Hello everyone how are you all I hope that you all are doing well today I am going to do another homework for the Steam Crypto Academy I hope that you will learn something from this thank you so much to the professor for teaching us

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Question no 1 :

Write the definition of Decentralized and Centralized Exchange in your own words.(definition should cover exchanges ,not system) only explain in your own words, after understand the exchanges

Centralised exchanges

 centralised exchanges are those exchanges which are run by a company so it me is that there are employees there are officers and it is completely under the government restrictions and there are a percentage of people who control this exchange and all the decisions are made by them not anyone else can take part in the decision making and in the other things as well so the top level authority will decide what will happen in the exchange and the involvement of of government and They have to follow some strong regulations in order to run the exchange It has oversight and strict KYC Means know your customer policies I will give you a small example of a centralised exchange in that is coinbase it is a centralised exchange It is one of the biggest exchanges in the world of cryptocurrency with the total worth of more than 75 billion dollars So that is centralised exchange

 decentralized exchanges

No this is the complete opposite of centralised exchange hit me is that they don't have any office they don't have any employees Just a team of distributed developers Who has built the protocol for the exchange Using different kind of smart contracts so I'll give you a small example of a decentralized exchange which is uniswap  this is one of the famous exchange in the decentralized exchanges This exchange was built on ethereum blockchain using the smart contracts and there end goal is to move the governance to the token holders which is uni token 

And I told you that it's a decentralized exchange so it means that there are no regulations on this exchange no KYC know your customer policy And anyone can access to this exchange on a permissionless  basis 

Uniswap Was launched first in 2018 and then they released the second version of this exchange which was in 2020 

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Question no 2 :

Explain in your own words the difference between decentralization and centralization exchanges (answer should related exchanges ,not over all system.. (answer must be written in oun words, copy paste or from other source copy will be not accepted)

 the first difference that you will see in the centralised exchange and in the decentralise exchange is that user friendly so decentralize exchanges are very hard to use on the other hand centralise exchanges are very easy to use so that's why when I knew Hummer joins the world of Crypto the always  go to a centralised exchange because it is very easy to use and the decentralized exchange in comparison to to centralise exchange is a little bit harder and complicated

  the second difference is that in centralised exchanges there is a need of KYC which means that the exchange will ask all their customers to verify themselves which is a very hard process you will have to submit all your documents and if you want to be anonymous you can't do that because without verification you can't access any features of the exchange on the other hand if you are using a decentralized exchange you don't have to do any verification and you can use the exchange anytime anywhere so that is the big difference between centralised and decentralized exchange

The difference between a decentralized exchange and a centralised exchange is that in decentralize exchange you don't need an intermediate Re to do a trade you can do it easily in decentralize exchange because it's decentralized you don't need a third party for you to do the trade i its peer to peer so if you want to sell 5 Bitcoins it will automatically make you with another user home want to sell Bitcoins it means that everything is in between two persons and there is no involvement of third party

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Question no 3 :

write about any 2 best centralised exchanges of 2021 . why are they best in front of you? (Show screenshot of your verified profile to make verify that you are really using them, or also share any one trade that you made in last 24 hours )

Binance exchange

 will I have been using binance since long time and I think this is the best exchange that I have ever used because it I have never faced any problem while using this exchange it is very simple to use and very user-friendly and the best part about this exchange is that it's very fast  there is never a shortage of any coin in this exchange and that's why I really like it verification system of this exchange is very easy you don't have to do much things and that is one of the reasons that I like this exchange and I recommend it to all of the new commerce I like binance exchange because I am using binance wallet from a long time and it is also one of the reasons that I shift to binance exchange

 bittrex exchange

 will 2 years ago I used to use protractor exchange not now these days I don't use Twitter exchange there was some issues with the British and the first issue was the verification system it was very hard at that time and that's why I quit using bittrex exchange and I don't know for anyone else but for me it was a little bit slow as well so that was also one of the reasons but overall I think it is one of the top exchanges in the Crypto world and I still use it sometimes but not often my main and primary exchange is is binance exchange

my binance account

my trades in last 24 hours

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Question no 4 :

Install Metamask, and share step by step screenshot ,(Practicle step by step )

How to create META MASK  account

First search the name in Google and go to the websit

this is the main website if you are using iphone click on the ios or if you areusing android then click on that if ou are using pc then there is a google chrome extinction so you can do that also i am using ios so i will go with that

on install hen it will ask you if you want to download it rom app store open it

now install he app in your phone

okay now you got the app now we will make account in this wallet its easy dont need to do much buy pay attention dont miss any step okay

when you open the app you will get this screen click on the get started button

after that they will ask if you want to create new account or if you have account and you want to recover it now i want new account so i will go with that

now they will ask you to put a pass ward put a new pass ward and remember that it will hold your cins so put a nice strong pass ward

now it will give you some words that you have to remember this is the ony way to recover you account incase if something happens its must write this liters somewhere safe off line i suggest on page or something and dont forget he order they are in because thats what matter when you are ready click on vview and then read it save it take screenshots

first click on ETH



click on receive

you can use your qr code to receive funds or you can just copy the address and send it to the person who is sending funds tat your address

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Question no 5 :

How to use Uniswap exchange , and Swap/buy or swap/sell any coin (practicle step by step )

To use the exchange you need to go to google.com and search for the exchange and be careful over here there are some really bad websites like this I mean hackers have made the similar websites to please do check the link before doing anything else on the exchange check it two or three times for sure

 once you open the website  on the right corner you will see which size used uniswap you simply have to click on that and then you can use the website another window will open and there you can see all the the things

 the most important thing to use this website you really need to have metamask wallet or there are a few other option as well but I will recommend make a metamask you can easily download and create a account in metamask I have showed the way above

you can open your meta mask wallet in browser and coonect it with the uniswap

Now you can choose any coin that you want to buy as you can see on the first it says from where I have selected ethereum you can select your own coin which you are holding at that time and you want to convert that and buy something else you can select that over there uh and you must have that coin in your wallet otherwise it won't work

   the second box it says to it means that you will get that coin on behalf of ethereum you will sell your ethereum and get that other coin which I have not selected it as you can see that there is option of selection which one I want now I will show you how I I select

As you can see I have selected usdt that I want to buy with my ethereum and when I put the amount of US city I want to buy it will automatically tell me how much it erium I need to buy that much usdt

That is how you use this exchange it's like other centralise exchanges but over here you don't need any verification or anything else you can just easily to that as I showed you you can easily buy and sell your tokens with this amazing exchange

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Conclusion

 I think it's very easy to use the centralised exchanges but there are so many risk involved the first one is that of hacking it can be hacked very easily which is a big problem I think because once it's hacked  you can lose all your friends

 the second thing that I have noticed while doing this homework is that this centralised exchange is are very good and very easy people  it should move on to decentralized exchanges because that is the basic idea of cryptocurrencies

 I believe that in upcoming time many people will move to decentralized exchanges other than centralised exchanges I am not saying that centralised exchanges should stop working it's very easy in I am using centralise exchangers day by day but decentralized exchanges will be a more good idea

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THANK YOU FOR THE LEATURE

@yousafharoonkhan