Steemit Crypto Academy Season 2 Week 3: Trading and Holding - Two Sides of a Coin

It is a beautiful day and I am happy to be participating I the assignment task by @alphafx, my name is @papa-mensa and I am going to be answering questions after going through the week 3 of the season 2 of Steemit Cryptocurrency Academy.

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

Cryptocurrency coins are either traded for other currencies or held for the purpose of staking, waiting for moon and so on. My answer to the question is Yes, I hold crypto coins. I hold coins such as STEEM BTC, BNB, SAFEBTC, SAFEMOON EOS, TRON, and DASH amongst others.

Hot Wallet

I would prefer to keep my coins in a hot wallet ranging from exchange wallets, web wallets, desktop wallets and mobile wallets. For Mobile wallet, I keep coins in Trust Wallet as it is secured and it allows for complete ownership of coins as a result of giving users their secret private key or mnemonic.

Trust Wallet

Trust wallet allows for keeping multipurpose chain coins and their tokens. Trust wallet supports coins such as Bitcoin, Binance and Binance Chain, Ethereum and ERC20 token, Neo and its Tokens, Tron and TRC20 &10 tokens, EOS and so on.

Trust wallet is very secured as users need to have a mnemonic for security purposes and the coins have their own private keys. Furthermore, Trust wallet being a Web 3.0 wallet has the Dapp brower which allows for easy access of Dapps as well as ease to connect to Dapps.

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

Spot trading is regarded as the immediate trade of assets (shares, indexes, forex, cryptocurrency and so on) at a particular price. In this case, we are dealing with cryptocurrency and several exchanges have a spot trading platform which allows users to trade coin pairs, exchanges such as Binance, Poloniex, Coinbase,Huobi, Kraken, Okex, Bithumb and so on. I will be using Poloniex exchange, and I will be trading STEEM/BTC pair.

To start with, you need to have a poloniex account and it can be created with the use of an Email and a password.

Once account created, logging in is next after which deposit of the coin is required depending on which coin you are depositing. For the STEEM/BTC trading pair, you can either deposit the STEEM or BTC depending on which you are trading to. If you plan to trade BTC to STEEM then you will have to deposit BTC to STEEM but in this case, I will be depositing STEEM as i want to trade STEEM to BTC.

To deposit STEEM, you need to copy both the deposit address and the MEMO currectly.

When deposit has been made, the balance in your spot wallet will be updated with the amount sent into your wallet.

To trade, you click on the token and the trade pairs available will appear. On Poloniex, there are three trade pairs for STEEM, which are STEEM/BTC, STEEM/TRX, STEEM/USDT. since I will be trading STEEM/BTC, I will click in the pair and then the trading page is opened.

Since I will be selling STEEM to get BTC, I will click on the Sell button and insert the volume of STEEM i want to sell as well as at the price at which I want to sell.

Once the trade order has been created and filled, the coin traded to will appear in the wallet.

Holding or trading, which do you prefer and why?

This is a question that will have seperate answers depending on who is asked. For me, I prefer holding coins as I still have value for my coins and while a lot of people lose money trading, I still hold my coins at different values which are often high during a bull market and a little reduced or stable during a bear market.

I had a friend who lost all he had to futures trading which shows that it is not for amateurs and even experts can lose part or all of their funds while trading cryptocurrencies.