Steemit Crypto Academy Week 7 | Different Methods to Generate Income with Cryptocurrencies: Homework Post By @image

Hi friends, From this lecture from @image I understand how to maximize our income from our crypto holdings without trading through Farms, staking, pools and more ways.

Thanks for making it like a wonderful lecture to us.


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Generate Income From Holdings

We buy a lot of cryptocurrencies based on our needs. Some we hold for the long term, some for short term needs.

If you wish any coin to hold long term, Those coins holding in Exchange wallets or our wallets nothing to get additional income on it.

If you stake or provide in the pool we get a little bit APY on it. For this no need to do more work, Just checking available platforms which are good APY, just stake there, That's enough. Here we earn good income on our holdings.

At present in the market, we have a lot of earning ways on our holdings.

From this Staking, Farming, Flexible Savings, Yield Farmings, Pools are more popular.

Through this, we earn passive income by providing our Tokens there.

In Binance Exchange we get Staking, Saving Features here also we stake our coins for earning additional income from our holdings.

For doing this Transaction in Exchanges no need for any fee but if you use other DEX Platforms we need to pay a transaction fee. But here we get good APY than Exchanges.

About Pancakeswap

I think all most all crypto users know about Pancake swap. It is the more popular Decentralized Exchange platform in Binance Smart Chain.

Here we Swap BEP -20 TOKENS only.No other Tokens not supported here.

PancakeSwap uses an automated market maker (AMM) model. So on doing our traders here we get the best price automatically.

At present in Pancakeswap around $4.16b volume, $3.05b Liquidity having.


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In this platform, we get all most all Top coins BTC, BNB, cake, ETH, DOT, AUTO and many more Top coins available in Bep 20 network.

Here we get a Transaction Fee maximum of $1 or below only. That's why it attracting a lot of users.

In mobile also It working very nice, It's UI Looking very easy to understand.

On connecting through Trustwallet, Metamask we can access this PANCAKE SWAP DEX very easily.

That's why I choose Pancakeswap for staking my Cake here for earning good Income on it.

Earning Ways In Pancakeswap

In Pancake Swap we having Different Earning ways like Farming, Pools, Prediction, Lottery, Collectables, and IFOs.


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Earning Ways In PancakeSwap

From all those, we earn passive income without trading. But from this ***Farming and Pools *** are a good choice.

For remaining we need to invest, and luck-based huge returns. So not recommend.

How To Pool (Stake) Our Cake In Pancakeswap.

Here Pool Means just like single token staking. No other meaning, Don't get confused on seeing names.

For providing our cake in Pancakeswap pool, First, we need cake and around 2$ worth BNB for paying Transaction Fee.

So I just Transfer My Cake and BNB to Trustwallet First.

So for this I just go to my Trustwallet and copy my Cake and BNB deposit Address From it, Then paste those in the Binance Withdrawal address. After finishing This Transaction I get my Tokens in My Trustwallet.


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Transfering Cake From Binance To Trustwallet

Pancake swap is a DEX platform so work in Trustwallet or Metamask. After connecting our wallet we need to do stake our tokens there.

Here I using my Trustwallet for staking my cake in Pancakeswap.

Connecting Trustwallet To Pancakeswap

  • For This I need to go to my Trustwallet.

  • Then click On DAPPS Tab.


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  • Then you get this screen.

  • In Top you need to change your Network to BSC, then after click on connect tab.

Now it connects your Trustwallet to Psncakeswap.


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  • Here you see my wallet connected Successfully. I having verified my profile in Pancakeswap. Because I verify this for participating IFOs on spending 1.5 cake.
    But no need to verify our profile here for trading, Staking needs only IFO needs we need to verify. So no issues with other activities here.


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My Verified Pancakeswap Profile

Now we finishing connecting process.

How to stake our coins here

For this first we need to connect our wallet, Now click on the Three dot lines in the left corner.

Now we get like this window.

From this select POOLS tab for single coin staking.


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After selecting you to get like this window.

Here we see a lot of Syrup Pools for different coins available. From this which you need to stake, Just selecting it we can stake here.

At present here Auto cake offering nearly 133 .11% APY.


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This pool giving very high APY on comparing to others.

In every pool, we need to stake cake earn opposite coins as a reward based on APYs.

At present in pancake we having Auto cake pool, Manual Cake pool, Earn VRT, Earn KALM, Earn EZ, Earn pOPEN, Earn LIEN, and Many more nearly 64+ different pools available.

Here we get a huge collection of pools, From this, we earn different coins on staking cake.

Most popular is the Auto cake pool because it offering high APY compared to others.

For example, here I wish to stake my cake on earning my favourite coin TRX. So I choose Earn TRX Pool


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Now I select on Enable tab. Now we get like this window. Before staking first we need to enable that pool. To enable, we need to pay some Transaction fee in form of BNB.

Due to my Network issue here it not showing APY of TRX, but no issues we get on this. We can stake cake for earning TRX.

After finishing Enable Transaction this Tab change to Stake.

For this Enable Transaction, I pay $0.10.

On clicking Details Tab we can check still now how much cake stake here for earning TRX and the remaining Details.


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After checking all those just clicks on the stake tab. Now you get like this window.

Here it asks how much cake you want to stake. On selecting your needed about just click on the confirm tab.

Now again here we need to pay the Transaction fee. For this, I pay around $0.32.


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After finishing the Transaction within few seconds our cake added to the pool and start harvesting TRX.

Here you can check my current profit of TRX for staking My 1 cake.


