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

Answer

I'll choose Binance Platform for my Transaction

What is Binance Itself?

Binance at this point has made herself known to the whole blockchain space. Binance is one of the largest exchange platform for digital assets. Meanwhile, Binance isn't only a trading platform. In 2017, the exchange was established.This platform has minimal transaction costs, give support for popular and reliable cryptocurrencies, and also support innovative projects which have helped the platform swiftly establish itself as a standard exchange platform.

Why I choose Binance

Binance have the largest trading volume in exchange, yet, without any noticeable performance penalties, Binance is capable of processing large-scale transactions in enormous volumes.

The Binance exchange platform has seen abrupt spikes in traffic and has managed to prevent operational outages in the majority of cases. Binance rarely has problems, and when they do, they resolve them swiftly.

Binance is a relative newcomer compared to certain industry stalwarts. Despite the fact that it has only been in existence for four years, it has done admirably, especially in that time, gaining popularity and establishing a solid foundation for itself.

Binance once had an issue, but since then, they have improved their security level, which has made her gain trust from investors and traders

Basic Services they offer

1. Binance offer a free service of educational resource on cryptocurrency, decentralization, and blockchain.

2. Binance offers a card that can be linked to your cryptocurrency wallet which can be used to settle transactions pertaining cryto and blockchain, with your available balance in your crypto wallet.

3. Binance network manages blockchains and supports Dapps, and focus on the decentralized finance industry.

4. Binance own a charity organization. Basically for charity.

5. Binance have a feature through which they give out cryptocurency loans.

6. Binance also operates Decentralized exchange popularly called DEX.

7. Binance offer a service of funding wallet through Bank Cards e.g Credit Card.

8. Binance has incredible futures, allowing you to trade futures with multiple (125x) leverage.

9. Another fantastic option provided by Binance is peer-to-peer trading (P2P). Allowing two customers to execute a transaction successfully.

10. Binance have a savings service that allows users to earn interest on assets by lending them.

11. Binance offer a staking service that allows you to earn return by rendering a specific amount of your token to fund project which will be freeze for a certain period of time

12. Binance have its own backed up dollar token (Stablecoin) called BUSD.

13. Binance build its own official cryptocurrency wallet Popularly known as Trust Wallet

Apart from all the services that Binance itself is offering, Binance Network also do purchases projects from outside parties. e.g DappReview application, Coinmarketcap, and WazirX exchange platform.

I choose Staking method of generating income

Here is the step by step how I made my transaction

I logged to my Binance mobile app wallet, then I went ahead to check if I have spare token to use for my staking.
Then I realized I have enough TRX to stake since my reputation is still at 62. Otherwise, I would have to transfer more to meet up the limit request.

Then I went back to the home page, to explore the services and to select my choice. I clicked on more to see other services that were not displayed in the homepage.

Then I clicked on staking

It brought several options of tokens I can possibly stake. But since I want to stake TRX, I typed TRX in the search bar.

It brought TRX Staking options, and the percentage for return (12.49), which I don't think is bad. I choose the 15days and I clicked on stake now.

Here I input the amount of TRX (251), that I am willing to stake.

I scrolled down, and after reading the savings service agreement, I clicked agree button. Then I clicked to confirm purchase

Here my staking was confirmed and the time duration.
Then I clicked go to wallet.

Here from my wallet, I can view the details of my staking and watch as the time flies. Just click on earn.

Explain the profitability of the chosen method.

Staking is a very good thing and a good decision to make when you have a spare coin that you are not willing to use anytime soon, and instead for the coin to be just as it is in your wallet, you can decide to stake and in return, you earn interest.

With my 251 TRX, I will be given 12.49% as the estimate APY percentage.
As 12.49% is calculated against 251TRX, For 15days, they estimated my interest return to be 1.28834 TRX.
Within 15 days, I will be receiving 1.288TRX return on staking. Where as, I have made a profit instead of living my token idle in my wallet.

Conclusion

There are several ways to earn money from cryptocurrencies. It is fun, interesting and profitable. However, it is adviceable that we do background research on the platform which will offer us the service to earn return from our cryptocurrencies to avoid been scammed.

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Special thanks to Prof @imagen for this week's lecture