How many times have you found yourself at the end of the month with no money saved even when you earn good money? Do you know someone like that? Most likely yes because this is a fairly common situation. It may be due to necessity, but in most cases it is based on lack of knowledge and little control over personal finances. That is why here I will explain the usefulness of Hive Power as a savings account.
Hive is a decentralized blockchain that can function as a web3 social network and in which you can earn monetary rewards in cryptocurrencies for creating content. More info here.
Hive Power (HP) is key within the Hive ecosystem. It is necessary to have the necessary resources to publish and develop normal activity within the blockchain, it is the meter of your influence within governance and the meter of your curation rewards. However, Hive Power serves us all indirectly as a savings account. And although the $HBD can be frozen in Savings and obtain around 1.6% monthly interest, most users prefer to spend it or exchange it for FIAT money immediately. Something that does not happen with HP because, except for a few that are in constant power down, almost all of us leave it intact or we propose that it grow faster through power ups.
Obviously, it's our money and we can do whatever we want with it. But thanks to the feature that it takes up to 13 weeks to complete the total withdrawal amount, there is the certainty that we will not waste that money on impulsive or unnecessary spending. At least not until after 13 weeks.
I have met users who month after month use their #HBD rewards to offset or cover part of their monthly expenses. A completely understandable action in a highly inflationary country like Cuba where the ability to save is almost completely destroyed due to cost of living. And it is thanks to the fact that they have used Hive Power as a savings account to draw on that they have been able to face different unforeseen expenses.
If you are one of those people who cannot see money in your account because they immediately want to spend it, then I recommend putting your post rewards in Hive in 100% HP mode. In this way, you will force yourself to stick to a budget or think better about spending your money unnecessarily. After all, using Hive Power as a savings account will help you gain more through healing and increase the amount of HP you hold.
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It's a very helpful post.
I am also thinking 100% HP reward.
As you said we cannot save money without keeping it in the HP form.
I am glad to help, I encourage all my friends to save, that is the first step to freedom and security.
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I am developing a strategy right now that includes your suggestion, I am curious how my account will behave in the coming months and my growth. Good contribution that lands in the reality of many. Greetings
I am glad that my post can help you and encourage to save money and grow your hive account. Thanks for your words.