#CLUB5050| creative writing by @jonesfx

Hello guys good day to you all my name is @jonesfx on steemit today I would be talking about centralized and decentralized exchanges in crypto. I guess we all know what crypto is even if you don’t know the meaning of a crypto currency atleast you have head about it somewhere.

Crypto currencies are digital money which you can’t see or touch bought they are build with binary quotations of 0 and 1. Just like our fiat money crypto currency equally has a storage place called wallet.

What is a wallet in crypto currency?
A wallet is a storage place were we can store our cryptos digitally. It is just a save place for cryptos such wallets include; coinbase, LUNO, blockchain. With this wallet we are able to carry out transactions in the actual world or equally I’m the digital world. There are mainly two categories of wallets which are

Centralized exchanges;
The concept of a centralized exchange is simple just like our normal banking system. In a centralized exchange the is the presence of a third party which is like the middle man. And the third party has ultimate control and influence over a given system.

Decentralized exchanges;
Wereas since the advent of crypto currency brought the system of decentralized system of exchanges were you can send or receive money on your own that is you don’t need the presence of a third party to carry out transactions.

I will end here for today and will continue later some other time. Thank you all for your time going through this wortk.