"I Want To Cash OUT."
This is probably not the answer you are looking for, but I promise you that it will be something you need to hear before you are starting to think about cashing out your earnings..
"I am new. I want to know how to cash out what I earn. Thx"
This and very similar sentences have started to pour in on various comment sections lately. I have nothing against people asking questions and the basic know-how to cash out is definitely something I personally think is an important thing to know as an active Lion (user on LeoFinance) or Hiver (user on Hive). It's obviously vital for users in other communities as proofofbrain as well, but if- or when you know how to do it on one place, you know how to do it everywhere.
Despite the fact that everything so far in this article is about cashing out, including the actual cover for the article, I will not tell- or show you how to do it. That's something you can- and will learn elsewhere.
This is more about the things you should think about before you cash out, or even before you are having thoughts on cashing out. Especially if you are new and are asking these questions early on, which a lot of users seems to be doing. This is for the people who wants to take this golden opportunity to actually change their lives for good. This is for people who long for success.
Socialize And Make Friends
I have talked about this numerous of times in the past and even though it should be natural to engage and interact with people on a social platform, we still have people here doing literally nothing in terms of engagement. They don't interact with other peoples content and some of them are even ignoring their own audience by not responding to any of their comments.
- If you're at a party, I guess you talk to someone, right?
I doubt that you'll just stand in a corner throwing out some random sentences for yourself, in some weird, desperate attempt of making new friends. Especially if you won't even respond to them if, and I say if someone actually would say "Hi!" to you. It's a two-way street.
Someone has to take the first step, but you always need two people to actually talk with each other. Otherwise there won't be much of a dialogue. On #Hive- or any of the communities, make sure to comment on content. Make meaningful and well-thought comments.
- That's your first step.
Build Your Brand
You don't have to be an expert in marketing, sales or business to be successful on Hive. Hive is for everyone. With the various communities out there, there's a place for everyone, but you need to build and audience and you need to build your own brand.
- You are your own brand.
What you say, share and discuss and how you do it is literally the first impression you give people. You should treat others the same way you want to be treated. Treat people with respect even if you disagree on something. Feedback aren't always positive. You can give people constructive criticism and still be nice to people. Something else that isn't wise to do, according to me, is to talk about cashing out the first second you join because you are likely to look like a taker and takers are usually selfish and greedy.
Selfishness and greed are two things that are commonly looked at as ugly and bad, and even though everyone has the right to do exactly what they want with their stake and their earnings, most people on Hive supports people who are investing something back into Hive. They want to support people who contributes in one way or another and people are looking to support people who believes in the project.
Often, just by saying the sentence: "I want to cash out", people read "I want out" and people aren't likely to support and reward users who are only in this to fill their own pockets, cashing out and grabbing as much as they can for themselves. We want to support people who are eager to invest something back into the platform. It doesn't necessarily have to be in terms of money, even though it's a good idea to power up at least some of your rewards.. But you definitely need to give something back if you're being rewarded and if you expect to be rewarded in the future.
Your investment might be to spend a lot of time making comments or sharing in-depth reports or analysis. You might be an expert in terms of crypto and can share some insider information. Whatever..
- You need to figure out what you can do for others.
Also, to be consistent, honest, trustworthy and all of those things also matters, if you want to have a reputation of being a straight up person. If you want to come off like a retarded, selfish, greedy idiot. Just do the opposite. I'm not here to teach you how to behave, I'm just sharing you some tips.
This Is NOT Rocket Science
Neither Hive or any of the communities out there are charity platforms. We have combined our efforts and helped hundreds of people from all over the world to pay rent, get shelter or a new laptop and even though most of us love to help others around us, we are looking for something in return. We exchange things here.
- You can't come here and expect to get the world for nothing.
If you are being disheartened because you didn't earn 100 USD on your first, rather poor publication you have the wrong mindset. You can't compare yourself with others. You might not earn a single cent for days, weeks or even months. There's often very logical reasons to why someone is being rewarded while another person is not. The important part is to figure out the difference, because 9/10 times there is a huge difference, even though the quality of the content is the same or similar.
The difference might be the reputation someone has, what they have done previously and how people are giving something back to the community.. But it might be something completely different as well so don't take things for granted. So, the first thing you should do right now, is to go out there and make some connections. Make some comments. Set a goal for yourself if that helps you.
- Make sure to socialize and invest in your own future.
