Steemit Crypto Academy Season 4 Beginners' course - Homework Post for Task 1 : [Tron Ecosystem] | by @chairulrizalx

(3). Perform a STEEM and TRX transfer(micro amount) to Poloniex exchange? What are the different markets available for TRX and STEEM to trade in Poloniex ? Perform a small trade in either TRX or STEEM in Poloniex ? What is the withdrawal fee if you withdraw TRX, STEEM, and TRC20 USDT in Poloniex ? How cost-effective is TRC20 USDT as compared to ERC20 USDT? Make a comparison of TRC 20 USDT withdrawal fees with other major exchanges ?

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Hello Everyone

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Season 4 of Steemit Crypto Academy has arrived at Week 5, and on this occasion, I will complete an assignment for Beginners Level Introductory Fixed Course at the Crypto Academy. In this post, I will complete Task 1 which is discussed Tron Ecosystem Steemit Crypto Academy Season 4 Beginners' course - Task 1: Tron Ecosystem mentored by Professor @sapwood.

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1). Perform a STEEM and TRX transfer (micro amount) to Poloniex exchange ?

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1. STEEM

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To deposit STEEM coins into our Poloniex exchange account, we must log in to steemitwallet.com. The following steps:

• Login to your steemitwallet.com account, enter your Username and Steem Key and click the Login button.
  ^source

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• Make sure you have a Steem balance so you can transfer to the Poloniex exchange platform. After successfully logging into the steemitwallet.com, in the STEEM menu click on the Balance, select Transfer.
  ^source

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After entering the Transfer menu, to make a STEEM deposit we need the Address and Memo which is the destination for the steem coin transfer.

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• Go to the https://poloniex.com/ website and select the login menu.
  ^source

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Enter your Poloniex account email and password, click to verify, and then select Log in.

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• After successfully logging into your Poloniex account, select the Wallet menu and type "Steem" in the search field, click on the STEEM column, and select Deposit.
  ^source

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• Copy the Address and Memo on the Steem deposit menu.

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• Type "Poloniex" in the address field, enter the amount of steam you want to transfer, and enter the destination memo "9NatKwZsKH" to our Poloniex account, then click "Next". Double-check the Address and the destination memo so that it is not wrong, after everything is correct click "OK".

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• We can see the details of the transfers that have been made on the steemitwallet history view.
  ^source

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• Check the wallet on the Poloniex exchange, if the transfer is successful then the amount transferred will appear in the balance column.
  ^source

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2. TRX

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I use the Tronlink application to transfer TRX coins to a Poloniex exchange account, here are the steps:

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• Open the Tronlink application, on the main menu click on the Send button and we are directed to the transfer view. On the transfer menu, several menus appear Transfer to account, Receiving account, Select Token, and Balance.
  

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• Select the Wallet menu and type "TRX" in the search field, click on the TRX column, and select Deposit.
  ^source

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When entering the TRX deposit menu, select Deposit On Tron.

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We can scan the QR Code to get the address of tron and also copy the address.

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• After getting the Tron address, in the Tronlink app enter the address in the Receiving Account field, select the TRX token, enter the TRX nominal to be transferred, and click Send. Make sure the destination address is correct, then select Confirm. The successful transfer will appear on the transaction list page.

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• Check the wallet on the Poloniex exchange, if the transfer is successful then the amount transferred will appear in the TRX balance column.
  

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2). What are the different markets available for TRX and STEEM to trade in Poloniex ?

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1. STEEM

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• To see the available market on steem coins Click on the Wallet menu then click STEEM balance, the steem market display will appear on the right side menu. Steem is only available in some markets on the Poloniex: exchange platform. STEEM/BTC STEEM/USDT and STEEM/TRX

^source

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2. TRX

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• To view the available TRX markets, click on the Trade menu, then select Spot, and on the left menu select TRX. TRX has more markets than STEEM.
  ^source

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• TRX market is provided by the Poloniex platform.
  
  ^source

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• To see the available market on TRX Click on the Wallet menu then click TRX balance, the TRX market display will appear on the right side menu. TRX/BTC | TRX/USDT | TRX/USDC | TRX/USDJ
  ^source

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The market difference between STEEM and TRX is that in TRX there are more available markets than STEEM, TRX also has its markets such as BTC, ETH, and USD/USDT. STEEM only has markets in BTC, USDT, and TRX.

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3). Perform a small trade in either TRX or STEEM in Poloniex ?

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Here I buy USDT using STEEM using the Poloniex exchange platform, I use the STEEM/USDT market because I have previously made a STEEM deposit sent via Steemit.

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• On the main page of the Poloniex exchange Click on the Trade menu and select Spot to start trading.
  ^source

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After entering the Spot page in the menu section on the left, click on the USD menu and type STEEM.

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Scroll down and select SELL to exchange STEEM to USDT. Enter the amount of STEEM to be exchanged for USDT, then click Sell.

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In the picture above what I can explain is that when I sell STEEM to buy USDT I have a balance of 2,937 STEEM, then I buy USDT at a price of 0.55830030. With the amount of STEEM I had and bought USDT, I got 1.63972798 USDT. After successfully making a STEEM/USDT transaction, the transaction data can be seen on the My Trades menu as shown in the image below.

^source

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4). What is the withdrawal fee if you withdraw TRX, STEEM, and TRC20 USDT in Poloniex ?

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1). TRX

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The fee charged when making a TRX Withdraw is 0.01000000.

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The fee charged when making a STEEM Withdraw is 0.01000000.

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The fee charged when making a TRC-20 USDT Withdraw is 0.00000000 or Free.

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5). How cost-effective is TRC20 USDT as compared to ERC20 USDT?

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Transaction fees are an important thing in trading cryptocurrencies, fees when transacting digital assets can affect how much less ownership of the asset is being transferred. When making a transaction, if the fee charged is large enough, the user feels lazy to make a transaction.

Discussing the transaction fees of ERC-20 and TRC-20 are still very clearly outperformed by Tron (TRC-20), the difference in fees between Tron (TRC-20) and Ethereum (ERC-20) still looks quite far with Ethereum fees that can reach 30 USD while Tron only reached 2 USD. This comparison is the highest cost comparison of the two, where the cost can fluctuate as the mechanism changes are made by the TRC-20 and ERC-20.

^{Fee charged when sending USDT on an ERC-20 basis source}

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Fee charged when sending USDT on an TRC-20 basis from Poloniex Exchange.

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6). Make a comparison of TRC 20 USDT withdrawal fees with other major exchanges ?

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• Fee charged when sending USDT on an TRC-20 basis using the Indodax exchange platform.
  ^source

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Fee charged when Withdrawal USDT on an TRC-20 basis from Poloniex Exchange.

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• Fee charged when sending USDT on an TRC-20 basis using the Binance exchange platform.
  ^source

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Conclusion

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In this task 1 I learned a lot about transactions made using the Poloniex exchange platform, besides that I also learned about the available markets for STEEM and TRX on that platform. Transaction fees are an important thing in trading cryptocurrencies, fees when transacting digital assets can affect how much less ownership of the assets is being transferred.

When making a transaction, if the fee charged is large enough, the user feels lazy to make a transaction. Professor @sapwood gave me new knowledge about the difference in fees charged when making USDT transactions based on ERC-20 and USDT based on TRC-20.

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Thank You

cc Professor : @sapwood @dilchamo @nane15

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