I had a lot of hopes for the price of Hive because Bitcoin is doing very well. The price has almost doubled in the last year, which is a good sign. The main reason is that there is a huge dependency on the price of Bitcoin. After all, many coins depend on that. Of course when this pump happened, there were other coins who joined the party and increased a little bit. But the value of BTC also keeps going up and down creating a good trading opportunity for wise traders.
I expected the price of Hive to also improve and at least cross 50 cents but it did not surprise me yet. I still remember investing in Hive when the price was around 90 cents long back to expect a quick return from that. I wanted to do a quick trade from 90 to 95 cents but I ended up not stopping the loss and ultimately bought at 90 cents and have been holding it till today expecting the price to cross 1$ once again so that I can book profits again.
Today the price is unpredictable. I wanted to do some quick trades so I sold some Hive at 42 cents and bought them at 38 cents. I have been seeing the price going up and down from 38 to 42 multiple times. It is very tempting to make use of this opportunity to do swing trades but at the same time, it is also a risky thing. I did give it a try with a small amount because if the price goes down further, I can wait for it to recover back and sell it. If the price goes up after I sell them at 42 cents, there again I will be happy because I booked my profits. This has been my mantra with swing trades but the price is very unstable and I'm not confident about doing any swing trades.
Onboarding and retention is a problem
I know there are so many good things about Hive but we also have many problems that need quick addressing. Onboarding is one such problem because we have to also fight abuse and spams. If it was that easy to create accounts on Hive, the spammers would keep growing a thousand accounts and continue spamming on Hive. But at the same time having a restriction to create accounts on Hive is also not making the job easier. People find it very hard to understand all these things when they are new. We need 3 different types of guides.
- Guide for people who know Hive but need more information
- Guide for people who know crypto but don't know Hive
- Guide for people who are new to the crypto world and have no idea about Hive
If we can address this problem, onboarding can become less painful and if we have more onboarding and retention, we will have more people joining Hive and more investments can happen. Exchange listing might be another problem but that's something for later at least. Currently, we have sufficient exchange listings to continue onboarding people.
Games on Hive play a very important role in onboarding users. They initially start as a normal player and gradually learn more about blogging and other features of Hive and start exploring. If we increase more activity and more visibility to the common world, I guess we can see a good pump in the price of Hive.
If you like what I'm doing on Hive, you can vote me as a witness with the links below.
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Posted Using InLeo Alpha
