Cryptoacademy Season 2 Week 3- Homework post for @alphafx

marwone (61)in SteemitCryptoAcademy • 3 years ago (edited)

Hello Professor,

Do you hold any coins ? Talk about the wallet type you prefer/would prefer holding in.
I only have coins that I gained on steemit. The coins are steem, SBD and tronx. I have not invested my money in cryptocurrency yet but I will soon start investing in it since I now have a fair knowledge about cryptocurrency thanks to the wonderful work being done by our able professors on these platform.

Initially I was planning to hold my coins on an exchange wallet like binance but after reading your lecture note I would like to hold my coins using hardware wallets since when using hardware wallets your coins can not be stolen easily because it uses an offline device to store private keys which makes it very difficult to be hacked.

Using screenshots, show how to cash on any pair of your choice.
I will be be using binance since it is the only exchange platform that I'm on.
Since I only have steems in my binance wallet I could only use STEEM/ETH pair or STEEM/BTC pair.
I will be using STEEM/ETH for my demonstration.

After opening my binance account I opened my wallet which contains only 2 steems.

I then selected STEEM/ETH since I would like to sell my steem and buy ethereum.

Since the steem in my wallet wasn't enough to buy 0.005ETH or more so I couldn't continue my transaction.

Holding or trading, which do you prefer and why?

Since I'm new to investing in cryptocurrency I prefer holding than trading. Holding helps investors to make a lot of profit. One needs to be patient before you can hold a coin because if care is not taken you can make a great lost as a result of holding coins. A friend of mine bought SOLANA COIN at $1.891 on the 12 of December 2020 but today the value of one Solana coin is over $45.00, holding of coin can make one rich easily, the value of the coin has increase by over 2,379%. Lets assume if he invested $1000.00 in the coin today the value of the coin he invested in would have been over $ 2,379693.00. Holding of coins makes investing incryptocurrency easy and saves time since investors don't have to be always reading charts. Holding of coins advisable for investors who wants profits fast since it may take a very long time for one to make profit.

CONCLUTION
Even though holding cryptocurrency may be highly profitable but it is always advisable to invest money that you can afford to lose.

#holdingvstrading #alphafx-s2week3 #cryptoacademy #steemexclusive #steemit