Steemitcryptoacademy | my submission post for professor yousafharoonkhan

in SteemitCryptoAcademy3 years ago

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Hello steemians it’s another week for the crypto academy this time with interesting topic. Am writing in response to the task given by the professor about decentralized and centralized exchange thanks for your time spent to read this post.


professor-@yousafharoonkhan

week- season2 week3

task asked to cover

Decentralized and Centralized Exchanges,How to use uniswap,best Cryptocurrency Exchanges of 2021


I’ll start my post today by explaining what centralized exchange means as related to cryptocurrency.

WHAT IS CENTRALIZED EXCHANGE (CEX)

It’s understood that a centralized exchange is the type of exchange that gives room for users to buy and sell their asset. It always an online platform, in centralized exchange, your asset is no longer in your power rather is managed by the exchange. Also you do not have access to the private key of your account wallets. This is to say that as a trader trading with centralized exchange your trust is the exchange operator because your transactions can be made only through the process that the central authority accepts.

As a user of centralized exchange you have to adhere to the rules that is required by the exchange, in other words centered exchange act as negotiator between those who is selling and buying as this process enables them to make money from the transaction fee. Centralized exchange offers trading trading opportunity to trade your token for other asset, digital currency and fiat.



Having known what centralized exchange is let know what a decentralized exchange means also

DECENTRALIZED EXCHANGE(DEX)

In few words decentralized exchange has no central authority its users decide what happens. It doesn’t give room for middle man ie eliminate third parties as its give you the freedom to do business. In decentralized exchange their is no trading of fiat or asset to other asset it only allows peer to peer transaction.



THE DIFFERENCE BETWEEN CENTRALIZED EXCHANGE AND DECENTRALIZED EXCHANGE

I’ll talk about some few differences between this two type of exchange

  • centralized exchange is easy to use (users friendly for those starting crypto journey new) while decentralized exchange is difficult to use.

  • centralized exchange here the central authority makes decisions for its users while decentralized exchange their is no central authority every body make decisions on their own

  • in centralized exchange you don’t have access to the private key of you account wallet and your asset is totally in control of the exchange operators. While In decentralized you have your private key shown to you at the account opening and your advice to keep it save, your in totally control of your assets

  • harking risk is high in centralized exchange because of the customer asset which they hold make them to be hackers target. While in decentralized it is very difficult to be hacked because of the different connected computers which is very difficult to crash all.

  • before you use a centralized exchange you have to very your self it’s said to be KYC know your customers. While a decentralized exchange offer anonymity to its users.



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 )

As a crypto trader I have used so many decentralized and centralized exchange to trade my asset but among all I chose binance and roqqu to be my best

Why I choose binance

Binance is an exchange is used across border by traders this exchange has made it essay for its users to use binance you have to verify your self first by putting your valid documents and a facial identity. Also binance is my best because of the varieties of coin it offers to trade with also the p2p market is awesome while dealing with some one in the p2p market for instance I’m buying so binance will freeze the seller coin incase he receives my money and refused in sending the coin binance will release the coin to me and rate the person low for people to be scared of doing business with him/her this is just to reduce scam and it’s very nice. Also they have well customer service as they listen to your complain and resolve your issues quickly it all good to use binance.



Below are few transaction history done with binance

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My second best exchange is roqqu. It’s a Nigerian based exchange with its headquarters located at logos Nigeria it’s is reliable to use also before you can use roqqu you have to verify your self to increase your wallet limit they have good response team as the provide a chart intercom to lay your complain and the issue will be resolved immediately

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complained laid and issue was resolved

Also I can transfer my steem from my steemit wallet to my roqqu wallet via the name roqqulovesteem and my memo here are some transactions from my steemit wallet to roqqu wallet.

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Also here are some transaction history done inside the app for some months but stoped due to the cryptocurrency ban placed on these exchange by central bank of nigeria

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That the few transactions I did before government placed a ban on cryptocurrency in Nigeria that is to say they are reliable few time I used them thanks!!



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

Metamask is en ERC20 wallet that is it’s support token build on etherium block chain metamask can be downloaded from chrome, applestore for iOS user and play store for android users
Let get started first I visited my apple store search for metamask and it’s displayed

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I clicked on install or get to download it after that a page will display welcoming you to metamask wallet

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You click on get started to enter the next page

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We are dealing on installing so we chose crate a wallet and a page will display for you to put in and confirm your password

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Them you fill in your password and confirm it them click on crate password another page will show up

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You click on start , them another page will show up and ask you to confirm your password again be sure before you proceed

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After you confirm your password a page that is carrying your private key will now show up. You have to copy it or write it down safely without showing a third party.

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After copying it, you have to rearrange it in the nextt page orderly when you get it correct it will some you successful and will be welcomed with a congratulations page

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Click on done and your account is successfully created

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And here is your wallet portfolio can buy now and hodl
Thanks!!.



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

To swap with metamask is just some steps way first open your metamask wallet and login in a page will display like this

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  • click on swap

  • them you select a token to do that you click on the displayed token

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  • I clicked on eth and scroll down to chose dai because I want to swap from dai to eth.

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  • I input the amount of dai I want swap to eth which is 10 and I clicked on get quotes.

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  • wait to load

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  • I do not have enough dai for this swap, if your token is enough you click on swap at the down and your token will be swapped successfully.

Thanks once again for reading through my post I believe I have completed my home work task!!!

Sort:  

Nice presentation from you. In uniswap or any other DEX in ETH Network, for every Transactions we need to pay GAS fee,Its more than 20$.

Best of luck.

First respected student Thank you very much for taking participate in Steemit Crypto Academy Season 2, Week 3 course class..

  • you did not explain in the homework, how to swap a coin after installing the metakmast ,

after connecting wallet to uniswap, next process was to swap the coin

Grade : 6

Thank professor @yousafharoonkhan thanks for revealing my work

you did not explain in the homework, how to swap a coin after installing the metakmast ,
after connecting wallet to uniswap, next process was to swap the coin

Professor I did explain that very well, in my post I swapped dai to eth with screenshot after installing my metamask wallet. I think you did not check it very we’ll



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Above is the screenshot from my post that I did explain the swap process after installing metamask thanks as professor as you review again!!

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