Your Hive Power is your Business Card
In the last post of this series I was speaking about the financial aspect of your content creation business. On purpose I left aside the staking aspect of your finances because I wanted to make a post specially about it.
When you have Hive, you can power it up and it will be staked for at least 13 weeks. Everybody can check how much Hive Power you have.
Your Hive Power matters and on this blockchain it is a kind of Business Card.
But why is it important to have a lot of Hive Power?
There are the obvious aspects why you should aspire to have a lot of Hive Power.
Have an account that works without problems
First of all, it will allow you to use the blockchain without limitations. With low HP you might run out of resource credits and you would be limited in what you can do. Fortunately you will only need about 25 HP to have a working account.
Earn curation rewards
If you have at least 100 HP, you will see curation rewards coming in and you can actively earn some money just by upvoting others. The bigger your account is, the more curation rewards you can earn. This can represent a very important part of your income in the long term.
However there are also aspects about owning Hive Power that may not jump to the eye immediately but that are nevertheless very important.
Show the world that you are committed to the cause
A lot of Hive Power will tell that you are committed to the cause. You are here to stay and it's worth to try to build a relationship with you. There is no need to try to build something with you, if I can't be sure that you will be around tomorrow. If you own a lot of Hive Power this will give me some security in this respect. I will know that the time I invest engaging with you won't be lost.
Your Hive Power translates your influence and your credibility on the blockchain
It's not for nothing that the ranking on Hive into Minnows, Dolphins, Orcas and Whales is done in respect to the Hive Power of the account. This shows directly how powerful you are and how much influence you have. Owning Hive Power gives you a status and shows your „level in this game“. It also gives a certain credibility to your content creation business. People will rather listen and believe somebody with a lot of Hive Power.
The Hive Power on your account gives to your business a trustworthiness that is difficult to achieve with other means.
Hive Power makes you interesting for others
When you have a lot of Hive Power, you have the potential to make a difference for others. Let's say I have the chance to build a relationship with somebody who owns 50 HP and with somebody else who owns 500 HP. If the first person becomes my friend it's nice but it won't help my business because his upvotes are worth very little at the moment. Maybe they will be more significant in the future but the person with 500 HP is much more interesting. If he becomes my friend and upvotes my posts, these upvotes will carry real value. In addition to that, the person with a lot of HP will grow much faster than the small account and in the future his upvotes will be even more interesting.
I believe this is a very important aspect for your business. To grow you will need these relationships and having a lot of Hive Power will facilitate to build them.
How to split your revenue ?
When you start out and want to build a business in content creation, you should consider your first weeks and months as a start up period where everything that you earn should be reinvested into your stake. The longer you will be able to let this stake grow, the easier it will be later on.
As long as you don't have any expenses, I would reinvest 100% into your account. If you need money, try to take only what you really need and let as much as possible in your account. Don't forget to Power it up regularly.
The more stake that you own, the better. It's up to you to decide when you want to start to take some money out. However I would always try to do so without powering down and choose to get 50% liquid and 50% staked payouts from your posts. Like that your stake still grows but you will have some cash to withdraw or to invest.
Be careful with delegating your stake to dlease
Dlease is an amazing service that offers you the option to lease out your staked Hive tokens and get a nice return on it. You shouldn't forget however that the stake that you lease out, is reducing your own Stake. It will reduce the value of your votes. If you have 500 HP and you lease out 400 HP, then you will only vote with 100 HP. This means that it will be difficult to earn curation rewards and again you are not so interesting for other people to build a relationship with....
I would suggest that you always make sure that when you give a lease that you keep enough HP on your own account to give significant upvotes and to remain interesting for others.
This post is part of a series in which I want to rise the awareness that content creation is a business. The previous posts:
- Content Creation is a Business and you are the CEO
- The most important part of your content creation business: YOU
- Your content – The core of your business
- Why your Content needs a nice Packaging
- How to Market your Content Creation Business
- How to keep your Readers Happy
Let's connect on Hive, Lbry or on Publish0x
My free e-mail course: The 100'000 satoshis a week strategy
This is a great way of seeing things and never thought this way until now - HIVE POWER like your business card. Imaginative comparison, I would make a motto or something about it as it send such a powerful message.
Posted Using LeoFinance
I believe there is nothing else that translates your commitment to Hive as much as the stake you own. It's an important message and I like your suggestion about the powerful message :-)
Interesting point of view. Thanks!
These are good arguments for holding HP 👍
Thanks a lot for your comment and for stopping by!
That's a good point of view, although I do wonder how that translates to the real world as compared to.. say... a business degree
Thank you for your comment. I think the best parallel with a business degree on Hive would be the time you are on the blockchain and the number of posts that you wrote. This could be a good indicator on how qualified you are on the blockchain :-)
A while after I started I began understanding the importance of HP, because I am a member of CTPtalk, I only focused on investing and staking CTP tokens, and had some CTPtokens staked and thought I was good.
Then suddenly I started getting messages about having to little RC to post, and that I had to stake more Hive or wait to get my RC up.