When the time comes, you'll have the answers for what to do with your stake.
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I Love it, you are spot on, the honesty, the harsh truth is sometimes needed and to be able to take some constructive criticism is part and parcel of communicating with others.
We all make mistakes and although I understand some noobs may be wondering "how to cash out" I also believe you have struck on an important issue that some may be just here to earn and run.
In my short experience on the blockchain this is never helpful to yourself or the community in general and those willing to learn how to cash out without having to do so, but instead learn to stake and power up will find a much more rewarding outcome.
I have spent weeks understanding how to do most of these things and there is still so much I need to learn, but when I was able to stake my first Leo and Pob last week I was chuffed with myself as somebody with no prior knowledge of staking or powering up.
I will stride on from here and build my brand while happily learning from others like yourself as these are very important issues that all newbies need to hear because the old saying you get out what you put in stands true to this here on Leo and the Hive.
It doesn't matter if somebody cannot financially contribute because it takes nothing to engage, communicate and contribute your time, discuss matters that are relevant to the topic and take part in building a community that we can all be proud to be a part of, that's something we should all want.
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I'm glad you completely seem to have understood the point I was trying to make. There's nothing wrong with cashing out and everyone have different reasons for doing it. In fact, this entire thing gives you a superb opportunity to help you financially, so cashing out or exchanging is inevitable and there's absolutely nothing wrong with that.
I just don't want newcomers to come here with high expectations and give up immediately because they didn't earn hundreds of dollars the first week. It doesn't work like that.
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Totally agree with that sentiment, I strongly believe you get out what you put in and expecting something for nothing just ain't an option.
I can see how Leo and the Hive blockchain has immense potential to drastically change lives, but those wanting this life changing opportunity need to be prepared to roll up their sleeves and put some elbow grease into it.
Another great honest article and I learn so much from these, sometimes I pussy foot around things not wanting to hurt peoples feeling, but every now and again you just have to say it as it is.
Exactly!
It's not like someone will walk up to you in real life and give you a life-changing opportunity out of the blue.. But that's sort of what Hive does for people here. Hive offers everyone a chance. What they do with that opportunity is up to them.
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Totally agree we are each presented with these opportunities on hive, it is our responsibility to use that to our advantage, failure to do so will most definitely be something we may soon regret, I am all for helping those willing to help themselves.
Yeah, me too. I'm glad we agree. :)
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100 and 10 percent
I'm building my own brand.... 😀
....................
Read how this all have started with Toruk
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You are certainly building your own brand and you definitely have a reputation of being an awesome supporter to the community and a heavily-invested whale who curates and supports users regardless of their stakes. Thank you for everything you are doing for us!
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That is the understatement of the year!
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It sure is.. Toruk is humble. :)
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Building connection with diverse communities on Hive social networks is the most important target in my opinion.
A social platform is nothing without engagement.
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Your brand on leofinance is like gucci in the traditional world, super coveted, and having your stamp of authenticity on a publication generates a lot of joy and status, puts the user on a new level hahaha.
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That's a superb explanation. It's a huge boost in terms of encouragement and motivation. It's a symbol of approval that fills you with confidence and energy.
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:D
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You got it right buddy, that's the way it should be. This type of users that from the beginning only think about getting paid and do not contribute interactions to the community, they are here only for the quick and easy money. They do not look beyond and do not realize everything you mentioned, about growing in the community, create a brand, provide content and information of value to other users, etc etc.. They don't realize that if they take the hard road, in the long run they will have a great reputation, a great audience and indeed great profits, plus they would be bringing a lot of value to the platform, which is the goal as such.
Lo tienes claro colega, así debe ser. Este tipo de usuarios que desde el principio solo piensan en cobrar y no aportan interacciones a la comunidad, están acá solo por el dinero rápido y fácil. No miran mas allá ni se dan cuenta de todo lo que has mencionado, sobre crecer en la comunidad, crear una marca, aportar contenido e información de valor para los demás usuarios, etc etc. No se dan cuenta de que si toman el camino difícil, a largo plazo tendrán una gran reputación, una gran audiencia y en efecto grandes ganancias, además de que estaría aportando muchísimo valor a la plataforma, que es la meta como tal.
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I'm glad you agree with the things I've said. It's crucial for people to understand that they need to put in a lot of time and effort to get something out of this in the long haul. The more they do, the more they'll get.
