liked the post. The more Hive Power you used to give your upvote, the bigger your part of the pie will be. This is what we call curation rewards.
How much can you earn when you consume content on Hive?
The amount of Hive Power that you own defines how much you can earn while consuming content. If you have a lot of Hive Power, you can split your upvotes and vote on more posts. Per day you can give 10 full upvotes or more upvotes with less power. Your voting power regenerates over time so that you can give votes without ever giving anything away!
I've monitored how much it is possible to earn with content consumption on the Hive blockchain. The return on your invested Hive Power depends on a lot of factors but it is quite normal to reach a return between 10 and 15% per year. Since we get payouts every day, we can constantly power up our earnings, so there is even the possibility to earn compound interests just by consuming content!
In my opinion the Hive blockchain is one of the best platforms to earn cryptocurrency.
The nice feeling of helping others and earning cryptocurrency at the same time
In addition to being able to get a nice return on your investment, each like that you give when consuming content, will also make the person happy who wrote the post. Both are winning in the process. You earn rewards for consuming and the author earns rewards for creating content. It is a very grateful process for everybody. Hive is a rare place where it is collaboration between people that creates wealth.
I started on Hive in order to earn cryptocurrency but I stayed because of the people and the relationships that I managed to build. Nowhere else on the internet, I've made so many acquaintances and friends. I would be very happy to welcome you on Hive!
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P.S: This post answers an initiative by 