Stake is the most important part in crypto as this generates more stake and your overall value will rise. Do not worry about the dollars and get cracking on increasing your daily reward numbers.
The reason why it is important to grow your stake by being consistent is the pace of growth remains constant and the rate of growth does speed up. This is what we call the snowballing effect when the rewards and stake are compounded together daily. The rewards you earned yesterday are now earning interest and todays rewards will only be added to those being earned.
This does take time to play out and is worth waiting for when you see this taking place as it is noting short of magical. A good example of why you need to track your growth is exactly 7 days ago my stake was generating a 7.08 HIVE vote value of $1.47 and today that vote value has grown and is now 7.23 which is the same dollar value being $1.47. The dollar value is not important as the aim is to grow your HIVE stake and the dollar value you have no influence over.
In the last 7 days my curation earnings would have risen by roughly 0.75 HIVE daily and at the same time handed out an extra 0.75 daily via comments and upvotes on posts. Sounds like noting right, but monthly that is an extra 22.5 HIVE and yearly 273.75 HIVE. This is significant growth and at the same time encourages you to do more as you can visibly see the growth.
The current APR or interest paid out on stake is 3.15% per annum which is paid out as each block is produced on the HIVE blockchain. This is why our stake is continuously growing and never stands still. The activity you do combined with this constant growth being added as each block is produced is how you grow and it is that simple.
My stake currently generates 13.12 HIVE daily via the 3.15% APR and another 36 via curation which is just short of 50 HIVE daily and is now a solid foundation to push on to earn even higher rewards. I see no reason why in a few years this account can turn into a whale account and all grown from 0.
The possibilities are endless on HIVE as long as you keep your head down and remain consistent over many years as those years is what creates the solid foundation as a spring board to unlock more future HIVE earnings that turns into stake.
The same principle of growth can be applied to all other crypto staking and if done correctly there is no reason why after 10 years anyone doing this and sticking to this simple principle will not be wealthy. This will turn into way beyond a passive income stream and if you can have 4 or 5 of these types of stakes generating daily, weekly and monthly rewards you are in a comfortable position to take advantage of the price action that will go up unlocking even more wealth. 100 HIVE earned daily at a $5 price would be worth $182.5K per annum so why would anyone be selling now as this is the time for growth?
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I started staking all liquid HIVE I get too and already see small growth. Keeping at it every day really adds up over time and my goal is to be among the big ones around
If you do it for many years you have a chance of that happening and hope you do.
Yes Sir 💪 at some point I'll choose to actually invest money to get there faster, just have to establish solid businesses first 😁
"Interesting perspective on staking. Do you think consistency alone is enough, or does timing the market also play a major role in growing crypto bags?"
I have never invested any money into crypto. I am sure it helps as it would speed up the process, but it is not necessary.
I'm only beginning to understand this compounding effect on my Hive stake as it grows slowly and steadily over the past months. In practice, it's indeed that simple, being consistent and thinking long term, to build wealth.
Yes this is a simple strategy that works. Give it time and you will be amazed at how quickly your account grows.
As a newbie how do I go about staking my hive?
When you claim your rewards it adds them to your stake also know as HIVE power (HP). The faster you grow that the faster you will grow. Try and keep your voting power at no lower than 80% as it recharges at 20% per 24 hours. Don't delegate until you have grow your HIVE account. These are just obvious things one needs to do in order to grow quickly.
In the first sentence do you mean I should always try to power up my earned liquid hive?
Then secondly are there additional percentages given for having hive power? Does our hive power earn interests?
Yes to all questions.. The interest earned along with the curation rewards takes time to notice ,but it does happen. https://hive.codergeek.org/ tis will help you understand the interest. Open this link and type in your account ad you will see it growing. Slow for now, but become bigger and it is actually very fast.
Ok thanks
Lemme check it out
Ive seen it
Will use to keep track
Thanks
Congrats. It is great time to pick up discounted Hive and power up..
Thank you for your witness vote!
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Yes, no point selling Hive now, this is one of the few cryptos where you can actually earn tokens on a consistent basis and have a potential of price appreciation if this chain gets mainstream one day as a social platform.