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Exactly, we agree, colleague.
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I think you are very right. With all these articles about cashing out, to be true, it is even a bit disheartening for a newbie. But on the other hand I supposed that all these should be guys only looking to make a quick buck, as seasoned members probably would not ask these kind of question :D
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If it's disheartening for a newbie, I'd say to that newbie that they have a great mindset and that they should keep pushing. :)
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While it is not bad to think about "cashing out", because anyway Hive/leo is a way to earn through blogs, we should also invest on it to grow our stake here and give back.
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The quickest way to earn more is to not cash-out since compounding is an important factor in Hive and communities .
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That is exactly true, especially now that there are lots of dividend-earning tokens available. There are many ways to grow inside the Hive ecosystem.
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Communities are awesome in terms of growth as you earn multiple tokens for the same content.
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Absolutely. Good advice. Never cash out your principal. Stack like crazy and live off the interest, I have been doing that for years now.
Exactly , this is what many miss out .
Many ask me , oh if I keep on staking ( as well as stacking ) then what's the point ?
Well reach such a amount of holding where the interests are enough , cashout those .
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I think it's because most people can't see themselves having enough stake to live off of interest alone.
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I can live off the interest of my fiat already ... crypto is just a bonus.
That's amazing.. That is not easy to accomplish.
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Even 5% of 2 Million USD is $100,000 a year. Why ever touch the Principal ?
I suppose most people don't have 2 million USD though, but those who have are very likely to live off of the interest.
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Most people do not. Some have more.
A superb advice, but not as easy to live by. People have different reasons for cashing out but the best idea is definitely to cash out the interest.
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That is very true. I wouldn't mind people cashing out a certain percentage or something, as long as they tried to grow their stakes simultaneously.
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I think its best to always save up a part of your earnings so it grows over time. Its good to earn through blogging but its not guaranteed to get votes. Whereas with curation and dividend tokens, you are guaranteed at least a certain amount of income.
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Yes, growing our own stake in Hive should be the long-term objective. The Hive ecosystem has grown so much over the past years that it now offers more ways to earn, not just through posting but by staking and earning through curation and dividends.
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Hive will- and can change lives. It's an amazing opportunity for "regular people" to earn something for content they share, but this is not a personal ATM or cash-cow you can milk however you want or need.. You need to treat the cow good so you get milk in return.
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I do get the idea of "testing how to cash out", not to actually do it for everything you earn as that's probably not smart long term but just to see how and if it works..
For sure someone thinking about investing money would want to know the money isn't wasted/locked up in some system that will do him no good. So in that regard helping people understand how-to could potentially build more trust and have people invest and hold more comfortably.
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That's a good point. Investors wouldn't put in a bunch of cash without knowing how to operate properly on Hive though. Especially not big investors.
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True, the big investors will make sure to figure out what they're getting into. But was thinking of the individuals who are maybe skeptical of the whole thing, free-money-for-blogging is something not quite understood by many.
It's frowned upon I guess, like what's the catch? At least that's my experience when trying to explain it to outsiders. In that regard explaining the whole thing including how to take a bit of fund out might win some trust and shows the legitimacy of it all.
Before I ended up here I visited something called a beer-money-forum which covered various side hustles to make some extra income. With anything online the number 1 thing everyone there was questioning: do you have proof of payment? That's just the main thing for many to even consider something legitimate and thus worth their time.
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I think this has been a major problem for years.. And I think it's an issue due to how people are pitching Hive. I mean, this is not a place for free money. It's a place for people to earn something for their contributions, and the earnings are in crypto.
I think we have to tell people in steps:
If people wonder why "someone wants to give them free crypto" after that, I think it's wise to tell them that we have a decentralized platform that distributes tokens etc.
I think we've been pitching Hive incorrect from the start by starting off with "we are decentralized, you own your content, come here and earn!"
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There's a lot to say for Hive, but yeah pitching the free or easy money idea is not really working, I try to explain the basics of crypto and what it means for ownership (compare Splinterlands with magic or pokemon cards for example) and what the blockchain means etc.
Also not trying to push anyone, I just tell some about it and let them ask questions or see if they're interested after that instead of shoving it in their face.
Exactly. As I said, we must also grow our stake and things will add up in return.
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It sure will! :)
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I don’t think I will ever cash out. The taxes would be over a million $$$
That's a good point.. I guess that's why a lot of people are trying to avoid the tax man..
