Steemit Crypto Academy S2, Wk3// Cryptocurrency trading vs Holding//Submitted to @alphafx

Wonderful one again @alphafx. Happy new week sir.

Introduction
John isn't really foolish for refusing to trade with his hard earned money, Joseph on the other hand is wiser for accepting his friends officer, however I believe before accepting the proposal he (Joseph) would have studied the pro and cons to trading. There are some in the cryptocurrency market today are can be John and also Joseph, which means they trade and also hold. Interesting, I guess.

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There are Alot of reasons why people prefer most wallets to others. Let us look briefly at the different types of wallets.

Types of Cryptocurrency wallets
Wallet could either be Hard or soft wallets according to classification. Hot wallets are wallet that have a source of internet connection, this type of wallets have been considered not 100% safe fro cryptocurrency storage. They are very prone to Hacking which because of its contivity with the internet. Most centralized exchanges uses hot wallets, they are user friendly but users privacy could be jeopardized. Mobile wallets, exchange wallets and web wallets are all classified as hot wallets.

Cold wallet on the other hand do not have connection with the internet, meaning that your privacy is maintained and the assets are less prone to Hacking. These wallets stores your cryptocurrency offline as they tend to act like a vault thereby securing available assets. An example is trevo wallets, nano wallets etc.

Task 1

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

In response to the task questions, I will say yes, I hold various coins, and I use Trust Wallet. Having described various type of cryptocurrency wallet, I can convinently say that trust wallet is a hot wallet. It has connections to the internet, it is also a web 3.0 app browser which happens to be an intelligent browser. With trust wallet, you can connect to other wallet and vice versa. It is also decentralized.

It is built on the Ethereum blockchain and we know that Etherum has a very secure blockchain. So trust wallet is quite safe, with lots of Dapps (Decentralized applications) to aid better usability. Trust wallet also has an exchange contained in it for trading as well.

Task 2

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

Trading is an act of buying and selling. This are possible using exchanges which helps to facilitate trades or act as a bridge between the buyer and the cryptocurrency owner. For trading, I would prefer to use Binance exchange

Spot trading on the Binance mobile application
This begins with downloading and installing the application, then login into your Binance, fund the account with the desired cryptocurrency which could be a stable coin (USDT, BUSD), etc, and trading begins.

Locate and select the desired trading pair. For me I decided to used BTT/USDT.

Next display is the trading candle sticks, the select buy or sell

You can the set limit orders to sell at your desired price.

You can view your trade request in the order book.

Task 3

Holding or trading, which do you prefer and why?

This happens to be a very controversial discussion at trading or holding is determined by the cryptocurrency owner. Some prefer to hold and trade. I actually do both but prefer holding as trading poses serious risks on asset. Volatility is another problem with trading both long or short,though trading is made easy buy setting limit orders. Trading also involves payment of transaction fees which also in most cases are high. Trading aslo give you better access to your cryptocurrency.

People who decide to hold crypto are always futuristic and they expect prices to go high in the long run.

There are benefits also in holding, one of those is financial stability, I had lost some funds to trading in January 2021,so I then decided to hold my cryptocurrency in my wallet, as we know trading is quite risky, holding is also risky but I believe in holding prices could appreciate and bring massive returns. My experience made my choice to hold.

Conclusion
Today's lectures have been very educative and practical, I do appreciate it Alot.

Thank you sir and see you again soon.