Four Things You Need To Do To Get The Most Of Your HIVE In This Bull Run

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After months or years of uncertainty, the bull run finally looks like it has started, and you also finally decide to go deeper into the Hive ecosystem. Bravo! This is a decision that may alter your future in a positive way. In this regard, I am purposely using the conditional term here because for your own life to change for the better with crypto, you must be a HIVE user.

Getting some HIVE is the first step you must take to begin your journey into the cryptoverse. To do that, you will need to go to any exchange to buy HIVE small or large you can afford and become a HIVE user. Of course, you can earn some HIVE by doing some activities on the platform.

I used the word HIVE user here because in order to get the most out of this space you will need to know what HIVE is all about otherwise you will be a price chaser which can lead to frustration down the line.

HIVE is not all about price but more about resources that perform many other functions in the crypto verse at the same time holding it well as a store of value. Utility first before the price, that's what HIVE users knew you should know too. It's that simple.

In order to have the patience you need, you will need unwavering confidence in HIVE. Once you have reached this level of awareness of how HIVE works you have become a user and can finally begin your crypto journey by doing the four things we will discuss below.

1. Chose the Project's Tokens to Invest in Carefully

First of all you have to choose a project coin that you can sink your money into without getting your hopes up. Take your time to choose the right project and don't be swayed by a hyper hyped coin or a coin with over-inflated hype or even a coin that the crowd is selling.

Select the coin that fits your personal situation and the project that you are interested in. Remember, you are selecting this coin to invest so you can hold it in your hand as an investment and not get too excited or upset when the coin or project starts to fall.

One way to know a project coin with great potential is the used cases for the coin. If a project has a specific use cases that has the potential for the growth of the coin then they are good projects to invest in.

There are lots of projects' coins on the Hive Blockchain. Some of them have a very strong Community and use cases. LEO for example, is a token with a strong Community support and use cases. You can find everything about this project in the inleo community via Thread, the community micro-blogging platform.

**2. Do Your Research on The Project **

Once you have selected the project, do some research. This may include reading whitepapers, watching AMA videos, reviewing the social media and discussing with others in the Project's community to know about the people behind the project.

Are they known personalities in the Hive community? Can they be trusted? These are some of the questions you can ask in the community on Hive. People are eager to provide assistance in this case. Another way to go about this is to ask relevant and fact finding questions in the project discord group.

Every project on Hive has a discord channel where the members can post or forward requests for people to get involved. Usually, these requests are the reasons why the project is popular and growing. So ask questions on the group to see what others in the group has to say. If you see anything suspecting in the group conversation or the group admins uare dodging relevant questions, that's a sign that such project should not be trusted.

**3. Do Not be Ignorance About How DEXs work **

If you are to farm or stack your tokens You must understand what is a decentralized exchange and what is a decentralized staking (DEX). When you have chosen the tokens that is listed on a DEX it means that it allows you to trade multiple coins while also having the ability to stack the tokens that you hold.

Stacking is one of the primary functions of a L2 tokens. With stacking, you have a way to receive rewards in the chosen token for your efforts. You can stack to receive staking reward or you can farm by providing liquidity for a pair of tokens to earn pool reward. These are only fundamentals, more technical explanations are required to understand the risk level between staking and farming.

However, to stay on the safer side it's better to stake your coins with the features the Project's community provided as opposed to providing liquidity for farming. That's because you do not have to be concerned about the price of the tokens and the volatility of the market.

4. You Must Learn To Be Patient

It's a long term journey. It would be probably easy for you since you’ve chosen a project you are familiar with. The majority of the projects are already taking off at the community. For instance, LEO is a great project with good use cases and gives stacking reward, and curation rewards to token holders whenever anyone delegated some Hive to their curation trail.

The implementation is that such project token have a great chances of growing in value with time, so patience is required to get the most from such project. So, if you want to get the most from your investment, chose the project that has sustainability and potential for future growth.

For every project you will find this information in the community of the project, on their website, or project white paper or tokenomics. Once you know that you will invest, choose the token that you are comfortable with and for which you can find a good use case.

Final Thoughts

Whenever a person is looking for more profits from cryptocurrency, they normally do not invest in one single high yield coin. This tactic has been a nightmare for many in the past.

Instead of throwing money into all kinds of coins, you may opt to invest in a few high profile projects like the LEO and other well known ones in the Hive community. Every project has its specific risks, and that is why certain tokens are considered risky investment options. Diversifying into low-risk, high-profile project tokens is a smart way of taking risk early on in investing.

We have already talked about Hive being very young, and there would be a lot of new projects coming on in future. Therefore, start with a project that you are used to, and learn how to cope with feelings.

Join discord channels to get regular updates and important information about your preferred project.

And of course, am not asking you to take any information on this article seriously. It's not a financial advise for anyone but simply for entertainment and enlightenment.

Posted Using InLeo Alpha