Crypto Academy Week 11: Homework Post for Crypto professor @alphafx | Trading and Holding - Two sides of a coin
Hello, Steemians. I feel good again to learn from the Steemit crypto academy for the week 11 with a wonderful lecture from crypto professor @alphafx and the task associated with the lecture will be attended to.
Do I Hold any Coins?
Yes, I hold coins in crypto wallets and the type that I use is installed on my phone which falls under the category Hot Wallets and sub-category Mobile Wallets. It's important to talk briefly about the crypto wallet I use for holding my coins.
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Mobile Wallets: This is the type of crypto wallet that fall under the category "Hot Wallets" and it is downloaded from the application store and installed on my mobile phone. Trust Wallet mobile wallet is the crypto wallet I use for holding my crypto assets and of course, I have the mnemonic key to my account which allows me to easily backup my fund to other devices at will.
Why I choose Trust Wallet?Trust wallet is a trusted mobile wallet I've known for long and I'm particular about the fact I was given the access to my wallet's mnemonic key that allows me to easily migrate my funds to other device anytime I wish to do that. In my Trust Wallet, I hold a few cryptocurrencies in it and the notable one is the new project Safemoon tokens and this project is still under fundraising at the moment. I will show my Trust Wallet portfolio below.
My Trust Wallet Portfolio
Spot Trading on Binance
This part of the task will be carried out using my account on Binance exchange to trade the DATA/BTC pair. The steps involved will be shown from the beginning.
- I launched my Binance Exchange App and Click on Trades on the homepage.
Binance App- Trades
- I have DATA in my wallet and I am selling it for BTC using the DATA/BTC pair.
- Click Spot option on the Trade platform.
- Search for DATA/BTC pair.
- Switch to Sell.
- Input the price I am selling it for per BTC and select the volume of DATA in percentage (I used 100%) to initiate Sell.
- Click sell DATA.
Hint: Change to DATA/BTC pair by clicking the BNB/USDT pair in the screenshot.
Search for DATA/BTC
Sell DATA through DATA/BTC pair
- Trade successful and the success order history is shown below.
Successful Order History
Trading or Holding? My preferable
For this section of the task, my preferable is Trading and it's important to talk about the two terms Trading and Holding.
Trading
This is the process of engaging one's crypto assets in trades (buy or sell) against other cryptos to take advantage of the price movement of either of the pair with the aim of multiplying the asset and thereby earn profits through such trades.
Holding
Holding is the process of keeping an asset in a crypto wallet for a long period of time with the expectation that the asset price is going to rise in the future and give high profits.
Why I prefer Trading
I'd like to engage my asset from time to time to take profits from price movement of assets and steadily grow my assets, and this is achievable through TRADING. I prefer Trading because I don't have to wait for a long period of time before taking profit on my assets, of which Holding requires waiting for a long period of time before taking profit although you have the choice to take your asset out anytime from the crypto wallet but mostly it requires longer time to make high profits.
Conclusion
A crypto trader should be able to make a decision on which method best works for him/her either trading or holding and that'd be the trader's strategy. Also, it's important to know the platforms that suites both practice to perfectly utilize them. I appreciate crypto professor @alphafx for this great lecture.
Cc: @alphafx
#holdingvstrading #alphafx-s2week3 #cryptoacademy #steemexclusive #trading-holding #nigeria #steemit
Scoring
Thanks for participating
Thank you so much for the review.
Perfect article about trading and holding😊
Worth reading this ❤️
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