Steemit Crypto Academy Week 7 | Different Methods to Generate Income with Cryptocurrencies by @amritraj

Hey, Hope you all are good and staying safe at home. Today In week 7 I go through the lecture of professor @imagen on the topic Different Methods to Generate Income with Cryptocurrencies . I found it Really valuable in real life too because they teaches us so many ways to invest and earn profit through which now I can earn more in cryptocurrency.

Here I am doing my assisgnment by researching on it and after reading all the lecture.

^{This design is created by me on canva app}

QUESTION 1
What platform did you choose? Why did you choose it? What other types of services do you offer?

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ANSWER 1

I would like to choose BINANCE EXCHANGE over all other Exchange because in this Exchange we many option in one place. It is easy to run interface wise. If you have a account on Binance you can simply login into it otherwise you can simply visit Binance.com & sign up & verify your account so that you can get this type of interface on your screen. It also provide more than 500 currencies since 2017.Whenever there is a new coin in market it always came on binance first that is big advantage to us.

^{Source :- https://images.app.goo.gl/8Qr3GrwHvFA9mUwj6}

I would like to choose Binance exchange as above Binance exchange have many type of trading options like:-

I) SPOT TRADING - It is direct transaction of foreign currency or commodity. It instant buy and sell the commodity on preferred exchange. In Binance it look like very simple just go on the app or website and in market section you will find this spot trading & simply you can invest in any commodity.

II) MARGIN TRADING - It is a type of trading in which investor can buy commodity more than one asset. Simply we can borrow and submit the amount later. There are 2 type of margin cross margin and isolated margin.

III) FUTURE TRADING - In this type of trading in which contract is fixed between buyer and seller for fixed future date and at fixed price. No matter what the price of commodity at that time.

IV) POOLS - Pool is the group of people who setup there system for mining of block from blockchain and share huge benefits.

V) P2P - Peer to Peer trading is between two persons buyer and seller directly without using any third party. On Binance we can filter and find some people and who matches with our need and provide us commodity by taking payment online by any Payment mode. It have a zero trading fees.

VI) Many other services like customer care support is instant, Conversion, Referal options on a referal we got some price, liquid swap, savings.

VII) Launch pool is something kind of investment which is like forming. Investors, invests in upcoming new projects and get token in return of investment. Sometime this investment might got in loss when that new project will not be successful otherwise in these type of launch pool investment we should learn more about the new project in which we gonna invest then it will work good.

This is some main reasons that binance have lots of options in it and fast platform i prefer binance exchange.

QUESTION 2
Explain the process to transfer the funds to that web platform. Show Screenshots??

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In India there is a bann on direct deposite from bank in any cryptocurrency exchange.

^{source :- https://images.app.goo.gl/kc5Zwo95xt4k8BQo7}

So, In India we have a new method of buying or selling cryptocurrency that is Peer-2-Peer method this method includes several steps in which we can buy crypto very easily with 0% transaction fees and delay it will hardly took 1 minute to buy a crypto. It have many advantages in itself like these.

NOW LETS START BUYING % USDT FROM INR IN BINANCE ACCOUNT

STEP 1

We have to open our binance account in app or in web version. Login into it. And click on the peer-2-peer option.

STEP 2

Select the crypto among all of the crypto you want to trade in. Here I am choosing USDT.

STEP 3

Then after selecting the currency set the filter input the INR amount for how much you want to exchange. Select the payment option like UPI, IMPS here i am selecting UPI payment mode & Press yes.

STEP 4

Here are all the options matching all the requirements. We can select the one who is verified by binance and giving that currency in lower price from all others. Click on buy button against it.

STEP 5

Enter the amount in INR for how much you want to buy the USDT. And click on buy USDT.

STEP 6

On next page you will see the timing and pending payment option. There is button down there Tansfer the fund click that only when you did the transcation.

STEP 7

Select the payment method among all the options like Phonepe , Gpay & Upi. I preferred phonepe.

STEP 8

Do the payment from the preferred app and take a screenshot. Now click on Tranfer next button in the bottom of the page.

STEP 9

Then after that they directly redirect yo to the page of chat box send the screenshot of payment to the person.

STEP 10

Then they automatically transfer the amount of USDT to your binance exchange.

STEP 11

Balance added to our crypto P-2-P wallet.

This is the method to transfer funds in binance exchange

QUESTION 3
Explain the profitability of the chosen method.?

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ANSWER 3

STACKING is a process in which we can earn a good profit by locked our cryptocurrencies for certain period of time at fixed interest rate. Which after the time completes can come out with good profit. So it is very beneficial for any person who are new and it is not easy for them to learn about crypto they can simply invest and leave for making profits

Lets look upon some steps to doing stacking in binancae app it is quite easy

STEP 1

Log in to your app. Go to your wallet and transfer all the p2p amount in spot wallet.

STEP 2

Select the crypto you bought in p-2-p . As i have USDT so i have selected USDT.

STEP 3

Enter the available amount of USDT you have and transfer it into Spot wallet. Click on transfer button.

STEP 4

Search the coin you want to stake and buy that coins.

STEP 5

Now come on the main screen of app and select more from the main screen.

STEP 6

Now select Stacking from the given options.

STEP 7

Now Search Cake and select 15 days staking time period and click on Stake now.

STEP 8

Now enter the amount of cake you want to locked the amount. I am locking 0.811 agree the terms and conditions. And confirm the purchase.

STEP 9

Our order of staking the cake is ordered successfully.

STEP 10

Profitibility of 0.811 cake in 15 days will be.

[(Total amount/APY)/365]*15
=0.0124

So, Total interest in 15 days from this stacking i will gain is 0.0124.

I) Stacking have very much secure returns the chance of losses is very low.

II) It is very reasonable because we can buy any amount.

CONCLUSION

From this lecture we can conclude many ways of different types of earning apart then buy and selling. The lecture told us more about the things which yield large profit and less loss. Through this different types of earnings we can also earn while sleeping so this teach us alot about. Which make lot of understanding .

NOTE :- All the screenshots are taken from my binance verfied account app.

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THANK YOU