Congratulations! You've contributed a good amount to LeoFinance [or other Hive blockchain platforms] and you've managed to collect a good amount of LEO/Hive tokens. It feels good... doesn't it? It's always fun to watch your wallet fill up with your hard-earned rewards and watching your account value rise over time while enjoying the content on this platform. Since our blogging platform here is continuing to grow each day, the drive to obtain more LEO/Hive tokens is subsequently growing.
With rising value in the LEO & Hive tokens, it leaves participants of the platform teetering between withdrawing their balance or utilizing their earnings to power up. Both options are great depending on your current needs, but it's good to know how powering up your account can benefit you in the long term.
In this article, I'll be going over some important tips that [hopefully] will allow you to make an easier decision whether to withdraw or power up!
Withdrawing your reward balance is as straightforward as it gets. You have the option to withdraw your LEO/Hive tokens at ease whenever you choose to do so. You can send them to a wallet and work your magic towards getting them onto an exchange to sell them off for a profit. This is best practice if you're looking to swap the LEO/Hive token out for a different cryptocurrency of your choosing or if you need some quick fiat currency to cover some bills.
While you see a lot of posts on LeoFinance drawing you into utilizing your earnings to power up, withdrawing isn't frowned upon in the slightest! We all lead different lives with different circumstances. The value of the LEO/Hive token and earnings throughout the month can pay a decent portion of bills and/or put food on the table for many users on the platform. With the massive potential to earn on LeoFinance and other Hive blockchain platforms, you could even split it up between withdrawing your balance and using the remaining amount to power up your account! Sounds like a win-win scenario to me.
Now that I've said power up quite a few times, let's actually talk about the benefits of doing so! Powering up your account can be compared to staking your assets. You take your Hive earnings and you lock them away for 3 months (at least 13 weeks). Of course, the longer you avoid withdrawing the asset, the more you'll be contributing to the blockchain. During this time, you're unable to sell or transfer it, which is typical when staking cryptocurrency assets. Doing this allows you to have more governance of the Hive blockchain!
Powering up will also gives your account more power when supporting your favorite creators. The higher power your account has, the more of an influence your upvote has towards earnings. It also gives you a greater potential to earn with curation rewards. Utilizing your Hive tokens to power up your account benefits not only you, but the blockchain we are all enjoying our content on.
Now the choice is yours! Are you going to use your earnings to power up your account or withdraw them and do as you please? The option to do either of these two is one of the many reasons why this blockchain shines above others. If you want to participate in Hive Power Up Day (HPUD), then we are about two weeks out from another one. They occur on the first day of each month and a vast majority of participants power up their accounts during this day. By doing this, you can earn badges and add them to your collection!
On the next Hive Power Up Day, I believe I will be using my earnings to power up my account to not only benefit myself but the Hive blockchain as a whole over a long-term period. I am excited to be a part of the ecosystem!
What do you do with your earnings?
Leave a comment and share your thoughts!
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