Welcome to another week of the Steemit Cryptocurrency academy. As usual, we are supposed to write on the assignments given by professors during the course of the lecture and for today, I will be writing on @alphafx's assignment. After the lecture by the professor, I got to learn a lot of things including the types of wallets, trading, and many more. I will be giving answers to the questions accordingly and I hope I can give a concise answer.
Do you hold any coins? Talk about the wallet type you prefer/would prefer holding in
Yes, I am holding a coin, and although it looks like I am a late mover for some coins but I am glad I did hold the coins while for some, I am glad I held them as I bought those coins at a very low price and today they have done multiplied in 100s based on price. At this point, I plan to hold the coins I have for a very long time. I hold coins BNB, DOGE, STEEM, TRX, COSMOS (ATOM).
I got into coins such as BNB and DOGE very late as they had done several increases. But I believe that BNB will get to $3000 in the future and DOGE will become a meme coin at $1. Coins such as COSMOS (ATOM), STEEM, and TRX are coins I bought at a low price. I bought COSMOS (ATOM) when it was around $2 and it is currently at $23.12.
Talk about the wallet type you prefer/would prefer holding in
Hot Wallet
I have always had an interest and prefer to store my coins in hot wallets. Hot wallets are my first preference as it is very easy to use. There are several types of Hot wallets which include; Web Wallets, Mobile Wallets, desktop wallets, and Exchange Wallets. I prefer using a desktop wallet like Vessel for Steem and so on although, Vessel isn't functional anymore. There are several desktop wallets such as Slate wallet for desktop and so on.
On the other hand, there is Exchange wallet such as Binance, Huobi, Poloniex, and so on are also useful for keeping coins as well as trading them. Also, mobile and web wallets are another type of wallet. generally I prefer Hot Wallets to keep my coins.
With screenshots, show how to perform spot trading on any pair of your choice.
One of the most used exchange in the world currently is the Binance exchange and I will be using Binance exchange and BNB/BUSD pair on spot trade.
BNB is binance native token and BUSD is Binance stable coin Pegged to the dollar. In other to trade this coin pair on Binance, the first thing is to have one of the coin pair available but first, you need to log into Binance exchange.
To log into Binance exchange, an email and password is required.
After Log in, you click on the deposit button and search for BNB.
BNB can be deposited via different method like card (credit and debit), BEP2, BEP20, and ERC20. I will be depositing via BEP2.
It is important to copy both the address and memo correctly so you do not send funds to another person or lose funds.
After deposit, the BNB should appear in your wallet.
Click on the BNB to access a page showing the pairs with BNB. The pairs with BNB are BNB/BTC, BNB/AUD, BNB/BIDR, BNB/BRL, BNB/BUSD, BNB/USDT, etc.
Click on BNB/BUSD after which you will be taken to the spot trading page for the pair.
On the trading page, there is the order Form where you can input what you want to buy or sell, the order book where the list of already ordered buy and sells.
To trade, I will insert the value and quantity I want to sell in the order Form. In this case, I will be selling BNB for BUSD. After inserting the needed, I will click on the sell button and allow the order to be filled.
Holding or trading, which do you prefer and why?
I am used to holding coins in my wallet. I do not know how to read graphs and study technical analysis but then u can keep coins.
I keep coins that have a good project structure and uses cases. This gives the coin an underlying value which often makes the coin price increase in the future.
So many people believe in trading coins and it surely works for them. It is a very risky endeavour that can allow users to lose their funds in the process as well as make more money in the process.
Personally, I prefer holding of coins to trading coins as i am more convenient with it.
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