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

in hive-108451 •  3 years ago  (edited)

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Thanks to all the teachers! Especially to the professor @alphafx, in this assignment I went further and went very deep with the information.... I hope that everyone who reads it enjoys it and can learn something positive, because that's what I did it for.

I enjoyed doing this homework so much, I think that's why I delved so deeply into the information.


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

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Whenever I hear about cryptocurrencies, one of the first things that comes to mind is "HODL." What is HODL? It is a term used by cryptocurrency investors who refuse to sell their cryptocurrencies, regardless of whether the price goes up or down. People like me who apply this method always aim to accumulate as many coins as possible. However, there are times when they need or want to sell their shares.

Nowadays, exchanges or wallets (Binance) are used. Difference between any wallet and an exchange? A wallet is basically a software program designed to store and control the cryptocurrencies that belong to us. An exchange, unlike a wallet, is used to exchange them. In other words, you can buy and sell your cryptocurrencies, either with other cryptocurrencies, with the currency of your country or with dollars.


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Note: My purpose with these investments is always to aim to accumulate as many coins as possible. I will not sell my assets, regardless of whether the price goes up or down.

These are some of the currencies that I HODL, I am going to tell you a little about each currency and why I think it is a good idea to use this investment strategy in each one:

VeChain (VET)

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What is VeChain?

VeChain is a blockchain designed to improve supply chain management. Its objectives include: optimizing supply chain management processes through the use of distributed ledger technology (DLT) and determining whether a product is real or fake to prevent counterfeiting and fraud.

Points why I believe in this currency:

  • It tracks items by using smart chips and prevents duplication or counter matching of items.
  • They partnered with big companies like BMW, H&M, WALMART, LOUIS VUTTON and many more.

Bitcoin (BTC)

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What is it?

Bitcoin is a digital currency that can be used to exchange goods and services like any other currency, wherever it is accepted. It is a decentralized digital currency that allows direct transactions without any intermediary.

Points why I believe in this currency:

  • It can become known as a digital currency worldwide.
  • There is a scarce amount, which means that it will be more difficult to mine them over time.
  • Its issuance limit is approximately 21 million Bitcoin.
  • I believe it will become the currency with which we will do most of our transactions in the future.

Syntropy (NOIA)

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What is it?

Syntropy turns the public internet into a secure, client driven internet, where encryption and execution are inherent and naturally enabled for any associated person. This blockchain system facilitates traffic using the NOIA token, rewarding node operators for contributions to the network. This token can be considered “gas” for the internet.

Points why I believe in this currency:

  • Everything that is built on today's internet, can be built on Syntropy.
  • The platform's intelligent technology always sends traffic along the most convenient routes in terms of latency, packet loss, jitter and other criteria, providing customers with the fastest latency.

Cardano (ADA)

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What is Cardano?

Cardano is a new cryptocurrency platform that was launched in September 2017 after more than 2 years of work. Instead of writing a whitepaper and implementing it directly into code, the Cardano team actually made sure that experts from all over the world read their papers, improved them and agreed with the results. Cardano is a third generation coin.

Points why I believe in this coin:

  • 3rd generation crypto.
  • More than 70% of Cardano's supply is in play.
  • They have many projects to come.
  • Smart contracts.

Chiliz (CHZ)

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What is Chiliz?

Chiliz is an ERC20 utility digital currency on the Ethereum blockchain. It functions as a digital currency for the Chiliz and Socios.com platforms. After launching this platform, along with other blockchain sports companies, the Fan Token emerged.

Once accessing the Socios.com platform, fans must purchase CHZ through a cryptocurrency exchange to acquire Fan Tokens. These tokens are usually of a team or club.

Points for which I believe in this currency:

  • This year the cryptocurrency market increased 147% and the price of Chiliz increased more than 2,600%. The outlook for 2021 remains bullish so I expect the market to continue to do well.

Verasity (VRA)

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What is Verasity?

Simply, Verasity is a platform created to offer streamers a way to monetize their attention in the form of a VRA token with the goal of attracting more viewers.

Points why I believe in this currency:

  • Your token is functional and potentially profitable. It could generate substantial profits by wagering rewards.
  • Your wallet is created in conjunction with large video platforms such as YouTube, Twitch, Vimeo among others.

Note: by mentioning these coins, I do not seek to encourage anyone to invest, if you are interested in any coin, research it and then take decision.

The cryptocurrency market is unpredictable. It turns people into millionaires just as often as it drives them out of business. There is no risk-free way to invest. Only intuition and experience will help you win in your investments. The amount of money you should invest depends on how much you are willing to lose. That should give you a clear idea of the level of risk involved in entering the cryptocurrency market.