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My TRX Rewards After Staking Cake

Due to my network issue I con't show its current APY.So sorry amount it.

Now we stake successfully our cake into TRX earn Pool.

Here we can unstake our tokens when we need them.

For unstacking just go to your pool, Then click on the '-' tab. It shows like that window.

Then after selecting how much amount you need to unstake, click on the confirm tab. That's it within a second you get back your Tokens in your wallet.


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Unstaking Cake

Like that we can stake or unstake our cake in pancakeSwap very easily. Like that we earn additional income on our cake holdings.

Farming in Pancakeswap

In pancake swap in each combination, we get huge pair, On which pair you wish just click on it.

Here we need stake LP tokens on our selected pair. So need Two different coins for farming here.


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For Example, if I wish to Farm CAKE- BNB LP.

For this I just select that pair, Then you get this window.

At present it offering 55.81% APY with a 40X multiplier.

Before going through this process we need to hold BNB and Cake In our wallet.

Now select Get BNB- CAKE LP tab, on clicking this, now we get this window.

Here we need to add 50% BNB and 50% Cake, which means it is LP tokens so just need to add 50-50% of each coin.


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After entering the amount click on Get LP Tab we get LP tokens, Then we stake those in Pool as before we stake. Here I don't have cake so not possible to do this Transaction.

Like that we can farm different pairs of coins LP tokens. From this, we earn cake as a staking reward.

Like that we earn extra income from holding different coins also.

If we don't have cake, but having BUSD, DIA. On holding those in Exchange we dot get anything, On providing Farming here we get extra income on it.

In Farming, stable coins are a good choice in a volatile market. Because based on the market condition we get back our Tokens on unstacking time.

For Example, if you stake cake for 10$, BNB for $250 each 50%, Total worth of 500$.

This means here you provide 250$ worth BNB(1 Coin) and 250$ with of cake(25 coins ) now.

Now you wish to unstake those but now cake value dump to 5$, Here you get more cake less BNB Total value of 500$.

So be careful ongoing LP Tokens Farming. For the long term hold stable coins is a good choice buy get less APY. But no risk here.

Like that we can stake/unstake LP tokens in PancakeSwap very easily.

Prediction

Here we need to predict BNB price go up or Down.
Here each 5 minutes betting will start. Before betting start we need to place our betting amount with our prediction.

If our prediction is right we get a reward based on our betting amount from the collected pool.


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Prediction Feature In Pancakeswap

Here also we earn easy money but need Technical Analysis Skills for predicting BNB price.

Lottery

At present this Lottery system not working. Now in maintenance, soon it goes live.

Here we need to buy lottery tickets with our cake. Each day they select one random lottery ticket, That lottery person gets that pool reward.


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Lottery Festure In Pancakeswap

But here only luck places a big role. If we not selected our investment go to waste. so don't go for those features.

But if our Ticket selected we get a huge amount of cake as a reward.

Not recommended, Go your own risk.

Collectables

It is an NFT marketplace, here you can collect our NFTs.


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NFT Marketplace In PancakeSwap

Here you can buy/ sell Our interested NFTs very easily through the cake token.

IFO

IFO means Initial Farm Offering. Just like public sales.

Before going live on any project they sell their tokens through IFOs for the public.

Here we get their Tokens very less price before listing in the market.

For participation, we need to stake Cake-BNB LP tokens on sale time.

Based on collected money they offer our allocation based on our commit LP tokens worth. Remaining Balance we get back to our Wallets after the sale end.


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IFOs In PancakeSwap

And also need to be verified profile for participation IFOs in Pancake.

Still, now 11 IFOs finished in Pancakeswap. From this, some performed well, some not performed. All those based on project and market conditions.

But here we can participate very easily.

Like that different earning ways we get in Pancakeswap.

Why I choose Pancakeswap

  • Pancakeswap build in BSC BLOCKCHAIN.
    So here we get the Fastest Transaction compared to Ethereum Blockchain.

  • Here Transaction Fee is very less. Below $1. It attracts me a lot on using this platform.

  • In Pancakeswap we get all major coins for Trading.

  • Here available different pools for earning additional income from our hold of Cake.

  • And also available different pairs of Farming here.

  • Staking/Unstacking very easy for me.

  • Its UI looking very attractive and simple to use.

  • In Mobile also we can access through Metamask or Trustwallet very easily.

  • Here I get a lot of other earning ways like Prediction, Lottery and IFOs too.

  • It's on Binance Project, So we can Trust 100%.

On considering all those reasons I choose Pancakeswap for additional income needs on my holdings.

Conslusion

On holding our coins in our Exchange wallets or other wallets we don't get additional income on holdings.

If you buy any coin for long-term needs, Just check their staking or Farming opportunities, then stake there. From this, we earn additional income without Trading.

Always try to earn extra income from your holding coins. Don't miss any easy money earning opportunities. But ways stake your coins in trusted platforms only.

Some platforms offer more APY, but there is a chance to shut down that platform. So always stake your coins in Trusted platforms only. Here you may get less APY but no risk. Before getting Reward risk management is most important.

Thanks For Reading My Post

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@image,pls check my post. I submit 2 days before,still not review.

Pls check sir.

Hola @lavanyalakshman

Gracias por participar en la Academia Cripto de Steemit.

Mi apreciacion: Buen trabajo. Descripcion muy completa de los procesos de transferencia de fondos y de staking.

Espero continuar corrigiendo tus proximas tareas.

Calificacion: 9.0

Thank you very much for review my submission.

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