Crypto Academy Week 11 - Homework Post for @yousafharoonkhan
Centralized and Decentralized Exchanges
Centralized Exchange
Decentralized Exchange
Differences between Centralized and Decentralized Exchanges
There are stand out differences between Centralized and Decentralized exchanges.
Centralized Exchanges Decentralized Exchanges
Two Best Centralized Exchanges in 2021
I got really interested in Crypto not long ago. It's actually been less than a month. I heard how profitable it could be and so I decided to take the opportunity. The #cryptoacadamy classes have been helpful and I've learnt a lot within this short period. I'm going to talk about 2 best centralized exchanges based on my research.
Binance
Binance is rated the best exchange by almost every one. Everyone I know who is into trading has a Binance account. It is the biggest exchange in the world. Binance has most of the coins demanded by traders available for exchange including all the top coins. I personally joined binance because it had Steem available for exchange and I liked the Interface also. What I didn't like was the difficulties I faced when I was doing my verification.
My Binance account is below. Just joined and haven't made any trades yet. I'm hoping in some few weeks to come I would have started trading and also learnt more about how to utilize the features available.
Coinbase
Coinbase is also the number one exchange according to some people. I've noticed almost everyone on Binance is on Coinbase also. I recall years ago when I was introduced to crypto I was told to download the Coinbase mobile app and then create an account. At that time I wasn't given enough information and so I lost interest.
What I know about Coinbase is that their fees are expensive and so most people prefer trading elsewhere. Coinbase increases the value of coins listed on their platform. If a coin is listed it becomes very popular and so people tend to invest thereby increasing the value of the coin in the market. It also has a very nice interface.
Below is my Coinbase account.
MetaMask
MetaMask is a wallet that allows you to manage your digital assets. It allows you to make transactions on decentralized exchange platforms.
Steps involved in installing MetaMask:
- Open the Metamask website on your browser/ search on google so you find the website.
- click download now
- Select install MetaMask for Chrome.
- Click Add extension.
- Pin MetaMask so it that the icon appears at the top so you can access it easily.
- If you do not have a wallet, to set up your wallet, click on get started.
- Select create a wallet.
- Click I agree to proceed.
- Enter and confirm your newly created password, agree to the terms and conditions by clicking the check-box. Click create.
- Click to reveal the secrete phrase.Copy and save it somewhere safe. It can be used for your account recovery. And then click next.
- Select the phrases in order and click confirm.
- Congratulations you're done creating your Wallet.
- Here's your account menu.
How to use Uniswap Exchange
Uniswap is a decentralized exchange platform. I allows traders to swap tokens.
To use Uniswap you need a wallet. If you don't have one, follow the steps to create a MetaMask wallet.
Steps involved in exchanging on Uniswap:
- Go to the Uniswap website.
- Click Use Uniswap.
- Click Connect Wallet.
- Select MetaMask or any other wallet.
- Click the MetaMask extension on your browser and connect your wallet to Uniswap.
- Select the tokens you want to exchange.
- Input the amount you want to exchange for both tokens and click Swap.
Thanks once again @yousafharoonkhan. Hope I've improved from my last homework.
First respected student Thank you very much for taking participate in Steemit Crypto Academy Season 2, Week 3 course class..
I have read your assignment very satisfactorily
thank you very much for taking participate in this class
Grade ; 7
Thanks Professor @yousafharoonkhan. I enjoyed your lecture also. Would be careful with copyright images next time. Thank you very much.