Crypto Academy Week 11 - Homework Post for [@alphafx]-Trading and Holding - Two Sides of a Coin
Thanks, professor @alphafx for sharing today's lesson with us. I learned a lot of important information about trading and holding. I hope I will get more and more good lessons like this. Now I will complete my homework task by answering your questions one by one. I hope you love it.
Do you hold any coins? Talk about the wallet type you prefer/would prefer holding in
Yes, I held coins many times. I am currently holding STEEM and TRX. Because the price of STEEM will increase further. I hold the STEEM and TRX that I get from Steemit. Because at present the price of STEEM has come down a lot. The market for Bitcoin is also going very badly now. So I think it would be wise to hold on now. The price of TRX was low a few days ago but it has doubled in the last two weeks. A few months ago the price of STEEM was also much lower. Now it has increased almost 3-4 times.
From today's lesson, we have learned about two types of wallets. Of these, I would prefer a hot wallet for holding. Because of this Mobile and desktop wallets seem much safer to me. So I prefer the well-known Trust Wallet. Because the trust wallet acts as a bride, and it does not hold or control any Crypto of ours. So it will provide us with a lot more security.
With screenshots, show how to perform spot trading on any pair of your choice.
Spot trading is a very simple task. Anyone can do it once they see it. STEEM and TRX from Steemit I always sell by spot trading. Today I will teach you how to do spot trading. In this case, I chose TRX / USDT pair. Let's get started:
Step-1
First, open the Binance app and select Markets> Spot> FIAT> USDT.
Step-2
Then search by typing trx in the search box and click on TRX / USDT pair. This will take you to the next pop-up window.
Step-3
Since I want to sell TRX, I clicked on Sell.
Step-4
Now click on Sell trx with limit 0.12950 and amount 100%.
Step-5
My order was placed. Currently, the market is at 0.12740, if the market price hits 0.12950 my TRX will be sold and I will get 14.77 USDT.
Holding or trading, which do you prefer and why?
Above, I have two options in front of me, one holding and another trading. From there, I prefer holding this would be the best choice. Because personally, I think there is a lot more risk in trading. And since the cryptocurrency market is very volatile, trading here is a lot of risks.
Cryptocurrency is a completely new thing at the present time. It has not yet reached more people. Nothing has happened yet as it was supposed to spread. However, it goes without saying that cryptocurrency will be the only currency in the future. The time for paper money is over. That is why the demand for cryptocurrency is increasing day by day. At this time we need to research the market and hold the coins that are good. If you can understand and hold the coin properly, it will give us much more profit in the long term. And the growth of cryptocurrency that I don't think is so much profit and I have doubts whether it is possible from any other place.
I will give some examples of the benefit of holding, in 2020 the lowest price of BTC was $ 6871, but in 2021 just 1 year later it became $55000. About more than 700% profit within a year. Those who have held BTC since 2020 have benefited a lot now. Due to the above reasons, I prefer holding.
Conclusion
In today's lesson, we learned about different types of wallets. I didn’t know so much detail before. My idea of different types of wallets is clear now. There is a lot of important information about trading and holding in the lesson which I think will be helpful for all the readers. While completing the homework tasks and doing research, I have learned a lot more about trading and holding.
Scoring
Thanks for participating
Thanks.