Hello Steemians,

This is my homework task for The Steemit Crypto Academy Season 2 Week 7 by professor @imagen

In this post professor fact about ways to generate income through crypto and I always believe that passive income is a nice way and this way along with the price value appreciation this is a dawn that is always great. The stake and earn concept is getting more attention these days and people who HODL have got the great opportunity to earn a nice return with staking.

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It is very important to choose a platform that is quite advanced with the technology and also reliable since you are going to keep your funds over there. I have been using Binance and it is a reliable platform so I am going to use Binance exchange for this.

What platform did you choose? Why did you choose it? What other types of services do you offer?

I choose Binance exchange. I have been using this exchange for the last 3 years and I never had any bad experience with it. Binance is the leading cryptocurrency exchange across the world and here variety of services products and a very easy-to-use user-friendly interface are provided to the users. The fact I can say that it is a platform that we can rely on since it has always proven one of the best platforms to go far with the best of its services and that too at reasonable charges.

There are many exchanges that provide crypto services including trade and wallet but I did not get any other exchange having a bunch of services at one place like Binance. They have also introduced peer-to-peer service in various countries which is another great reason to love this exchange because now people who have no access to a bank and also perform their crypto transactions using Binance.

As a user, I would always prefer to use an exchange that is easy to use secure, and provide all the latest services at reasonable charges and I am happy to share that this is one of the platforms where I get it all in one place. Binance's own token BNB has done fantastic work in terms of price and it proves that its a nice exchange and we easily trust and rely on the platform. Binance is not just advanced with technology and better customer support but also they are innovative and they keep on bringing new products from time to time. They are going to have NFT on their platform soon and launchpad is their nice innovative initiative.

In crypto space whatever you think of, you get it at binance. for example-

• Spot Trading
• Margin Trading
• Leverage Trading
• Stop Limit
• OCO Orders
• Peer to peer
• LaunchPad
• Crypto Loans
• Crypto Card

I like using Binance because of these reasons and I am happy with my voice and preference and above all its STEEM listed as well along with a big amount of trading volume.

Explain the process to transfer the funds to that web platform.

Now, let's understand the process to transfer funds to Binance and I am sharing steps. This process is so easy that anyone can do in few minutes and even crypto beginner can get it done in few minutes with ease.

On the BInance home page, go on Wallet and select "Fiat & Spot" and it will open the wallet page.

In this page, you can search for any coin listed in the exchange. I go ahead with Tron and after search, I can see various options on the right side including a deposit.

Select Deposit and it will open a window showing the wallet address that we need to copy this address. Please make sure that you never type the address. You either copy or scan QR if you are using the mobile app to transfer. I have copied the deposit address.

Now open the tronlink wallet to send tron this wallet. Its showing my tron link wallet address as well as balance and there is send button to make the transfer of coin.

After clicking on Send- it asks for the deposit address and I pasted the copied address in receiving account field. I am sending 400 TRON which is more than $30 and its showing the transfer as 0.10 TRX. Select Send button to proceed.

After sending it asks for confirmation and I confirmed by accept button. This transfer is successful and in few seconds it will reflect in my wallet. The Tron process transitions so fast it rarely takes 1 minute to deposit the coin.

I got the deposit notification in my finance account and now we can check the balance.

So here is the balance and its updated now after the receipt of 400 tron coin.

So these are steps we need to follow to deposit and coin it takes few minutes only.

Explain the profitability of the chosen method

Now I am going to do the staking of Tron in finance and will share the profitability.

Go on Finance drop-down option on the Home page and select Binance Earn (as shown on snapshot)

I am going with staking for 15 days and it offers 12.49% APY which very good. Its more than double of what I get with bank deposits here in my place and that why I stopped investment with banks a long back.

after successful staking, I can see the entry in the subscription option.

I have done the investment of 400 TRX coins and its worth is approx $30 as of now. this investment is for 15 days with an APY of 12.49%.

I staked the coins on 28 May and they will be refunded on 14 June as it contains 1 day of redemption.

I will get approx 2.05 TRX after maturity.

My investment of 400 TRX x 12.49% apy= 49.96 coins I will get approx in one year.

2.05 coins for 15 days earning

so for daily 2.05 / 15 =0.1366

Yearly- 0.1366 X 365 = 49.88 TRX approx yearly on the investment on 400 TRON as this rate of APY.

Overall I find this quite lucrative and interesting because the AP that I get is very good and as I already mentioned it is more than double of what I get in the bank account here at my place.

It is a passive income generation through crypto because whatever I am holding on the wallet will not get me any additional returns other than the coin value appreciation. It is always a good idea to check the information including the lock-in period and also the percentage of a PY before going ahead. Do your own research and lock only if you are comfortable with the lock period because there is no option to get your funds back in between.

Summary

Overall it was a nice experience to learn more about income through crypto staking. Earning money by doing nothing is always best and known as passive income. Professor has nicely explained all the aspects related to earning with cryptocurrencies and I think everyone who is part of the crypto space should definitely go for it because it can help him to get an additional amount of money with just one-time efforts.

Thank you so much @imagen for this nice and full of a learning lesson.

(images are taken from Binance and tron wallet for post purpose only)