Crypto Academy Week 11 - Homework Post for @alphafx

In this homework, i am going to do some explanations.

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

At present i do not hold any coins but i am actually planning to do that. Looking at the different types of wallet available, i will go for a type of Cold wallet called Offline Software wallet. I prefer this type of wallet because it offers me two features: an offline wallet to secure the private key and online wallet with the public key. This is important so that when the online half initiates a transaction which normally is not signed, it has to be sent to the offline half to sign it with the private key which is like confirming or authenticating the transaction before it could be sent back to the online half and finally to the blockchain. This method ensures that my private key is highly secured since it cannot be hacked and therefore very much safer for me. And bearing in mind that i want to buy and hold, that is why i preferred this type of wallet.

With Screen shots show how to perform spot trading on any pair of your choice

I am going to use Bityard exchange to show how to perform spot trading. Bityard exchange is very user friendly and there are a lot of cryptos available in Bityard. The pair am using is 1inch/usdt

First you have to go to Bityard website, it will bring out a registration page where you type in your email address, verification code that would be sent to you, password and then click on register now.

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When you are in, select All, on the top menu and it will bring out all the coins available, then select 1inch/usdt.

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Ofcourse, i will ensure that my wallet is funded. For me to buy 1inch, i will select the 1inch amount that i want to buy and click the buy button and the transaction is done. You can see the area coloured in green below. At a point that i want to sell, i will first select the 1inch amount i want to sell and click the sell button and is done. You can see the area colored red.

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One can increase or decrease the amount to buy or sell from the percentage line which is graduated between 0 to 100.

Holding and trading, which one do you prefer and why?

It is a fact that both trading and holding are profitable ventures. However, for me, i will prefer holding. Since i am working and still has many years to go before i retire, i will like to put my savings in crytpto, which means that i am making a long term investment. Since that is my plan, i would like to buy and hold. All i want to do is to invest. Also, it is true that trading is more rewarding but you have to note that there is also more risk associated to it. This means that for me to trade, i must possess some level of skill and that i need to acquire first before i start trading. That will take me sometime too. If trading will go for me, that would be when i retire and by then i would have acquired the skills i need to engage in trading.

I am grateful to Professor @alphafx