Using Hive-Backed Dollars To Earn passive Income In The Year 2023

Source: Designed On Canva

There have been several testimonies regarding how Hive Ecosystem has transformed people's lives, and I have personally witnessed many of these. I will go over a few ideas in the section below that can help newbies.

Some people gave up along the way due to the misconception that the HIVE is a Ponzi or get-rich-quick scheme. When they created valuable content and readers don't curate it or give it an upvote, they would give up. As a result, many quit and think they would fail in the Hive ecosystem.

Even though it's probably one of the hardest things in the world to be patient, if you can overcome your impatience, you'll succeed both on Hive and in life in general. To make money on Beehive passively, you must be consistent and patient.

In this article, I will go through a few ideas that will assist me and other newbies to make passive income in the upcoming year.

As a newbie, your on boarder cannot fully explain everything. I am also new to this ecosystem, but after two months of participation in Hive, I have learned a few things and continue to learn new things every day. Asking questions and commenting on other authors' articles helped me. I could have established a solid reputation in the ecosystem if I had known about Hive earlier this year.
I'm getting ready for the upcoming year because this year will come to an end in a few weeks. The following points below might be helpful to make passive income

  Frequent Publication Of Quality 
  Content 

If you are a newbie and don't have much money to put into the ecosystem, but want to generate income.
You should start by publishing original content and abstaining from copying other people's work, don't ever plagiarise others' content(If you do this, Hive watchers will ban your account)

Take your time, generate quality content, and don't feel like you have to publish every day as a beginner. When you first start, you might publish every two to three days. As you get better, you'll start publishing more frequently every day.

If your publication draws attention and receives upvotes, you will receive a token as author compensation. In the Hive ecosystem, there are some nice communities. Do your research, join some of these communities, review their rules, and post there. This will encourage readers to vote for your article. Additionally, including general tags like vyb, pob, ctp, etc. on your article will pay off in liquid tokens. This is a road to obtaining passive income.

    Quality Engagement

I used the term "quality engagement" since there is a significant distinction between it and regular engagement.
Examples of common engagements are "Thank you for this post," "What an Amazing Post" etc.
Since you didn't add any interesting information to the content, the readers will regard it as worthless.

However, the author will upvote your comment if you read the article carefully and make some intelligent comments. Not just the author, other authors who think the comments are helpful may also hit the upvote button when the author does not.
When you interact more with other authors' publications, more authors will visit your blog and upvote your earlier works. Your publication will start to bring in some tokens.
This will generate income in your wallet.

Hive Backed Dollars(HBD) Savings

Here is the definition of HBD for newbies who don't know much about it.

The definition on Hive Blog

Hive Backed Dollars (HBD) are a decentralized stablecoin pegged to the United States Dollar (USD) and a native token of the Hive Blockchain.
Source

The best thing about HBD is that it is a steady coin, irrespective of how the bear market affects all coins. HBD continues to be stable, which is quite interesting.
When you receive payment after 7 days on your publications, 50% will be in HBD and 50% in Hive Power because HBD is the native token of Hive.
Your HBD can now be exchanged for Hive.
However, you can transfer your HBD to savings if you wish to use it to generate passive income.

Screenshot From My Wallet

Click on your wallet, click on Hive Dollars, then press 'Transfer to Savings'.
It will be transferred immediately to savings. A 20% APR interest rate will be generated for you.
Savings can be claimed whenever you need them, and after three days, they are transferred to your wallet.
A large number of beginners are unaware of this wonderful feature. Purchasing some Hive and converting it to HBD is another option if you have enough money.
This is my goal for the year 2023; I'll be purchasing a bunch of Hive tokens and transferring the HBD to savings. This will enable me to earn passive income.

         Hive Power-Up  

Through Power Up and the transfer of Hive power to other creators, one can also get passive money.
Newbies might not be aware of the significant effects of powering Up.
Power Up is the act of staking your hive to gain power within the environment. Every time you curate or upvote another author's post, the curators and the author will split the compensation 50/50 after the payout.
The more hive you stake, the more your rewards after the payout, therefore Power-up is essential to earn passive income.
The first day of each month is designated as the Hive ecosystem's official power-up day.

To grow my strength in the upcoming year and generate passive revenue with it, I will purchase more Hive. To speed up my power-up, I'll take part in both the monthly and daily power-up events. In addition to the monthly power-up day, which occurs on the first of every month, I'll start staking at least one hive every day starting in January of next year to increase my power.

          Delegation

Another way to generate passive income in the Hive ecosystem is through delegation. As long as my power Up is rising, I will be delegating Hive Power(HP) to some content creators who are very active on the blockchain.
I will also delegate hive power to certain significant communities, like Hive Learners, Leofinance, and Dreemport. My delegation will result in daily benefits for me, which will eventually become passive income.

In conclusion, keep in mind that Hive is not a get-rich-quick platform, respect the community, and exercise patience. Since earning passive income on Hive requires patience and consistency, Even if you already have a large sum of money but still want to participate in this ecosystem, you will need to be patient while staking or delegating your tokens because the profits will come in gradually. The benefits will now add up to huge profits.

   Thank You All For Reading.