Hey dear community, first of all I would like to welcome you all to my new contribution and hope you have a pleasant start to the new week! In this article, I would like to discuss psychology and hope you are able to expand your knowledge.

First of all, it must be said that a whole ecosystem has been created on the Open Source Blockchain Hive and from a psychological point of view, there are various influences and Hive can be considered as a connection to Web 3.0 on which different decentralized applications such as social media platforms, games and more have been built, which of course always have their own psychology behind it. There are different factors of influence which ensure that Hive has a high value of attraction and so all kinds of people are attracted by the provided resources and the variety of applications that have been built on this blockchain has the consequence that there is something for pretty much everyone and the Hive Blockchain also conveys from a financial point of view a feeling of security and because the Hive blockchain exists independently of a central party, it creates a sense of security in people and people begin to invest in the own currency of the blockchain. From a psychological point of view, it is of course decisive that users are promised that their money is safe there and of course the transparency of blockchain technology in general is of great importance when it comes to creating security because people can trace their money and be sure that no third party has access to it and even when it comes to applications or visions of the future, it comes to the fact that an additional value of attraction is created, which ensures that more people are interested in this technology. Due to the increasing digitization and the technical growth, more attraction is also generated and more and more people are interested in possible future applications of Web 3.0, which means that more people are focusing on it and the belief in the future of this technology alone is extremely important from a psychological point of view in order to create a feeling of long-term steadiness among users.

Of course, all the phenomena of market psychology are added and because the cryptocurrency is traded on different exchanges, it leads to the typical phenomena of market psychology such as fear or greed and a well-known example that is generated here is the fear of missing out effect which also describes the effect that people are afraid to miss something, which is why more and more people enter the market and from a psychological point of view, it comes to the point that people act rationally and make other decisions. Interesting is probably also the Hive Backed Dollar which creates an additional feeling of security with uncertain investors by the fact that this currency is linked to the US Dollar and of course it is also important that when people hold HBD, they will receive and interest on an monthly basis and it comes to the fact that more people come into the market and with Hive, it behaves similarly and because it is a delegated proof-of-stake (DPoS) mechanism, Hive will generate regular returns which not only have a lucrative effect but also generate feelings of happiness among the investors and this can be attributed to the hormone dopamine which is emitted in the brain when people are rewarded. In general, a major influencing factor is also the reward system to motivate users to perform actions and thus reward the people and this is especially present in the social applications on the blockchain and when people write posts or interact with other users such as by writing comments or liking posts, they are paid in the form of cryptocurrencies and this effect of the reward is a major influencing factor which motivates the users to participate in the platform and here the reward system is specifically worked with and there is an emission of dopamine when users are rewarded.

Because people can exchange Hive into other currencies at any time or pay with it in the stores, it is coupled to values such as food so that the effect of the rewards is even more pronounced and with applications such as games on the platform, it behaves similarly and here it is also specifically worked with the reward system to attract users. The fact that dopamine is distributed by the rewards leads to the fact that euphoria and other feelings of happiness are generated and people remember these moments and want to repeat them and so it also leads to an emergence of addiction and especially these regular rewards increase the dopamine emission. Of course, these social aspects also have a high attraction and to stay with the reward effect, a good example is the start page of social applications such as hive.blog, where especially the contributions that have the highest rewards are displayed and thus certain ideals are generated and by the high amounts, especially new users are even more motivated to participate and this is associated with an psychological point of view, since the numbers manipulate people. This phenomenon can be seen on the internet almost everywhere, as on other platforms like video platforms, the videos with the most clicks are presented in order to create ideals on the one hand and to attract new users on the other and to suggest that they can also generate so many clicks. These aspects of social media also generate a feeling of security and this also overlaps with typical other phenomena of social media which are also closely related to mass psychology and the rough difference to Hive is that people are rewarded for their posts which of course is a huge influencing factor which reinforce certain effects and create also new ones. Of course, from a psychological point of view, there are many more influencing factors and one could say that there are more factors such as the effects on the subconscious and many more, but I will try to address this topic in this article in general because it is a complex topic which is characterized by different influences.

Many thanks for stopping and I hope you could learn something new about psychology! I took these screenshots from whyhive.co, hive.blog, splinterlands.com and tradingview.com.