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This is the most important question that I ask myself
How can you withdraw your profits?
As for the golden tips that I said, I salute you for them, especially the good comments. This is what makes friends and followers and makes you grow more and more.
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There's nothing wrong with asking this question, or thinking about cashing out. There could be a hundred different reasons for people to cash out.. But it shouldn't be the primary goal for newcomers. That usually ends up bad.
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Was this spurred on by the comments in the @leomarkettalk section? I think I also saw a few people on Publish0x talking about cashing out. Even one who made a mistaken article about not being able to cash out but mentioned in the comment section they figured it out afterwards.
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That might have been me! (I then published a full article on how to do it).
I couldn't for the life of me work out how to invest, withdraw, etc... I had only been looking at crypto for a few weeks and only experienced wallets and exchanges.
They felt familiar.
Then via Hive & Leo I was introduced to blockchain. It takes a bit to get your head around at first and I felt so out of my depth. But then it slowly started to make sense.
For the newbies, a FAQ would be awesome. Learning about the blockchain. How to post (and format / embed) articles. How curation works and benefits to you / the community. How delegation works to you / the community. etc. I'm happy to help add to a FAQ / Wiki if anyone wants to start one :-)
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I don't think it was you but there have been plenty of people who thought like that in the beginning. As for making a FAQ, I don't think I will start one but I am hoping someone else does.
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An in-depth FAQ you could show people would be great. There are a lot of different FAQ's out there though.. But it would be nice to have them all in one place.
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I am not sure actually, it might have been you or someone else. I have seen this dozens of times already, but it doesn't matter. The point was not to point fingers at anyone, new or old.
The point of this article is to help people to think differently. To change their mindset a bit, because we've seen a lot of people talking about cashing out whatever they make from day 1 and that is not sustainable for anyone.
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I replied in the leomarkettalk post, but yeah. This was made due to comments I have read recently.
We're trying to set a new standard so I figured I could try to change the mindset of some people.
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This is good to read that engagement gave you an idea to make a post :)
That's why engagement is important , it will tell us what people are interested in .
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Indeed! The @leomarkettalk posts can be an awesome source for inspiration, encouragement and motivation.
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Your post was promoted by @jfang003
I agree with this, I mostly blog at read.cash and Publish0x. I am completely new here at Leofinance but I never asked yet how to cash out because I know I should make the things listed above first because that's what I do at read.cash. Engagement with others and building your own brand first before thinking of getting a penny because that will follow later on once you cover all above the list, and I am pretty sure I will learn how to cash out later on here from somewhere else. Thank you for reminding me this!
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That's the spirit! :)
Engagement, making friends and building your brand is extremely important for long term success.
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To some this post is just common sense. To others it is very good guidance that should be put into practice.
The benefits of holding one's coins and tokens has been the subject of a myriad of posts. It is understandable that some folks take profits now and again due to the economic situations where they find themselves.
Any person who wishes to be a successful blogger will follow your advice.
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This should be common sense for everyone, as Hive is a social platform. You need to socialize. That's what this place is for.. In this day and age though, with instant gratifications taking over the entire lives of people.. A lot of people aren't willing to put in time and effort.. They aren't willing to work for things.
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Totally agree with your points .
I haven't converted LEO , HIVE to fiat till now , I don't see doing that in near future too .
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There can be a lot of reasons for people to cash out and I have nothing against that. Hive can change peoples lives in various ways and cashing out and paying bills or whatever might be some of the things that can help a person a lot.. I just don't want people to come here and expect the world for nothing.
You need to put in time and effort. You need to be consistent. That's how you'll be successful.
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excellent article, days ago that comment came up in a conversation in @leomarkettalk and it was so out of place as you mention it, I would dare to say that is where you find it! very wise and accurate
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Thanks. Yeah, I've seen it elsewhere too, but it was when I found it in the leomarkettalk post I decided to make a post about it.
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It is good to see these populations since at the moment it was also uncomfortable for me and just in what you write a collective feeling is reflected!
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I'm glad you liked it. :)
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Cashing out at these prices would be almost a sin anyway :P
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Well, that is true.. But some might have to do it regardless of the prices. I just don't want people to expect to come here and earn a "life changing amount" for doing basically nothing and cash out immediately. That won't work in the long haul for anyone.
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I understood your point but people will always try to gain the system and it's our job to make the system abuse resistant if not abuse proof :)
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That is very, very true.. And unfortunate.
