Crypto Academy/ Season3/Week1-Homework Post for @allbert//A world of Wallets and Exchanges// by @ebiis.

Hello steemians, i am very glad to be learning on these platform once again and a special welcome to professor @allbert, today i will be talking about wallets and exchanges.

1]Explain the 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.

WALLETS
Wallets in cryptocurrency is just like bank account in traditional financial system.
Wallets are software programs that enable users to send, retrieve and store their crypto assets, cryptocurrencies in wallets cannot be traded but only transferred from one wallet to another or exchange, also crypto wallet secure and store multiple crypto assets, for wallets we use our public address to receive cryptocurrencies and use our private keys for the transferring of our crypto assets.

Wallets are classified into software, hardware and paper wallet examples include jaxx wallet, trust wallet, myetherwallet etc.

EXCHANGES
Exchange on the other hand is like our market place where we purchase goods. Exchange in crypto world means medium where traders can buy and sell cryptocurrencies that is either buying cryptocurrencies with fiat currency or exchanging cryptocurrency with other cryptocurrency of equal value or selling cryptocurrencies for fiat currencies at current market price, the exchange matches buyers and sellers after agreed price and conditions are met.

There are two types of exchange service known as centralized and decentralized exchange service.
In centralized exchange the exchange company acts as middleman between buyers and sellers but in decentralized the exchange company does not act as middleman between buyers and sellers, here trading is done purely among traders such as P2P trading.
Examples of exchanges include Gemini, Bittrex, Kucoin etc.

operations which should be performed
exchange :
1]Exchange: in exchange users can perform swapping of crypto assets.
2]Users can lock up their crypto assets on the exchange network in order to generate rewards known as staking.

wallets : are mainly used for holding crypto assets and with our private keys we can transfer crypto assets.

2]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?

First and foremost, having more than one exchange account is more beneficial because of unforeseen circumstances like hacking of an exchange or the exchange service may wind up, also not all coins are being listed on a particular exchange so it makes more sense to make use of two or three exchange accounts in order to get the availability of these coins.
Moreover, trading fees and prices of crypto assets differ in different exchange so by making use of two or three exchange accounts you can choose the one that suits you best.

Do you have an exchange account and why that specifically?

I make use of Binance exchange account.

The exchange account i use more often is binance and the reasons are as follows

1]Binance has large trading volume and is trusted.

2]They have a reliable customer care service which responds to customer request and complain as quickly as possible.

3] Binance interface is simple and easy to use.

4]Binance P2P service is very commendable.

5]Binance takes cognizance of every countries cryptocurrencies laws peculiarities creating alternative ways for users in such countries to access or use the binance exchange for transactions.

3]What are better wallets and exhanges?

For me i trade more often, and is very rare for me to hold coins in wallet for long, so personally with exchange it has slight advantage over wallets because i can perform wallet function such as storage of cryptocurrencies on my exchange wallet which makes exchanging of my cryptocoins on the exchange platform easier.

4]Create an account in a wallet or exchange of your choice with screenshots of the process.

POLONIEX EXCHANGE

Step 1 Visit Poloniex.com and sign up by inputting my email address and password.

Step 2 Verification process is next.

Step 3 Next is my email verification.

Step 4 I logged into my email to verify my Poloniex account.

Step 5 After verification through my email, my Poloniex account got activated.

Step 6 I then downloaded Poloniex app from playstore and logged in.

Voila! my homepage on Poloniex.

TRUST WALLET

First logged into playstore and i downloaded and installed trust wallet app on my phone.

Second i clicked on create a new wallet, agreed to the terms and copied out my recovery phrase

Thirdly i then verified my recovery phrase acccording to the way they were arranged in numerical order then click done

Conclusion
General overview wallets and exhanges are of good use, a trader or holder can make use of both or any one depending on the user but it will be of more benefit if a user makes use of both, thank you professor @allbert for the lectures.