Hello everyone, here is my homework post for profesor @yousafharoonkhan - Centralized exchange and Decentralized exchange.

DEFINITION OF CENTRALIZED AND DECENTRALIZED EXCHANGES

Source

CENTRALIZED EXCHANGE
This is the type of exchange where all the activities done here are governed by the policies or laws of the exchanges and the users, cryptotraders or the customers will only have to adhere to these rules of the exchange.
This means that in the Centralized exchange, there is no user autonomy as crypto assets owned by the trader using the Centralized exchange is being controlled by the exchange and therefore, the exchange makes decisions about it and will also pay the Transactions between the two parties involved in the trade as it acts as the middleman.

DECENTRALIZED EXCHANGES
Just like Decentralization will always be the opposite of Centralization in most cases, it is not different when it comes to exchanges. In this type of exchange, there is absolute autonomy for the crypto traders using it as such exchange will only connect the buyer to the seller and then give them absolute freedom which allows them to carry out their exchanges or swapping I'm the manner that best suits them.
Users of the Decentralized exchange cannot experience any middle man interference as the middleman is completely eliminated in this type of exchanges.

2 - DIFFERENCES BETWEEN CENTRALIZED AND DECENTRALIZED EXCHANGES
CHARGES: One of the outstanding Difference between the Centralized exchange and Decentralized exchange has to be the charges involved. While there are some fees charged when a cryptocurrency trader uses the Centralized exchange, there are no fees when it comes to the Decentralized exchange.
Delay: In the Decentralized system, all your exchanges go through without any hindrance or issues like lack of funds and all that. But when it comes to the Decentralized exchange, your exchanges can never be delayed due to any issue caused by the platform and this means that there might be a time you cannot perform your trading with the Centralized exchange but in the Decentralized exchange, you can do it twenty four hours of a day.
User Interface: How friendly is the Centralized exchange to the users? Especially the newbies? Well it is very friendly and simple to use, but it is not quite the case for the Decentralized exchange as it is more difficult to use. You may wonder how significant this might be. But it is definitely an important factor as it can affect how fast you do your exchanges.

3 - TWO BEST CENTRALIZED EXCHANGES
COINBASE: When it comes to Centralized exchanges, then I will definitely place COINBASE as the first especially because of its user-friendly interface. At first, I doubted if I will ever be able to use any of these exchanges platforms due to the way I found it difficult to use some of them that I tried, but when I tried coinbase, it was easy for me to use it.

BINANCE: The kind of coins that are always available on BINANCE's list has also made me enjoy using the platform. It also has features that are easy to be used.

4 - HOW TO INSTALL METAMASK
Firtly, there are various ways you can start this process, but I want to share a quick step that will make you complete this process in less than sixty seconds.
Step 1: The first step that you can take for this process to be quite simple and easy is for you to to search "METAMASK" in Google and it will bring out the software.
Step 2: Click on the one that is from their website and it will open a page for you to continue.

Step 3: Click on chrome at the top of the page and then come down to click on "Install for chrome".

Step 4: A pop-up page will appear asking you to add the extension to your desktop, click on "Add to desktop" and it will show you that it has been added to chrome.

Here the installation is complete and you can find it in your desktop.

5 - HOW TO USE UNISWAP TO SWAP/SELL COIN OR SWAP/BUY COIN
Here I will show you how to use UNISWAP to swap coins with coinbase as your wallet.
If you do not have a wallet, just go to Play store and search "Coinbase" you will see the app, download and install the app.
When this is done open the app, they will ask you for your email and the password you will be using. It only need this small process and your wallet is ready, they will show you were to deposit and you will follow the steps and make your deposit.
After getting your wallet ready, here are the steps you will follow to use UNISWAP;

Step 1: visit UNISWAP website.
Step 2: Click on "Connect to wallet".

Step 3: Choose "open in coinbase" this will take you to the coinbase wallet and then UNISWAP will open there.

Step 4: Choose the coin and the amount of that coin you want to swap, it will estimate what it will give you in the other coin for you.

If you have enough coin to complete this task, then the it will allow you to review your swap and complete it.