Crypto Academy / Season 3 / Week 1 - Homework Post for @allbert || by @colonier
Introduction
First of all a welcome to the entire SteemitCryptoAcademy community, I have learnt this courses huge informative things.this course was arranged by Professor @allbert. Professor nicely expain this courses about exchange and wallets.
1.Explain differences between wallets and exchanges as well as mention which operations should be performed in an Exchange and which operations should be performed in a wallet (in terms of fees).
Exchange and Wallet are two totally different things from each other. Wallet is utilized for Reserve or funds for cryptocurrencies and exchange is utilized for purchasing and selling cryptocurrencies. What's more, there are a couple of more things that I will talk about at this point.
There are various sorts of wallets and they are exchange and centralized and decentralized. Wallet gives a clients/users a total overabundance in light of the fact that the wallet's Main password is handful of users or client. In any case, the centralized system, the private password control by the central authority and exchange site.so centralized system a client never has control over his reserve/asset main cause that the exchange authority doesn't give private password in your hand.
Hardware wallet is the most costly of the different sorts of wallets and many believed whales use it. There are many kind of wallets such as Trustwallet,Binance chain wallet, MetaMask, and so on.wallet users are more safer and reliable than the exchange sites.Different tyes of exchange is existing poloniex,Binance, etcs. Exchange is the most ideal alternative for purchasing and selling crypto. While wallets need to secure funds so that no can not steal or hacked your funds.
We can utilize wallet and exchange to work for trading. At the point when we need to purchase a coin, we need to get our exchange sites and hold it in our wallet, at that point it will be more safer for us. At the point when we decided that we will sell the coin, we will take it to the exchange sites. Wallets are use or utilized for reserving while exchange use for trading. You can campare exchange like as Stock market or foreign exchange while wallets like as hot wallets and cold wallet. Something you heard that exchange sites was hacked or stolen by someone but wallets is obviously secure and high reliable not hacked or stolen.
3-In your own words, Why You think people should have more than one exchange account ?. Do you have an exchange account? and Why that specifically?
I think that users/clients should open more than one exchange account, I have more than one exchange accounts a few reasons. A few exchange aren't permitted wherever because of guideline issues, All coins aren't recorded on one exchange for many cause,such as sbd,HBD are not listed Binance but those coin are listed Bittrex. they are recorded on various exchange, charge can different from one exchange to another exchange and some restrictions is available there if you want to withdraw 0r trade Binance you must deposit $10 Usdt more.it is negative side for every users/clients. Binance also good opportunities has charge. 0.0000001btc to much less and Listed coin amounts more than 5000 may be.if you think bittrex,coinsbase exchange account coint List amounts Tiny rather than Binance. Bittrex dont recorded maximum us coin that it not popular as like as Binance. With regards to expenses, While HitBTC cut a high tax or vat for exchanges, trades, for example,but if we compere Poloniex charge is much lower than other exchange. .
Exchange, for example, Binance and Huobi have been attempting to get through the guideline issues accordingly making a few exchange for a few areas. On the other hand it is exceptionally hard to use exchange such as BitHumb in the US, it is entirely conceivable to utilize exchange like Binance US in the United States.
So we can tell that numerous exchange is more benefit for clients or users no doubt here. So by this time good news that some exchange start decentralization system. Think that it exchange will be more popular.
This question mention that yes I have a exchange account in Binance it is special for me because over 5k coin recorded here and charge too much less.but i decided that i will open poloniex accounts.
What are better? Wallets or exchanges.?
Which is better wallet or exchange it depends on Security, function and purposes
Security: When we talk about the security issues, wallets is more security than exchange, because users Control her accounts and main key has his or her own hand. opposite when we sat about to Exchange account, possibility huge an hack in this exchange account may be because accounts is control by centralized authorities.
Purposes or Function: Exchange a double function has which give it a better opportunities from of a wallet, we can see that exchange account can provided two facilities if a one trader want to hold her cryptocurrency for short time or use businesses purposes exchange is better but if anyone would like to long term deposit his funds so wallets is more better options.
Finally we can say that both are good but if we think security issues wallet is better.
4-Create an account in a wallet and in an exchange of your choice and show screenshots of the process.
Now I will be opening an account on a wallet and an exchange. To do this, I will be creating a Trust wallet account and creating a Poloniex account. Let's go
If you want to Create a Trust Wallet
To create a Trust wallet, the first thing to do is download the Trust wallet App. To create the Trust wallet App, you visit the wallet address https://trustwallet.com after which you click on the wallet you want to download based on your device. Since I use an Android device, I will be downloading from Google PlayStore, so I will click on "Get it on Google PlayStore".
Start downloading on PlayStore,
Launch the Wallet App.
Click open button
Then click on "Create a new wallet"
Accept the legal terms and click on "Continue"
After clicking on continue, you copy 12 digit phrase and keep the backup seed phrase in a safe place. It is important to backup the seed phrase so you do not lose the entire wallet if your device is lost or the app is deleted.
After copying the phrases, and clicking on continue, the wallet is successed.
Creating a Poloniex Exchange Account
To create a Poloniex account, you click on https://poloniex.com/ and then click on Sign up
Once the Sign up Page is opened, you enter your email and password. Opening a Poloniex account is very simple, and does not require filling the gap. It only requires an email and password. Ensure the password must be atleast 8 characters long with a combination of Alpha, numeric characters both Upper and lower case combination.
Check email to comfirm registration and other instructions on how to get started with the account.
Check you email and click on the verify my email.
After verifying the email, your account is created. You can now log into your Poloniex exchange account
Exchange account is created.
Conclusion
We learn from this courses why we open one and more exchange accounts and why important our wallet. Exchange is better if anyone want to short time holdings or trading but need long time deposit wallets need. And also learn Security system in future this courses will be increased our knowledge in cryptocurrencies world.
Hello and thanks for participating in the Steemit Crypto Academy season 3.