How to earn $10 dollars a day with PancakeSwap
In this post I will try to explain step by step how to earn $10 dollars of PASSIVE income thanks to PancakeSwap.
Following the steps of this little post will allow you to know and understand how these passive income can be generated every day without having to do anything at all, something that I find interesting about this strategy is that you will earn these passive income in cryptocurrencies, this strategy It will allow you to generate an extra income that you will be able to combine with your work, with your studies, or if you dedicate yourself to the world of investments and cryptocurrencies, etc. You will be able to use this strategy to have a source of additional income, what I find interesting about this post is that I will be able to detail you step by step to generate this passive income.
Before starting, what I want to make clear is that this is NOT an investment recommendation, this post is just an indication of how to get or generate passive income with cryptocurrencies, but it is not a recommendation, you have to be responsible and make decisions autonomous or own, since all investments are a risk and especially investments related to the world of cryptocurrencies, these have a fairly considerable risk. The second thing I want to make clear is that there are hundreds and even thousands of ways to generate passive income thanks to cryptocurrencies, the way I am going to explain in this post is not the most profitable way, much less is it an easy way to understand and quite easy to apply,
The first thing we must understand is what exactly is PancakeSwap ? How to use it to generate passive income ?
For me it is super important that it is exactly what I am investing in and how it is done to generate this return, because if I do not understand an investment it gives me quite a bad feeling and also I am not comfortable investing there, so I invest to feel comfortable and not to invest and then be stressed about investing my money there, so it is too important to know the aforementioned and relate to this type of investment.
What is PancakeSwap ?
It is a decentralized Exchange that allows the exchange of tokens on Binance Smart Chain (BSC). PancakeSwap allows token swaps without losing custody of the assets (at least until the swap takes place).
What is an Exchange ?
A cryptocurrency exchange is the portal or platform where investors trade cryptocurrencies in exchange for fiat money or other cryptocurrencies.
What is a decentralized Exchange ?
Decentralized exchanges , also known as DEXs, are digital platforms that work like traditional exchanges . But unlike traditional exchanges, a smart contract operates at the core of the service. This cuts out middlemen to a large extent, making them more secure and transparent.
Summarizing the topic of PancakeSwap, we can define it as a decentralized Exchange which needs liquidity to function, so we as users are going to lend our cryptocurrencies to provide liquidity and thus this Exchange has liquidity and by lending our cryptocurrencies we are going to generate passive income.
Having said this and understood how everything works in terms of what we are going to do to generate passive income, we are going to go directly to the step by step of what we have to do all this that I have told you about.
Okay, the first thing we have to do is:
Create a Wallet in which you can store your cryptocurrencies in this case the process will be done by the MetaMask Wallet , this wallet is totally free to use and deposit your cryptocurrencies, MetaMask you find it as a Google Extension, like faucetpay , coinbase , or binance but these last 3 wallets can be found on their respective websites.
We should preferably create an account in the Wallet, if you already have an account created, just skip these steps and analyze the following steps.
The next step is to make an investment to our MetaMask wallet, I emphasize if you chose another wallet, you only deposit the money there, this is done in order to import liquidity to said wallet which is linked to the cryptocurrency.
Well once we have the money in MetaMask, we only enter the PancakeSwap page , it will appear that we connect with our wallet, in my case the wallet would be MetaMask.
Once your wallet is linked to PancakeSwap, we simply go to Earn and click on Farm to start adding liquidity.
Something very important that we have to understand is that the script or coins always go in pairs at the end because what value does a bitcoin have, for example, because a Bitcoin always has the value of a Bitcoin but to know its price we have to compare it with another currency such as Bitcoin with USDT, Bitcoin with dollars so we know the price of bitcoin based on another cryptocurrency so all crypto units go in pairs and basically this Exchange needs you to provide liquidity from these two pairs so that it makes sense and to be able to function.
So if we come here, well, all the pairs that need liquidity appear to us, well, as you can see, there are a lot of them, we can filter them either by hot, because it would be like the most famous, or by apr, basically the ones that give the highest profitability, or we can filter For liquidity, well, for a lot of things, so imagine that you want to provide liquidity to a couple of loudmouths, for example, it could be PUSD with BNB. See how I already have an IP. USB is a cryptocurrency from the BSC network that replicates the dollar then we would just click here on enable.
It opens MetaMask directly for us and we charge you a fairly low commission but it charges me a commission of 8 cents of a dollar, we must take it into account, we click here to confirm.
So once we've done this, Steak lp appears here.
Then the most initial liquidity pool event is worth it to make a stay king of this Steak lp because we need to create this Steak lp and it will be next to make a stay king of this Steak lp it will give us this apple rivers following this annual return as you can see because it would be in In this case, 24 percent per year, but well, if we come to lose, well, let's talk about profitability, it's 778 percent, 332 percent, well, really crazy.
So going back to where we were, which is basically this one, they ask us to create this Steak LP, which is from BUSD with BNB, see how we do this, next time we remember, hey, we need BUSD, it's BNB, we have the TRADE section here, we come here.
liquidity we click on add Liquidity okay then we select what BUSD and BNB told you about.
ok then let's say that we want to put 0.1 bnb then to do this basically what we have to do is when we want to provide liquidity we are going to have to contribute the same amount of money from the two pythons that we are going to contribute ok so in this case hey I want to contribute well 0.1 bnb then he's going to ask me 0.1 bnb but he also has to contribute 38 dollars which is what 0.1 bnb costs hey I don't want to contribute 0.19 and I want to bet 0,01 bnb three dollars well nothing would happen because you have to contribute this and have another side you have to contribute this amount of money so in my case I am going to do the test with this so that there is a bit of money and to be able to do a test that okay then what I have to do is have a 38b usb that today I don't have so to see from here hey you don't have them ok it's okay I come here to Exchange I'm going to change bnb for a usb ok then basically I put it well I want to have 39 usb, it tells me it's okay because it costs this because I do swap, I accept that it opens MetaMask, I click here to confirm.
And as we can see here, it's already done.
If I come here to the MetaMask we can see that I have 39 usb so with that said we go back to the script.
And we select the pair that we want in the event, then what we are going to do here, that took 01, which is 38 BUSD, and now it lets me do it, so we click here, it charges me a commission of 9 cents, which is not very high, but you have to have it. consider.
Then this appears to us basically we are creating the lp we click here and the lp is already being created simply click here.
To add this currency in the MetaMask we just click on continue.
It's okay to be able to see it, so once we've done this, we go back to the Earn, we go to the Farm, we select BUSD and BNB, which is what it just created, we click on this lp.
we click here on max and basically it doesn't appear because I have all this amount which is what it just created so once I've created it I put it here I click confirm.
He charges a small commission again and that is why in this type of thing the ideal is because when you want to make this type of investment you can make an investment and not have to make an investment every day or be moving money things like that because at end they will charge you many commissions then
once we have done this we already have everything working as we can see because here we have active Farming.
So we can see that I have this amount of BUSD and BNB that here appears to me because the value of dollars because this is really going to fluctuate depending on what I am going to tell you about later and here in PancakeSward because basically it appears to me because the money that I have earned at the moment when I want to withdraw this money I simply click on this button and I can withdraw it and it is constantly generating money.
Then also a very important thing that must be emphasized is that the money these commissions give you are going to generate valuable cake basically they are generating it for you in the PancakeSwap crypt currency but as I told you at any time you can take it out and you can exchange it for the cryptocurrency you want.