Steem cryptoacademy:- season 2 week 3:- home work post for professor @alphafx:-

Hey there everyone, this is @prakhar9676 here and this post is against the homework given by professor @alphafx.
In this post I will try to answer all the questions asked by professor.
So let's get started:-

Source

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

At present time I hold only steem coin and tron coin that I get through this platform. Earlier i used to trade with USDT and used to hold it but now I have quit trading and hold only these two coins.

Usually I use binance Wallet to hold my coins. Binance wallet is a exchange wallet which falls under the Hot wallet.

Hot wallets are those which are accessible through internet and it has many subcategories like exchange wallet, Mobile kr desktop wallet, or web wallet and binance falls under exchange wallet which is a subcategory of hot wallet

This is my binance account screenshot. And you can see that I am a varified user.
Anyone can use binance Wallet by downloading it from play store by clicking on this link.
After downloading it user can done it KYC using Aadhar card and PAN card in India.

I have used huobi exchange though but I found that binance is better choice as it has a bigger user base than huobi and also it has a number of coins and tokens you can trade with and also there are a number of other options too to use.

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

As of now, I have no balance in my binance wallet. So first of all I need tk transfer my steem from steemit wallet to binance wallet.

So let's understandhow to transfer steem from steemit wallet to binance wallet

1. First of all go to binance app, then go to wallet and then go to spot and then click on deposit
   

2. Then search steem(or any other coin you want to deposit. And then click on that.
   

3. Then copy this address and memo. You will have to use this after some time.
   

4. Now go to your steemit wallet and click on steem and then click on transfer
   

5. After this, enter your address and memo of your account and then enter amount you want to transfer. For example I want to transfer 10 steem.
   

6. After this you will be asked to confirm this transaction. Then click on OK
   

7. After this enter your active key and then click on sign in and you will be done.
   

Now you can see, steem are added to my account and it is showing portfolio that is 650 approx in total

Now for spot trading :-

1. Go to market and then click on spot.
   

2. Now search for your coin. As I have steem so I am searching for steem and you will be shown available pairs for that perticular coin.
   For example here I can show steem/btc and steem/eth pairs.
   

3. As I want to buy bitcoin for steem so I clicked on that. And then you will be shown candlestick chart of steem. Then click on sell at the bottom right corner.
   

4. Then enter the amount you want to sell. Here I want to sell the whole 10 steem. So I clicked on the 100 percentage and then click on sell steem
   

5. After this, you will see a notification with success written on it. And you will be done.
   Now you can see I have bitcoin in my wallet.
   

**I have deposited steem worth of 649 steem and now you can see my bitcoin worth is 651 so I earned 2 rupees. 😅😅😅🤣

Holding or trading, which do you prefer and why??

Holding and trading in cryto world are two very different aspects. In one you hold you assets for a long term period and in letter, you trade your assets on regular basis.

For me holding is quite better than trading. As in trading one need to look at the market regularly and has to invest his time and by using this he makes money.

Reason behind preferring trading over holding may be :-

1. When you want to earn money and have courage to take risk.
   But as of now, I want to focus on study rather then earning money and also I don't have so much of money to invest and take risk.

2. When you have ample time to invest and you want to adopt trading as a full time business.
   But now I want to invest my time onto my goals.

So I am not saying, holding is always better than trading, but it also depends on other conditions too and as of now my conditions don't match with the requirements of trading.

Thus based on my conditions, my availability of time to invest, I would prefer holding over trading. This allows me to get in touch with cryto world and also study at the same time.

So that's all from my side.

Cc
@alphafx
@steemcurator01
@steemcurator02