Steemit Crypto Academy Season 2 Week 3: Trading and Holding - Two Sides of a Coin

Good day everyone, today, i will be participating in the homework task by @alphafx.

Do you hold any coins? Talk about the wallet type you prefer/would prefer holding in

Yes, I do hold coins. I became conversant with cryptocurrency in 2017 and since then, I have been holding a few coins.

I prefer to keep my coins in mobile wallets and a very good example of such wallet is Trust Wallet

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TRUST WALLET (Mobile wallet)

Trust Wallet is a Decentralized wallet and it is part of the Binance ecosystem. I prefer this wallet because I have access to my keys, remember the phrase "not your key, not your wallet", which is why I usually go for wallets with passphrases, Mnemonics, and Private keys. Aside from the private key and mnemonic, Trust Wallet allows the use of Passwords which also strengthens the wallet.

Amongst the coins/tokens I hold is SAFEBTC,. I bought the coin at its early stage and currently, it is currently sold at low but it is expected to go up in the future so I plan to hold it for a long while although it is a very high risk as the coin has a lot of supply.

Also, I hold STEEM but this time, it isn't in my TRUST Wallet but rather in my Steem wallet which is a web wallet. It has been one of the coins I trust so much.

With screenshots, show how to perform spot trading on any pair of your choice.

For the sake of this post, I will be using Poloniex and I will be trading STEEM. To perform spot trading, first you need to deposit a coin. Deposit can be done either with fiat or cryptocurrency. To deposit steem, one need to copy the correct deposit address and tag/memo that is shown on the changelly page.

After depositing, you then click on the exchange button, after which you will be directed to the exchange page.

When you get to the exchange page, you then search for the coin to trade on the search column. I will be searching for STEEM and there are three trading pairs with STEEM which are TRX, BTC, and USDT. you can pick whichever pair you want.

I will be picking the STEEM/BTC for this. I will be trading STEEM to BTC by placing an order which will be filled.

Once the order has been filled, the coin traded to will appear in the wallet.

Holding or trading, which do you prefer and why?

It depends on the individuals but personally, trading is often profittable as the market is emotional and using technical analysis and fundamental analysis, one can get a right prediction to ho the market will perform. For me, with trading, it is a risk that can make me lose money but at the same time, it can increase the worth of my portfolio which makes it a risk worthy of taking.

Conclusion

Trading and holding are both good in the worls of cryptocurrency. There is a saying that holders are gainers but at the same time, in bear markets, traders are winners provided the trade is right. Thanks to @alphafx for this class, I am glad i participated in this assignment.