That was when I understood I had to have Hive staked in addition to CTP tokens.
You need a minimum amount of HP to be sure that you won't limited by lack of resource credits. According to how active you are, 25 HP is the minimum to have a good working account. I would suggest to try to bring the account to 100 HP so that you can start to generate some passive income with curation.
Thanks a lot for your comment!
When I discovered this I invested in 200HP to have enough for writing and commenting.
With 200 HP you are actually quite well off. You will make a big jump in the CTP Dolphin Swarm Race :-).
If you vote with at least 60% you will see the first curation rewards coming in within 7 days!
Interesting take on the passive impact of stacking you HP. Sill being in my infancy on the platform I find that it can be difficult, without regularly creating content to build up that reputation (HP). Do you think for say general consumers (part-time contributors), like myself, HP should still be held in as high a regard as a project leader? I guess what I am getting at here is should everyone strive to be a business owner on the platform, in your opinion, or would you consider there are different levels when considering the HP someone has (relative to the gap in the platform they are attempting to meet)?
This is a very good question that you are asking here.
When we start on this platform everything seems quite complicated and it's a slow process to grow. I also started like you by posting a post here and then and I was quite disapointed in the rewards I was getting.
I would suggest that by all means you try to have at least 25 HP so that you have an operational account. I would also let you account grow and not cash out what you earn because the really important part of this platform comes when you own more than 100 HP. Like that your account starts to earn passive income just for upvoting other peoples content. And this upvoting can be delegated to an upvote bot. So you can let your account grow slowly and earn passive income and decide when and how often you would like to post.
Hope this was clear :-). Thanks a lot for your comment!
Best to delegate to manual curators, not to upvote bots, imo.
I'm currently doing a bit of both. Seems to be working Okay for now.
Thanks for the response. I’ve built up around 300+ HP just now and am not disappointed with the rewards I receive. I was just wondering what your thoughts were for those with lower HP. Not everyone can expect to be stacking like someone who leads a community. I guess I was just interested if when you view folks with lower HP do you consider the role they play in the ecosystem?
Thanks for the advice on saving and earning passive HP. Much appreciated.
About two years ago I started on this blockchain and I was one of these small accounts. I remember this situation very well. The first 100 HP are by far the most difficult to achieve. I believe that it is very important to have gone through this passage because it shows us how difficult it is to grow and we appreciate it much more to have a bigger account. I would say it's like going through school and you need about 100 HP that are self earned in order to consider yourself as a graduate ;-).
good nuggets, thank you achim.
Thanks a lot for your feed-back!
Very well explained and highlighted the importance of Hive Power to be successful on this platform. On a bull run this hive pover could do wonders for you and it is upcoming in the near future.
Exactly. Hive Power is a kind of savings account that starts to pay interests after a time. If prices go up, then you will be happy to have a well stuffed savings account on Hive :-).
Thanks a lot for your comment!
nicely compiled. Tnx
Thanks a lot for stopping by !
Hello @achim03, how are you? It seems that it is the same as the world outside the blockchain, the size of the wallet is important to have good business relationships, in hive although we are all partners of the same company, they all want to build relationships with partners that have enough shares, just As you tell us, it is likely that these partners want the company to grow because that way they would earn a lot of money while someone who has very few shares is likely not to care much about the company.
I hope you are very well, greetings
Hello my friend,
Nice to hear from you! How are you? Are you still in Brasil?
It's true that we are all together on this blockchain and we are all kind of shareholders of it. In order to have something to say and to be heard, it's important to own some shares. We all want to grow together and by staking our Hive we are doing something for the community and for the price of the token.
Thanks a lot for your comment!
Hello @achim03, very good and you, yes even in Brazil, a bit stable, although trapped for now as an employee but it is necessary to save money, I am working with Facebook ads and Instagram, I am beginning to think about the possibility of a marketing agency taking advantage of what that I am learning.
Regards
I'm happy to see that you still have your entrepreneur plans. Make your dreams come true :-).
Hello @achim03
This is an excellent publication in information. I believe that very few people, especially the newer ones, have much understanding of the importance of HP ON THIS PLATFORM. It is very good that it is the letter of introduction, although it is a responsibility, sure that if someone reaches 100,000 or more, begin to be the target of requests for support, that is something quite normal that cures.
Having a lot of HP not only gives you a better image it also helps you to help others and you are right that it might lead to a lot of demands if you own more than 100'000 HP :-)
Thanks a lot for your comment!
Another great infos-thanks
Thanks a lot for stopping by!
yw
great information, as always, really HP is very important to grow and help others grow.
I agree on that the HP is the best cover letter and that makes our accounts attractive, above all seeing it from the business side.
Thanks a lot for your comment! It's now always easy to accumulate HP especially when you live in a country live Venezuela but I believe that having some HP will open a lot of dors that remain closed if you have none...
Yes, it is very true, I would have at the moment about 2000 HP, but the country's crisis forced me to power down and that it hurt a lot, now I've been trying for months to save even 10%, but boy is it difficult.I hope one day to reach 5000 or more to have a decent vote and support.
