Introduction

Hello Steemians,

Welcome to another week in the Steemit crypto academy. I attended the lecture by the crypto professor @imagen as the professor based his teachings on the different method to generate income with cryptocurrencies.. This blog is my homework task after the completion of the lesson. I will go straight to discuss how to earn using staking method.

What is staking?

Some blockchain protocol allow it user's to participate to earn additional cryptocurrency apart from the trading and hodl profit. Some platform, like Binance give a very good service to it user's like staking, referral of people your refferal link to earn crypto, Holding and so on.

Staking can be define as the process of actively participating in transaction validation. It is similar to mining on a (POS) blockchain. On the other hand, POS stands for Proof of stake. it is a mechanism that allow transaction to gather together in blocks and the block is used to create Blockchain.

Locked Staking can also be define as the process of holding funds (proof of stake coin) in your spot wallet for a particular period of time and to support the operations of a blockchain network for the period you are holding the assets.

Staking is a way of making for a period of time by locking your crypto. Using the cryto you are not ready to use or withdraw. We can also say is a way of making profit when sleeping. It helps those that are not ready to use their cryto to earn more by staking it and it doesn't stop it from fluctuating according to the market price fluctuation.

How we can generate more income with cryptocurrencies.

I will be explaining to us how we can generate more income with cryptocurrencies by locking our cryptocurrencies in our wallet for a period of time. We can make use cryptocurrencies that we are not ready to use or the one we are holding.

I will be using Binance App which we can download from Google play store. The first thing I did was to check the staking platform to see the cryptocurrencies that are available for staking because some trader's may have stake a particular cryptocurrency and it won't be available once it enter it limit.

So, after when I login to my Binance account, in the home page there is nothing like staking as we can see in the below screenshot.

I clicked on more to see other services rendered by Binance

I checked and I saw staking under finance. So, I clicked on staking which took me to the below screenshot.

After when I clicked on staking, I saw many list of cryptocurrency which I can lock with their time duration. On the list I wanted to lock KSM in my wallet but I don't have and I needed to purchase so that I can stake KSM to earn more profit.

So, the next thing now is to purchase KSM which I will be showing you the process.

I started by clicking on market at the down part of the Binance Exchange platform. After when it shows me the list on cryptocurrency in the market under spot, I typed KSM at the search bar at the top.

It display KSM list but I clicked on the on with BTC pairs because I want to use BTC to purchase KSM.

It display to me KSM trading view which also shows me where I can buy or sell KSM. I clicked on Buy because am buy

I inserted the amount I want to buy,which Prof. @imagen said anyone that has below 63 reputation should stake at least $15 and any one above should stake $20. So, I got KSM that is worth more than $20.

I have already open order for KSM and it was deposited in my wallet after few seconds.

So, I went back to staking, I choose KSM, I clicked on the days duration and I clicked STAKE NOW which took me to the page below.

It ask for the lock amount, I clicked on max because to lock all the KSM in my wallet. After that it immediately show me my Estimated interest which will be added to my account with my total KSM after 15days.

I clicked on the agreement of Binance saving to make them know i have read it and if not it won't allow you to confirm. After confirming it took me to another page which shows my cryptocurrency lock confirmation.

To staking method as yield me plenty instrest, My Estimated APY is 32.47% and the Estimated Interest is 0.00095979 KSM as you can see the summary of the transaction in the above screenshot image.

Therefore, using different mathode of generating income with cryptocurrencies can be another source of income for you. Come to think of it, if I have invested more than $20, that is how my interest too will be higher. Binance Exchange is an excellent platform to use method of generating income with cryptocurrencies.

Conclusion

Finally, I want to specially appreciate in no small way the professor in the person of @imagen for such a wonderful lecture. I have really learnt a lot hence in conclusion, I can boldly say that crypto currency is really a sure way of making money.

Cc: @imagen

Thanks for reading...