Here's how I make passive income with cryptos

So for some time now I’ve been making passive income through crypto currencies. Not sure how many people know this but I thought I’d share anyway. So the idea is put up money into a DEX (PancakeSwap) and the money works to generate income. There’s nothing else to do other than staking some cash. Obviously the higher you stake the more money you make on the side.

PancakeSwap is a type of DEX known as an automated market maker. This essentially means that there are no order books, bid/ask system or limit/market orders. Instead, users trading on the platform automatically draw liquidity from one or more liquidity pools, which then rebalance after the trade is complete.

I invested about $1500 (or so) and now have about $1700.

I’m happy to explain how this works if anyone is interested and has questions.

PS: This is not financial advice.

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These days am scared of crypto currencies oo. Buh we won’t give up

What are you scared of exactly?

would like more info on this please

The way Bitcoin is depreciating

Bitcoin like every major currency depreciates and appreciates. You can’t expecting it to appreciate forever and ever lol. :smiley:

If you have a specific question I can answer what you want to know. :slight_smile:

Why is it that only me naa I join then boom it’s depreciating

You’re experiencing a version of the Frequency illusion - Wikipedia. If you joined and it went up you wouldn’t realise it can go down too. :slight_smile:

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How about now bro???

Hahahaha. Good question. I even forgot about this post? Some people only notice Bitcoin when it’s plunging. :rofl:

I’ve been trying and playing around with crypto. Got started using Coinbase. Buying little bitcoins and seeing how they do. Don’t really wanna invest a lot into something i don’t fully understand yet.

What’s the difference with this one compared to other crypto trading apps?

Yea gy3 sika :joy::joy::joy:. What a nice investment. Buh those days I couldn’t sleep oo

No worries. You can ask me anything. Been into cryptos for years now.

The application you’re seeing in my screenshot is a DEX (Decentralized exchange) called PancakeSwap. And what I’m doing with this DEX is holding CAKE (the token of the PancakeSwap project), because it’s an exchange, someone (like me) has to make CAKE available for others to trade with, by making CAKE available (that is, buying CAKE with real money and leaving it on the DEX for people to work with), I get a small cut of fees on the platform. This process is called “staking”.

CAKE is a token, Bitcoin is well, a coin.

Decentralized exchanges (DEX) are a type of cryptocurrency exchange which allows for direct peer-to-peer cryptocurrency transactions to take place online securely and without the need for an intermediary.

Difference between a coin and a token:
Coins are just method of payment while tokens may present a company’s share, give access to product or service and perform many other functions. Coins are currencies that can be used for buying and selling things. You can buy a token with a coin, but not vice versa. Coin operates independently, while token has a specific use in the project’s ecosystem.

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Thanks bro. I’ll definitely get involved in that and if I have any questions in the future, i shall ask. Will do my research also.

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