Crypto Academy Week 11 - Homework Post for [@alphafx]

ibad4242 (61)in SteemitCryptoAcademy • 3 years ago

Hello Steemit:

How are you all, hope you all are doing well. So, today i am very thankful for professor @alphafx for teaching us a very important topic about trading and holding. After attending this lecture, i understand many important aspects of cryptocurrency trading and holding and which types of wallets are used to do these things.

This is the homework task of this week by professor @alphafx.

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?

Let's start with the answer of given questions,

Talk about the wallet type you prefer/would prefer holding in?

In the crypto world, one thing id very important which are wallets. If any user will able to use wallet then it become easy for them to trade and hold there purchased coin in wallets.

As professor @alphafx teach us about two different wallets and there features. It is very important to learn all things about cryptocurrency wallet. This understanding about wallet will help you to invest your money in secured and safe platform. Because in holding any coin, it takes months and years to make you profit. In this period it is important for any user that his/her coin private key and seed key was safe in secured wallet.

There are many Cold wallets ( paper wallets, Hardware wallets, Offline software wallets) which are basically an offline wallet, run without using internet that's why these wallets are safe from hackers. But in case you miss these wallets, such as if you miss your paper wallet then it will become difficult for you.

And other type of Wallets are Hot Wallets ( Exchange Wallets, Mobile and Desktop Wallets, Web Wallets). These wallets are run on internet. They are less secure than Cold wallet because they are made up on internet and run on internet. Things which are connected to internet are easy to hack.

I prefer Hot wallet type. And the wallet i like is Trust Wallet. Because this wallet gives a secured place to hold your coin. And the main advantage of this wallet is, It is multi-chain wallet which means different coins belongs to different blockchain are easily used in trust wallet. Trust wallet support coins of different blockchain. You don't need to download different applications for different coins.

Trust wallet support different coins of different blockchain which includes,

Bitcoin (BTC)
Ethereum (ETH)
Binance Coin (BNB)
etc

For further information about trust wallet, go to my homework post for professor @sapwood

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

I would like to perform spot trading on BTC/USDT pair.

First of all, go to Binance https://www.binance.com/en website.
Then Log in your account if you already make an account on binance website.

Then Go to Wallet. Drop down will appear, then select Fiat and Spot
Then this interface will appear.

Then go to BTC which i selected with a USDT as a pair to trade.
Then click on Trade button.
Then Select BTC/USDT pair.

Then this interface will appear to you.
This interface has a video on How to Spot trade on Binance.com. I recommend you to see this video it will help you to understand all things regarding spot trade.

After viewing that video, this screen will appear and you clearly see the graph.

In the exchange market, user have two options.

Limit Order.
Market Order.

Buy:

There are two ways in buying BTC from USDT.
One is user can set their own limit price and then buy that coin. If the market price will reached to that price which user was set. Then user order will placed.
And the other option is Market order. Which means buy your coin on Market price.
After selecting any one option. Click on buy button after entering amount.

Sell:

There are two ways in selling BTC for USDT.
One is user can set their own limit price of selling that coin and then sell that coin. If the market price will reached to that price which user was set. Then user order will placed.
And the other option is Market order. Which means sell your coin on Market price.
After selecting any one option. Click on Sell button after entering amount.

Holding or trading, which do you prefer and why?

In my point of view, Holding is better than trading. But if you have extra money, then you will be able to hold any cryptocurrency after investing in it. But if you don't have much money for daily use. Then trading is better.
Both Trading and Holding have disadvantages and advantages because cryptoworld is unpredictable. So, if you want to hold then you must have strong knowledge about that coin and there past growth. Then this will be beneficial for you.

That's it for my homework. Hope I finish my tasks correctly. This post is plagiarism free and pictures are mine which are screenshots of Trust Wallet and Binance website.