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Why cash out now when you can stack and build the base for the next several years! Overnight riches are temporary while assets like "Brands" last longer and keep paying you forward. This is such a nice perspective @hitmeasap and I hope all the newbies would learn from it. Long term mindset in this game is very important.
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It sure is. Some people might do this just as a hobby and others are more full-time, but everyone is likely to benefit by treating their Hive-journey a bit like business. With that mindset, they're definitely off to a great start.
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I fully agree with you. Personally, I am treating this like a business, need to show up every day, no matter what.
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Exactly. It takes time and involves a lot of effort. There are no shortcuts.
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Solid post, many good points, I like the branding and socializing.
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Brand building is awesome, but most people doesn't seem to realize that they are their own brands here and that they build their own brand with whatever they do.
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True words. Sometimes I'm sad how people are in need of cashing out a dollar instead of compounding it. But at the same time, I was there a while ago and now I have outgrown it. Great read! Cash out when? :D
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I'm glad to hear that. People will always have different reasons for cashing out. I'm fine with whatever as long as people don't cash out everything and treat Hive as a personal cash-cow they can milk for free.
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For me, knowing that you can cash out was the important thing when I started as it means you can invest your time knowing that it is not a scam (and there are a lot of dodgy sites out there!).
As soon as I knew it was legit, I put more effort into Leo and Hive to understand it, see how it worked, and to become part of the community. I am also re-investing more now that I have confidence in it as a currency.
So please don't belittle the newbies who want to know how to cash out. We all start somewhere and build up our own experience. And hopefully that experience tells them that this community is a great place to be.
n.b. I still don't know how to vote in Leo (perhaps someone could explain one day, or in a reply to this comment) as I can only vote up to "100" but no LEO shows as available on the vote bar, even though I have Leo in my account/wallet.
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My point was never to belittle anyone, newcomer or not. The point of this aricle was simply an attempt to educate and change the mindset of some people. We have seen a lot of newbies coming here with high expectations and many of them have this skewed idea of cashing out hundreds- or thousands of dollars per month for doing basically nothing but sharing content, and this doesn't work like that.
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Tip: Only cash out at the very top. Never at the bottom.
That's a pro tip. Hard to know where the top is though.. :P
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That’s very true .... with Bitcoin there is probably never a top .... it will go up infinitely. This is why I try to exchange a little hive and other Cryptos to Bitcoin everyday.
I think that's a really good idea. Something I haven't done at all, because I was too focused on Hive & LEO, but I have started to change my approach a bit. Hopefully it will turn out good.
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Well... when you see something Crappy like Dogecoin going up 1,000 % a week it’s hard to just sit back and watch. So I started buying all the big dips on Bitcoin, Ethereum, BNB, and yes, Dogecoin. And my portfolio is up big. Mostly thanks to Dogecoin.
Haha, yeah.. It's crazy. The most expensive joke in the world.
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The key is to never cash out to cash.... just use some excess to buy the Top 10 on the dips.
That seems to be a really good approach. I guess it's rather hard to do it accurately though.
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These are excellent recommendations, because when we are new we want to collect the money immediately without thinking about all the benefits it can have in investing them in the long term, I am in a new race to promote my brand and increase my LP, I plan to take it to 1000 very soon.
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Exactly. When I first joined in July 2016, I cashed out everything I earned. Every single token I made was exchanged for BTC and cashed out. I had zero interest in powering up and "earn more with time", because I was eager to cash out what I already had.
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I did the same, until I learned about the great potential of hive tokens and all that I learned in this community.
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This place is filled with knowledge and experience.. It's a superb place to learn.
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Exactly, just like a large library.
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And it's totally free of charge.
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I have not thought about cashing out only powering up Hive so I can post more content, engage with the community, upvote, comment, and so on. But being a newbie presents its own challenges. I am lucky to have some delegated HP for 7 days so I can operate all those actions freely. But at the start, I had only 2 comments available every 7 days recharge time. That's difficult to have any interactions at all.
Hopefully with time, my HP gets bigger and I won't have to worry about that anymore. In the meantime, I definitely won't be cashing out.
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Yeah, unfortunately that's one of the problems with RC. It makes it difficult for people to interact and engage.
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I've just come across your content, looks helpful! Thanks!
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Thanks, I'm glad you liked it. :)
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