A popular saying goes, I paraphrase "he who know how to do the job will always get the job, but he who knows why the job is done will always be the boss"

It's surprising how 75% of people in the crypto community, dwell on the mindset that the best way to harness the crypto currency benefits is by hodl or hold as the translation maybe

The lecture gives an eye opener to the different ways in which one can benefit and make money even while at home

1 am @kelechisamuel and this is my homework post for @imagen

1. What platform did you choose? Why did you choose it? What other types of services do you offer? (Add relevant information)

For the sake of this homework post, I will be using binance exchange because of how simple it's user interface is and also how very easy to understand

BINANCE

source

Binance exchange is a centralized exchange platform which was founded by Changpeng Zhao who is a Chinese business expert with a vision to increase the flow of money worldwid which definitely we can all see it is working which has ranked them to being the world's largest crypto currency exchange

EXCHANGE ON BINANCE

In order to start any exchange on binance every user needs to complete the KYC registration to get a verified binance account which gives them access to a binance wallet which is being monitored by a central body

Binance has a very lovely exchange platform that even encourages crypto currency professionals who wish to launch their token using the initial coin offerings (ICO) as a medium of fund raising

In the binance exchange, there is a little withdrawal fee which is minimal when compared to some wallets. Binance is still not accepted in some places in the United States but it's still a project under review

WHY I CHOOSE BINANCE

Aside the fact that I am very conversant with the binance exchange interface, binance offers a very low transaction fee of about 0.1% per transaction and it is really fast with a very good throughput and TPS

In as much as their are many spam sites and hackers all around, the finance security system is one of the best with no reports of a scam sequence

The binance is also insured and gives more protection to it's users

SOME SERVICES OFFERED BY BINANCE

• BUYING OF CRYPTO
  The binance exchange platform is a where you can buy a lot of coins especially altcoins with ease with an easy interface having a lot of coin pairs

• REFERRAL
  The binance team offers a commission on fees for every referral made on either spot or future

• OTC TRADING
  This is a trading service offered by binance in which trading is done between two parties with the exchange of securities not listed on the formal exchange

• P2P
  This is a peer to peer system in Which exchange of finance is done between two individuals who exchange asset for Fiat currencies

• STAKING
  This is an investment package offered by binance exchange platform in which one can stake his assets for greater returns

• LOANS
  The Binance exchange also offers a loaning service to it's customers with an attached collateral as soon as repayment is. Made, the assets are retuned

• BLOG
  The binance platform offers a blogging service where they educate and sensitize their users about their exchange platform

• LAUNCHPAD
  As of 2019 the binance launchpad decided to launch one new token every month into their platform, it's a platform in which tokens are launched to their subscribers

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

PROCESS

The processes taken to transfer the funds to the binance exchange are simple and understandable due to the user friendly interface of the binance mobile app see details below

• Open the binance exchange platform, as soon as you open the finance mobile exchange platform, this is the interface you will be seeing, click on more to see more of their services

• After clicking on more, the application opens you up to their services, click on staking as seen in the image below to continue

• Options of assets you can stake will be listed according to their returning APY, as for me I will be staking on cake as shown below

• Because I do not have cake asset I will be making use of the coin pair cake/usdt, so I will have to search the coin pair of cake/usdt as you can see

• As per the directives of the assignment,. I will be trading 15.5 usdt for 0.978 cake, after imputing the values, I click on buy to complete the transaction

• I returned back to the staking platform and clicked on the cake assets, I will be staking my maximum of 0.978 cake for 15days , click on agreement and click on confirm

• The image below is a confirmation of my staked asset being cake for the next 15days which yielded an est. Apy of about 37.48% and an estimated interest of about 0.015 cake

• I advanced to my earn wallet and you can see below the staked asset in my wallet

I think it's way better than leaving the asset in my wallet without usage

3. Explain the profitability of the chosen method.*

The method which was performed above is called staking, I will be explaining the profitability of staking.

STAKING
First thing you need to know is that staking is an easy way for crypto traders to earn money.

Staking is the act of investing in on an assets valid transactions with a return on stake rewards
The profitability of staking is that it is more admirable and considerable than mining which is more stressful and when staking is compared to trading although it might be low on income returns but it's less risky than trading

Although the value of the coin will be considered when calculating, which can be a plus or minus but nevertheless, it is important to note that the more you hold, the more your returns.

The binance staking platform has been proven times without number to reliable and of high security.

CONCLUSION

For me I will say I have really learnt alot the lecture was impactful and filled with experience which I am glad I partook in. Learning different earning systems and above all I did my homework post on staking using the binance platform

The staking process is another way to earn and I can't wait to earn more
Thank you all for reading

Cc
@imagen

Thank You