3-) Explain in your own words what an Exchange is. Differences between a Wallet and an Exchange. Mention the advantages and disadvantages of DEX and CEX. Have you used an Exchange before? tell us about your experience.

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What is an Exchange in cryptocurrency

We can also call this type of Exchange as a Digital currency exchange(DCE) and are generally referred to as online platforms that stabilizes market prices of cryptocurrency based on their supply and demand.

In other words, its also defined as a form of business which allows its users to exchange the digital cryptocurrency into other forms of currency or FIAT currency directly from the Bank where 3rd party is involved but with low charges as compared to direct transaction of FIAT currency.

for example, if i want to use STEEM to power up my account and doesn't have enough steem to power up but have SBD's in my wallet, i can now go to exchange market and then convert or exchange my SBD's into STEEM then do my power up. I can still exchange back the STEEM into SBD's anytime and this process requires extremely low charges as compared to FIAT money exchange directly from the bank

Differences between a Wallet and an Exchange.

EXCHANGE	WALLET
It is a centralized platform because it has a central authority that can monitor all your activities	It is a decentralized platform because it has no central authorities
It is less secured due to its centralized nature as it can easy be hacked by hack	It is highly secured due to its decentralized nature as no body can have access to your keys unless its you that can reveal it
It doesn't give users long term storage	It provides its users with a long term storage
Prices can be determined based on its demand and supply	Price are not determine based on demand and supply
They have little control over their assets	They har full control over their assets
It is use as an exchange device to exchange different types of crytocurrency	Its use as a storage device to store cryptocurrence in it.

advantages and disadvantages of DEX and CEX.

a)Advantages of DEX

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• it has a very low transaction fee due to its decentralized nature

• It is highly secured and can't be hacked as to know one can ever have access to all your keys 🔑 unless you revealed them

• it doesn't requires any 3rd party transaction as it requires just the sender and the reciever to proceed with their transactions.

• it is not control or manage by a group of people so any one can join the platform at any time from any where in the world and its very easy to sign up and become a member of DEX

Disadvantages of DEX

• It is extremely difficult to utilize the platform at the beginning when a user just sign up.

• It doesn't accept FIAT money, so this at times becomes difficult when a user wants to exchange Other currencies into FIAT money so that they can use it to meet up with thier daily demandings

• Only fea Cryptocurrencies can be exchanged or traded using through DEX system

• If your keys 🔑 are lost or by mistakenly hacked,it can never be recovered again for life

• Transactions here are extremely slow as it requires a lot of time to reach its consensus network before the transaction can be completed

Advantages Of CEX

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• Transactions here are extremely faster than in

• It is extremely easy for newcomers to utilize it with no stress

• It has a very high liquid level simply because of its high volume rate

• Here, all activities can be monitored so it will be difficult for someone you know to do away with your money because be will be revealed and can be punished

• If a user looses his or her passwords, it can easily be recovered back

Disadvantages Of CEX

• thier tranactions involved 3rd party which makes it difficult as there is no privacy between the two traders

• When hacked, it can damage all the cryptor traders

• It has a very high transaction fee as compared to DEX

• It is difficult to register as compared to DEX because here during CEX registration, the authentication process is harder.

Have you used an Exchange before?

Sincerely speaking, i have not used this before because before signing up in steemit platform,i had very little knowledge about cryptocurrency before, so had never done any transaction online. but when firs signed up in this platform, i tried doing a transaction through poleniex it didn't work that day due to extreme poor network though with my little knowledge on cryptocurrency by then, so i had no choice than to contact a friend who did it for me. Since then i havn't done any transaction till present

But i can say as of now based on my knowledge on cryptocurrency, i now can do transactions through Poleniex and Binance because i have seen friends doing it and a friend of mine even had to teach me during this period and i have also sign up my Binance account because i am able to utilize it extremely well now.

Conclusion

After going through the lectures provided by professor @imagen , my knowledge have increased greatly in cryptocurrency and i have really come to know much about Wallet and exchanges in cryptocurrency