Honor is a currency that you will earn for pretty much every PVP related activity you do. You can spend your honor on a ton of different stuff. Some of the stuff you can buy from honor is not bound, so if you’re short on cash you can buy stuff to sell to other players. However this isn’t really advised for fresh level 50 players who want to progress in the world of PVP as you’ll definitely need that honor to buy upgrades!

What activities reward the most honor for the time invested?

Crimson Rift daily quests

PVPing in a Halycona during a War with a large group

Winning 1v1 arena