I am not a financial advisor this content is for entertainment purposes, only and I strongly advise you. Do your own research and use my opinions as a starting point in your journey let’s. Get it all right guys before you can even appreciate earning money in crypto, on your, us dollar, you have to get an idea of how much money you’re making within your own bank account right now.
So let’s use the bank of America as an example. If you were keeping your money in the bank of America right now in savings, you’re making an interest rate around point zero one percent all right for those of you who don’t have an idea of, how much that would be in practice.
Let’S look at a compound interest calculator. So let’s say I had a thousand dollars right now and I was making point zero, one percent yearly and it’s my savings account. So I kept it in there for five years calculate, okay cool. So in five years, I have made a whopping50 cents. Yes, that’s exactly how much you’re making, with this interest rate, breakdown you’re, basically making nothing okay but.
Let’S say you were in their advantage platinum, membership and I believe that takes around a hundred thousand dollars to get there. Let’S say: you were, making around zero points three percent: oh you made a dollar. Fifty in five years it’s a lot of money guys.
But let’s say you were earning money on your us dollar in crypto inside of a platform like celius, where I keep my money and today, I’m going to show you but for now just know that I’m making around eight percent yearly and let’s say. We did that for five years.
On a thousand dollars in five years I would have made close to 500 bucks all right. Let’S look at a percent difference calculator, so eight percent versus point zero one we’d have around a 200 percent difference. That is crazy.
So that’s just a summary of why you would want to use a platform like this to make passive income, I’m going to start off by getting the coinbase pro app to buy our crypto now we’re going to download the Celsius wallet. Here’S myCelsius account.
I started off around 2k. This year um looks like a lot of my assets have appreciated not badly made around 54 This year, not bad and that’s just purely passive income, so let’s get an idea of what it would take or how much money we could make just holding crypto here, like a bank account. If I had point .1 bitcoin around 3kright now I can make 6 % yearly and this would be my weekly profit. Now the reason we’re here is that we want to earn money on our cash maybe because.
We don’t like the volatility that comes with holding bitcoin. It might be too much for us, so we’re going to pick a stable coin. Whichmimics us dollar and always stays at a dollar we can make eight percent yearly. So let’s say we had a thousand dollars be about 8.8 percent yearly two dollars weekly and 88 yearly on your cash so to give you a visual representation of what’s really going on in our current financial system with these legacy banks.
If you get it, you get it. You know. So I’m gonna teach you how to do this. For the most part, we need to send cash to our wallet we’re gonna go to transfer coins. I’m gonna go through here we’re gonna click on the dropdown, we’re gonna search for USD coin remember it’s, a stable point that watches us dollar all right.
We’Re gonna go copy. The address and you’re gonna see the lot in crypto when you’re. Sending money is you need the address to where you’re, sending it kind of like an email address or like when you’re using Zell, so we’re gonna get into coinbase pro here’s my account. We want to switch over to my portfolio I’m holding around 2k right now, in crypto, which is mainly just us Dewey coin, endpoint or USDC, and i’m going to transfer about half of that to my cellulous wallet. So I’m just going to click, withdraw I’m going to go put it into the crypto address.
I want to send it to I’m going to paste that also I’m blurring out my addresses because I just don’t want that to be public information but anyway. There is a small network fee. it’s like 1.7. Almost like two bucks for sending input in the amount to get the verification.
Codeyou’Ll notices this, if you have a coinbase account you, have to use uh these google authenticators just to make sure it’s you right put in my code, confirm and send boom I’m starting to withdraw theistic into my Cellius wallet, so it really easy, guys log in the boom. I’m has done the money’s there and now, I’m gonna be earning my interest. I should make 88 dollars this year. So now let’s say you’re panicking and I need that money. How do you get it back?
Really really simple? Guys? Click on your USD coin click withdraw and now you just go backwards so. We need to get the address of the coinbase wallet we’re getting it from, but first, we go through the process of withdrawing funds now we need to go, get the address and paste the address yep. So I gotta.
Go to coinbase pro to get that address got to click. On my USD coin. I understand all right with that being said: we are done also, you don’t know how to get the USD coin. Fromcoinbase pro. You basically just connect your bank account to coinbase pro and deposit, whatever money you want to deposit, and then it will give you the option of Conv converting that money to USDC coin.
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