Crypto Academy Week 11 - Homework Post for alphafx
Hello steemit
How are you all? I hope everyone is doing well. Like the week 1, I’m going to attempt the homework of @alphafx so lets start it. Before starting the homework, let’s first mention the homework.
- Do you hold any coins? Talk about the wallet type you prefer/would prefer holding in
- With screenshots, show how to perform spot trading on any pair of your choice.
- Holding or trading, which do you prefer and why?
Q1: Do you hold any coins? Talk about the wallet type you prefer/would prefer holding in
Before writing about any coins which I hold, let me first write about the wallet. Basically A wallet is something where we store something, it can be money, cards, coin, some documents or anything. Like simple wallet, A crypto wallet is something where we store or crypto coins. As crypto is digital currency so are crypto wallets which stores it and make them secure through encrypted key or two factors login and many other measures. There are differents types of wallets like cold wallets and hot wallets. Cold wallets are the one which doesn’t require internet while hot wallets are the one which requires the internet. Examples of cold wallets are paper wallet, some offline software wallet etc. Example of hot wallets are mobile wallets, web wallets etc.
Now there are different types of wallets like single chain wallet and multi chain wallet. I will not elaborate wallets further other wise the whole homework will look like it is on wallets. Now Coming towards the wallet which I prefer holding the coins is Atomic wallet. Basically I downloaded it while doing the home in crypto academy and it found it beneficial in storing my coins in it after linking it with my trx account, it also offers to buy and sell the crypto coin other than securing the coin. Basically it is a multi chain wallet which supports multi crypto coins like trx, bth,eth. Now I’m going to tell you about the coins which I hold. Currently I’m holding only trx coin but I’m planing to invest in crypto in near future which will allow me to hold multiple coins at one place.
Q2: With screenshots, show how to perform spot trading on any pair of your choice.
There are many platforms where we can do the trading but I prefer Binance due to its security and easy to use functions. First of all after downloading the app or using it online we have to register then login the app. After login we have to choose the coin to invest in it after doing some research.
We can see the price graph of the selected coin on the app after choosing it
After looking at the graph now comes the part where we can buy that coin or sell that coin. In case of buying the coin, we can directly buy the coin at the market value like a normal thing which happens in every market place. Another thing is that we can place the bid of the coin which will be approved when market price become equal to it and this will happen depending on the variation in the market. After deciding there is simple process how much coin to buy.
In case of selling the coin, there is same process like buying the coin. It means we can sell it at the market price or can place the bid, when market reached that price those coins can be sold automatically.
Q3: Holding or trading, which do you prefer and why?
In my point of view, I’ll go with holding the coin because there will be crypto future like it had no significance value in a decade age but now we can see crypto is getting very important significant value on every day. There is another reason of going with crypto is that it is a long term investment as I mentioned earlier that the future is of crypto. Investing it now and holding it for future can create a huge profit for the user like bitcoin, ETH, binance coin. They had no value in their start but the people preferred holding them instead of trading had great profits. Another reason of choosing holding over trading is that trading requires a lot of experience and can result in a lot of losses for the newbie.
Thanks for participating
Ty for evaluation
@steemcurator02