The most popular way to make money online as a content creator is via programs like Google Adsense. The general idea is to generate enough traffic by ranking your blog or video well in a search engine such as Google or Youtube. This would then generate advertising money for you.
The traffic can also be leveraged for affiliate marketing or to sell items directly. Basically, traffic is king.
It requires the knowledge of different techniques of achieving this, including Search Engine Optimisation (SEO). Algorithm based ranking can be, and has been, gamed by those that know how. This has meant that many content creators are left behind in this geeky world of Google Search manipulation.
Thankfully, the paradigm is shifting. We are moving away from the SEO/traffic generation way of making money. The new way is based on the tokenisation of the web. This includes social media. In this new world, content is being rewarded by the community of consumers, and not a centralised body which uses an algorithm to decide who gets rewarded and who doesn’t.
In this new world, which has been termed Web 3.0, there is a move towards decentralisation. This means there will be no central authority who can take your content down as has been experienced with YouTube, Facebook and other such centralised organisations.
These new platforms leverage the power of blockchain technology to add tokenisation, which is how content is rewarded. There are other benefits of blockchain technology, but that is beyond the scope of this article.
What is Hive? It is a blockchain designed for Web 3.0. It is an ecosystem of various decentralised apps (Dapps) that sit on top of it, including for blogging, posting videos, playing games, monitoring fitness and so on.
The blockchain has a cryptocurrency token called $Hive which is used to incentivise activity on the blockchain ecosystem. There are many ways this happens, but as a content creator the one you’d most probably care about is the reward pool.
The reward pool is a fixed pool of daily funds from which rewards are distributed to all the content posted on the blockchain on a daily basis. The rewards are decided by the Hive community of curators, which includes everyone with a Hive account. So as a content creator, you’re also a curator and are able to “upvote” other creators’ content.
What is great about Hive is that both content creator and curator get a share of the rewards. It means you are able to earn money on Hive without actually ever posting any content, but simply vote on other people’s content. The amount of reward you can distribute, or receive, depends on how much $Hive you have vested (staked). Staked or vested $Hive is referred to as “Hive Power” (HP).
Payout happens seven days after your content was posted. At that point, all the rewards from upvotes are calculated and divided amongst the recipients, and paid out. Depending on your settings, you will either get paid 100% in HP, or split 50/50 into HP and another variation of $Hive called Hive Backed Dollar (HBD). HBD is liquid and does not require powering down (unstaking). HP takes 13 weeks to power down, releasing 13 equal instalments per week.
HBD is meant to be a stable token representing $1’s worth of $Hive. You can convert HBD into $Hive, which takes three days, or you can trade it in both the internal market and external markets.
There are many exchanges where you can trade $Hive including large ones such as Bittrex, Huobi and Binance. Shortly after it’s creation, $Hive experienced an all time high pump of around 800% in a couple of days. Those that had the liquid $Hive token to sell did very well during that period.
It is also possible to invest your own money in Hive by purchasing it in the markets. I can’t give you advice about that, since that is financial, and I’m not qualified to offer financial advice.
What I’d advice is for you to give it a go and sign up for a free account and start blogging on the platform. You can earn your $Hive instead of purchasing it, like many have done. There is a minimal amount of HP that you need to get started though. The way the platform handled it in the past was to offer a small amount in delegation to new accounts to get them started. As the account made it’s own HP, they delegated HP was slowly withdrawn.
The reason why you need the HP, is because the platform runs on something called ‘resource credits’ (RC). You need RC to perform interactions not the Hive blockchain. This was introduced in Steem to reduce the amount of spam interactions, so when Hive forked from Steem, it inherited the feature.
How do I get started on Hive?
First of all, you need to sign up for an account. It doesn’t matter where you sign up, the same account works on every dapp across the blockchain. That’s the beauty of it. You can chose to sign up as a blogger on Hive.blog, but the same account can be used to sign into D.Tube, the video platform.
There are various registration providers, some free and some not. The amount of time you have to wait to get your account, and whether or not you require verification, depends on which provider you pick.
Once you’ve got your account, it’s time to start making some money. Like I mentioned before, you will need some minimal HP powered up in order to be able to make transactions on the Hive blockchain. I would recommend about 15HP for the new user. That should allow about 2-3 posts a day, and enough resources to respond to comments and comment on other users’ posts.
In my opinion, the best way to do this is to buy some Hive. At the point of writing this article, the price of $Hive is about $0.40 (40 American cents). Anywhere between $5 to $10 should be more than enough. The Hive you buy is yours. You can cash it back out whenever you want if it is liquid. The price of Hive may go up or down, so you may even make a little profit if you hold it for a while.
Like many things in life, strategy is everything. From experience, I’d advise the new user to seek out a community on Hive that suits their interest. Remember, it is the community that upvotes content, not some kind of algorithm. You can post the most amazing content in the world and not get any response at all because you haven’t connected with anybody. There are various communities on Hive to chose from.
Also, I’d advise you to seek out content you like and engage with the content creator. Genuine engagement is highly valued on the Hive blockchain. Someone you genuinely engage is likely to engage with you back, which means more upvotes for you.
Remember also that your comments can be upvoted too. So in the beginning, you might actually make more money engaging and commenting on other people’s posts than creating posts of your own. It all depends.
One thing you do not want to do on the Hive blockchain is spam. It’s tempting at first to spam, because you may think you’d stand a better chance of getting rewarded, but this isn’t the case. Plagiarism is also highly frowned upon on the Hive blockchain. If you repeatedly post plagiarised content or spam a lot, you will soon be blacklisted by some powerful accounts, rendering your account pretty much useless.
Make your first post an “Introduce yourself” post and use the #introduceyourself tag. There are many people with high voting power that are constantly seeking out beginners to support and this is one of the places they look. Make a great impression with that post and you may earn enough Hive to power up your account with, allowing you to engage and post even more.
Reach out to me
That’s it! Good luck making money with your content on Hive. If you have any questions, don’t hesitate to reach out to me on Twitter. You can also join my Discord Server.
If this has been helpful to you, then you may want to bookmark this website. I am going to be showing you more of this kind of stuff; legit ways of making money online with your social media content.
Peace and love,