Blockchain and Cryptocurrency Beginner - Fixed and Flexible savings, High risk Products and Launchpools

Fixed savings

Fixed savings is one of the savings type and ways to earn passive income on platforms like Binance. The name fixed means that the cryptocurrency asset will be locked for a certain period of time and can only be withdrawn from the fixed savings after the locked time frame is reached. On platforms like Binance that offer savings as a way to earn passive income, Fixed Savings is basically a type of savings where the cryptocurrency asset is locked for a certain time period… and once the time period is over, the cryptocurrency can be withdrawn from the fixed savings. This type of savings method has a much higher interest rate, but the only downside is that the cryptocurrency cannot be withdrawn until the fixed time duration is reached.

Flexible savings

Flexible savings is also one of the savings type and a way to earn passive income on platforms like Binance which offers flexible savings. Flexible savings is a type of savings that allows saving your cryptocurrency and withdrawing without any lock time duration. This means that when saving a cryptocurrency in flexible savings, the cryptocurrency can be withdrawn anytime. The downside to this is that the interest rate can be very low compared to fixed savings which offers much higher interest rates.

High-risk products

High-risk products are another way to earn income on platforms like Binance. High risk products are a bit more risky compared to the fixed savings and flexible savings. However, the returns can be very appealing. On Binance, there are three aspects of High risk products; DeFi staking, Dual investment and Liquid swap. But I will be focusing only on Dual investment.

On Binance, Dual investment or dual savings is a two-asset yield aggregator. It enables anyone who invest to earn regardless of the direction the cryptocurrency market goes. On dual investment, you lock your cryptocurrency in a yield and earn yield based on two assets. We all know that cryptocurrency is volatile, which means that the price a cryptocurrency as skyrocket at any time depending on various factors. With this, you can earn even more if the value of your locked cryptocurrency goes up.

Launchpools

Farming has been one of the major talking points in the crypto space in the past months especially since the rise of DeFi and staking. Launch pools is another way to earn on platforms like Binance. Launchpool is basically farming a new token with another cryptocurrency. In other words, you can stake a particular cryptocurrency and farm a new token entirely which has value or can increase in value. On Binance, you can stake BNB on the launchpool and earn other new tokens like TLM.

How to Setup Flexible Savings on Binance

Setting up a Flexible Savings on Binance is a straight forward process. To do this,

• First visit the Binance website https://www.binance.com and login to your Binance account
• On the Finance Tab, click on Binance Earn

• Locate Flexible Savings section
• You will find a couple of cryptocurrencies that are supported for flexible savings
• For this demonstration, I will be using BTC… choose any of the supported cryptocurrency and click on the “Transfer” button. Each of the different cryptocurrencies has its different estimated APY. Also Pay attention to this when choosing the cryptocurrency for flexible saving.

• Before proceeding to click on transfer, make sure you have BTC readily available in your spot wallet
• On the transfer page, input the desired amount of BTC you want to transfer and deposit for flexible savings

• Once you are done, accept the terms and click on the transfer confirmed button
• You can now start earning interests from the flexible savings based on the APY.