Hello, @liasteem. are you doing? I hope you are fine. Inshallah, I am also doing great. I feel obligated to thank God for your recovery and the fact that you are back on Steemit.You are linear on this platform. We pray that God will abundantly award you with good health.
I am highly appreciative of Steem for a Better Life and the team at Mini Crypto Academy. There were three assignment tasks given to students enthusiastic about learning cryptocurrency. I did participate in two of these tasks. I learned and was exposed to the crypto world. This was not as easy as I expected, but I will not give up. These assignments were categorized into parts 1 through 3, which are elaborated and summarized below.
Part One
The first assignment was basically about trading view software. This is being summarized next down the slide.
What is the tradingview site?
Trading View is a software used by traders to analyze market trends in cryptocurrencies. This site contains charts and records of previous years, months, and days of trading patterns.
Trading views can be viewed from an angle where traders fetch information. These traders may be new or experienced users of the website.
The tradingview software is used by traders to gain knowledge of the market trends, make predictions about the future of the market and also avoid losses by traders. This is mainly to eliminate depression in those who are in the crypto world.
How do I register my tradingview account?
Discussing trading view software without registering your account would not guarantee you perfect analysis of the market trends. Follow the steps strictly below to sign up for your account on trading view.
- As was provided by @liasteem, this is the link to the site. The image shown down is the welcome page of the application. since i already have an account, i sign out to use it for demonstration.
- Look at the top right corner of your screen. There is an icon for users. Click on it and a sizeable box will appear containing sub-pages of the site. Open the sign-in page to create your account.
- This window is shown
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The image above is the payment alternatives of traders and investors to use the trading view application for studying the market stands before trading their assets into the crypto trading cycle. Open the free trial button beneath the boxes.
from the step2 above, choose your sign up method, i will sign up by email.
Enter your username, email and password to create account.
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Email verification is being sent to your gmail, open it to verify your email.
What are some of the trading sites?
After the account was verified, the various features contained in the trading view were displayed. All these features are aimed at increasing the productivity of traders and minimizing losses. The main features of the trading view are
The Charts
market.
Screeners
community.
More information
Charts are the graphical representation of the market cycle, which help traders in their analysis. This is a useful feature for traders to know the history of transactions and trades.
The market is a feature which contains information about the prices of cryptocurrencies, currencies, stocks, and other items. Screeners contains the indicators of our choice which help yield results in our trades.
Charts in trading view can be set up by using symbols on the display window. Background color, vert grid line, and all other related changes to the charts can be accessed by the settings symbol provided on the top right corner. Other symbols displayed vertically on the left can be used for other studies, such as the trend line. This is wrapped around candles showing the market cycle.
Trading view is one of the sites used to determine the prices of the market. All of the features required to forecast future cryptocurrency and coin prices are provided.The analysis and charts displayed by trading view help you eliminate losses in your investments. This is a good website to help you with all your trading.
Part Two
This part of the mini crypto academy was on the basis of psychology and market cycles.
Explain fomo and where it occurs in the cycle.
Fomo, or fear of missing out, is an emotional feeling that occurs to individuals every day. The fear of losing an opportunity, so that a person can act quickly without thinking of any consequences. Fomo is used to describe people being selfish, greed in their lives.
Fomo can be defined in the cryptocurrency world as traders' emotional buying of assets in their bullish cycle and anticipating being rich like the whales in the cycle. These traders fear missing the opportunity to be rich within the next few seconds, which triggers them to buy at the highest price. Traders analyzing the market trends wrongly drive them to such terrible situations. The inner feelings make them forget that the bullish phase is the initial point of the bearish phase. This makes investors feel depressed in the market cycle.
Where does the fomo cycle occur?
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From the picture shown above, this is the top-most peak of the crypto trade made by investors. It is at the highest peak that many traders think they have the best chances of owning many assets. Fomo drove them to buy at that stage not to miss the opportunity of being rich. Many traders at this stage withdraw their assets to their advantage, hoping to make profits. This withdrawal set the market back to the bearish phase. This depresses most of the traders buying assets at the highest prices.