Thanks for another AWESOME post, Achim!
You got some great answers to the question "Why HivePower?" I would like to touch base on this:
When I started with my Hive (on the "old" blockchain) journey, I didn't think about this too much... as my account (HivePower) was growing my voice became more "louder"... I was getting easier followers (not that I had a million... lol), but if I would comment on others' posts, I saw that people would reply rather than earlier...
I know that it looks a bit "selfish", but people do look at these things... And, I have to admit that I'm also looking "into the others' wallet", as it shows also the authenticity of the person who writes... If someone speaks about trust in the platform and on the other side withdraw all his earnings, something's wrong... :)
It's not that you shouldn't withdraw money if you have a need, but you should have some "skin in the game"...
Made in Canva
@thisisawesome Moderator
This post is AWESOME!
It will therefore get a manual 100% upvote from @thisisawesome (will be done today), for the Awesome Daily Highlights in category CTPtalk, we give out 1 such vote in that category per day, plus 4 more in other categories, and your post will also be featured in today's Awesome Daily Curation report for more visibility.
The goal of this project is to "highlight Awesome Content, and growing the Hive ecosystem and the CTPtalk tribe by rewarding it".
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I believe this is a major point here. What are the people who are liked least here... I believe it's the one who are said to "milk" the blockchain. By staking your tokens you are doing the contrary. You are investing yourself and committing your money for at least 13 weeks. It means that you are part of the community and everybody will look at that in one way or another. As you said, we look at the wallets of others when we vote, when we choose with whom to interact and make friendships...
Thanks a lot for your great comment!
Thank you for sharing, nice post which contains good information. Starting to understand a bit more of Hive and Hive Power etc.
Thanks a lot for your comment. It's a quite complicated subject but nevertheless a very important one. The better you understand it, the better you will be able to adapt to it.
Yes, for sure complicated and takes time to get familiar with everything. The more we explore and use the services, the more will learn and also understand from it. It is of good help also with good informative posts.
It takes some time but it's definitely worth it :-)
Great points there Achim, and yes with more Hive Power the more people will see you as an authority and take what you say more seriously, all good things for business, and also with more HP you also have the option to reward more posts with real value too, keep up your great work.
You are totally right. A lot of HP gives you the power to spread value around you. I believe it's a great feeling to be able to help others like that.
Thanks a lot for your comment!
Even curators sometime see you staked HP before curating.They are more likely to curate someone who they see increase stake in environment.
I do not power down and invest my "HBD" part in games here if I need money for games..
A lot of curators have a direct interest to upvote posts of people who stake their coins. In the long term this will help the price of the token. Even if it's may not be important to own a lot of HP to get curated, somebody who has no HP will very seldomely get a whales upvote.
Thanks a lot for your comment!
Excellent content friend, very educational I will take into account your recommendations, I will read all the series of topics you recommend. Thank you for sharing your experience with us!
Thanks a lot for your comment!
Great information about the importance of getting your Hive power as high as possible. Also another thing to look for in an account is the Reputation Score as this shows weather you are active or not.
You are totally right. The reputation score will give a good hint on how active a person is on the blockchain. If you have a whale with 25 reputation it means that he won't be around much...
thanks for your comment!
That's the story of my account, under the power of vote, but we have to keep growing that account.
To keep growing is the most important goal you should have at the beginning.
When I started a friend was who helped me to grow the account because if this is low HP is very limited
At the beginning it's quite difficult to get enough HP. It takes time and effort to reach it.
Thanks a lot for your comment.
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STOPYeh well not just HP. There are a lot of accounts that abuse their huge stake on this platform so in my book their business card reads Big A-hole no matter how much HP they've got.
I think actions play a very important role in determining someone's worth on this platform.
Posted using Dapplr
Unfortunately a big stake doesn't make you a good guy :-). But if you are a good guy it matters whether you have HP or not.
Thanks a lot for your comment!
Just reading the title, we have pretty good idea about the role of HIVE Power. HP expresses a lot of things. It affects a lot of things and is one of the most important factors to grow your content business. Thank you so much @achim03 for making this awesome post!
Thanks a lot for your comment my friend!
most of the people follow curation part which makes it much easy to earn good money when it comes to hive power :)
To get curation rewards is one of the big goodies of this blockchain :-).
Thanks a lot for your comment!
I think the title of this post says it all!
Well done, @achim03.
Thanks a lot for stopping by!
Congratulations @achim03!
You raised your level and are now a Dolphin!
Very good publication my friend, thanks for sharing, I agree with how you explain and refer to the HP in HIVE how to administer it and how it works, very useful.
Thank you for sharing
@lenonmc21
Financial Markets Analyst
Thanks a lot for stopping by!
A masterful explanation of how HP works, thank you very much for sharing this post, as investors in Erarium and content creators, we must encourage and believe in the platform in order for it to continue to grow with us.
Erarium Project
Financial and educational community
@erarium
Thanks a lot for your feed-back!