Unlike the stock market, there are no centralized entities to hold accountable in this market. Therefore, it makes the cryptocurrency industry perfect for running scams. That is why it is imperative that we only invest in projects that we believe are truly valuable.

I only use Binance as a wallet for personal reasons. One of my most important goals on this topic is to expand and develop my portfolio in depth. Once I feel comfortable with my portfolio I will implement the trust wallet platform. What is Trust Wallet? It is the official Binance wallet. It provides an easy and secure place to store funds outside of Binance. They also have a variety of built-in features that will enhance your crypto experience.

There are wallets that have nothing to do with the exchange platform as there are also companies that offer the service of a wallet which benefits their customers because of the fees that these companies charge when making transactions. For example, if we have our cryptocurrencies in Binance and we want to make a transaction with them, it might be necessary to transfer them to a trust wallet if we do not want fees. If such Exchange does not go to trust wallet, the transaction of currencies would generate fees (generally very high) that will charge commission for the transaction. On the other hand, if we use the wallet offered by the exchange platform (Binance to Trust Wallet), any transaction we make between them will have lower commissions.


With screenshot, show us how to trade in post with any pair you choose.

First I will show you how to buy cryptocurrencies, then how to trade them with any pair.

The easiest, cheapest and fastest way to sell cryptocurrencies is through Binance Buy & Sell, a cryptocurrency exchange platform that offers trading of over 100 digital assets. The platform I use today.

Once your assets are sold, you can choose from local currencies such as: EUR, USD, BRL, BRL, TRY, RUB, MXN, UAH, KZT and UGX, and save bank transfer fees, withdraw instantly with your credit or debit card or get cash with P2P.

Buying and selling

There are two main ways to buy cryptocurrencies on Binance: linking your debit/credit card or bank account, or buying cryptocurrencies directly from other users on Binance P2P.

  • Method 1: Buying cryptocurrencies with a debit card, credit card or by bank transfer:

Linking your debit or credit card is one of the easiest ways to buy. Through this method, you can buy for example Bitcoin for a minimum of around $15.

  • Method 2: Buy cryptocurrencies with P2P trading:

Buy cryptocurrencies directly from other Binance users with your local fiat currency through Binance P2P.

Tutorial/How to do it:
(I have binance in Spanish but you will still understand it perfectly)

1- On the main page, click on "Buy Crypto".


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2- To the right of "pay with" select the currency of your choice.


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3- Choose the digital currency and quantity you wish to purchase.


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4- Choose the seller of your choice.


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5- Click on buy, in this case "Buy USDT".

6- Confirm the exact amount you want to buy and then transfer the money directly to the seller according to the information provided within the payment time limit.

7- Press "Transfer the fund". Then "Transferred, next".

8- Once the seller confirms the transaction within the time limit given by the platform. The cryptocurrency is released completing the transaction.

Now, how to trade:

1- Click on trading.


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2- Choose a pair. These are pairs of currencies for which the platform offers an exchange rate. For example, Bitcoin can be traded with about 143 different currencies, so we say that Bitcoin has then,143 trading pairs.


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3- This platform offers three types of transaction:

  • Limit orders: allow users to set the maximum price for which they are willing to pay for coins as well as to select the minimum price for which they are willing to sell them. In this case, users will be forced to wait until a buyer or seller accepts their price.

  • Market orders: allow users to exchange coins at the current market price. For most people, this type of trading is usually the easiest and simplest.

  • Stop-limit orders: allow users to buy or sell the currency of their choice once it has reached a certain price.


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Ready! In case you don't have any crypto, you know how to buy it, and then start spot trading with it.


Holding or trading.

When making my investments I always think about my investment strategy, HODL. This investment strategy, for personal reasons and studies, I considered that it can be more profitable when it comes to having more profits in the long term. Holding cryptocurrencies with the goal of using them in the future as a medium of exchange when their values are more important than fiat currencies. To carry out this strategy it is essential to trust that Bitcoin and other currencies are not only a long-term investment, that they will become the currencies with which we are going to make most of our dailys transactions. For this reason, I believe that holding is the best investment strategy, as it minimizes the risk of losing money as it can happen with the trade.

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Thank you for reading, it took me several days to make this publication as I wanted to go beyond looking for a perfect task.

@alphafx


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  ·  3 years ago (edited)

Scoring

QuestionScoreRemark
Question 11/2you didn't particularly say if you did or did not hodl coins.
Question 22/2satisfactory content.
Question 32.5/4adequate work.
Presentation1.5/2good presentation.
TOTAL7well done, see you next time

Thankiu professor! I learned a lot in this clase.