Why does fomo occur?
Fomo occurs due to the selfish and greedy feelings of investors. Some occur due to wrong analysis of the market trend and lack of knowledge of previous records. Wanting to be rich within a short period is the theme of traders investing at the highest price of coins.
Explain fud and where does it occur?
Fud stands for fear, uncertainty, and doubt, which is defined as releasing assets to avoid buying your poverty. Fud occurs from lack of market analysis and being impatient. Traders sell their assets out of fear. The initial point of the bearish phase makes traders nervous. They act quickly to release their assets before the bearish cycle also gets to its highest level. Meanwhile, they have made the wrong analysis and will order assets again because the cycle is moving towards the bullish phase.
Why did this happen?
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This occurs because traders fear losing their assets and put them deeply into financial struggle. This depresses them and makes them have misconceptions about the cryptocurrency world. Lack of patience is another factor that puts many traders in the fud. Wrong analysis can also put you into this situation.
Fomo and fud solely affect the market trend of cryptocurrencies. This fog and fud basically create instability in the crypto world. It is the emotional genes that cause traders to become victims.
Third installment
This part of the mini crypto was centered on the blockchain.
What is blockchain?
A blockchain is a ledger containing digital data from nodes. The blockchain guarantees security and is distributed to all nodes online. Cryptograph links the digital data storage systems together. This is a transparent system to check on fraudulent issues existing in the network and hence prove credibility. All blocks are monitored since past and recent records are viewable to all nodes within the network. The system contains data, place, time and the type of transactions carried within the system. This system is accessible to everyone at any time, any place via their smartphones, laptops, or PCs without seeking permission from any party, like the banks. This technology can save time, energy, and enable easy accessibility.
The basic units of the blockchain, called blocks, are interconnected to one another. This is to keep an eye on the activities of each block. Users are watched and monitored in their transactions to avoid fraud through the system. The three most important categories of blockchain are
Blocks
All records are stored nicely in a data format and are interconnected. Successive blocks contain the hash of the previous blocks. The hash changes if the next block contains new information. Previous blocks retain previous hash codes. All are stored neatly and cannot be changed to have strong validity. Blocks contain
1.information
2.A 32-bit number or nonce, which produces a hash (a number in data format which begins with zeros to determine the validity of the hash).
3.Previous blocks store their hashes if new blocks are created.
Nodes
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Nodes are the blockchain's building blocks that serve as data update communication points. Nodes in this blockchain technology are linked together to share data and keep each node up to date. Nodes are like computers networking together to share transactions. Nodes network, deploy and store blockchain data.
a miner
Mining is the procedures of mining where new blocks are being created in the blockchain. The miner is the mining actor. If the miner wants to make changes to the block, the miner has to create a new block since each block has its own hash. When it is successful, the node will accept the changes and deploy them to other blocks.
Types of blockchain
Public blockchain
This is a type of blockchain that is a decentralized system. They are decentralized and do not require third-party members in their transactions. This is an open system, which means anyone can join. This system doesn’t have conditions or limitations in joining it. It is open source and makes it transparent, like government organizations. There is no third party in the transaction process.
Private blockchain
As the name suggests, this is the other way around the public blockchain. Private blockchains are centralized systems, which means organizations have control over the system. This blockchain is a closed network and not open sourced. Transactions on private blockchains can be a little bit faster when they reach consensus.
There are two types of blockchain, and they are the hybrid and the consortium blockchain.
The Benefits of Blockchain
- The blockchain is transparent.
- It saves time, space, and energy.
- Blockchain transactions do not require intermediaries for transactions to be carried out.
I visited the blockchain demo and learned about the features of it.
As stated earlier, a valid hash starts with zeros.
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To make the hash valid, click on mine to validate the hash.
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From participating in the minicrypto organized by @liasteem, I have learned the basics as a crypto student. We are happy about what she has done for the community and how it has impacted us. Thank you.
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