Hello friends, professor and participant of this cryptoacademy, I am happy to be here again for the season 3 of steemit crypto academy.

This is the homework post done by me @feliicia for the homework :

Crypto Academy Season 3 | Intermediate course by @allbert -Task 1: A world of Wallets and Exchanges

QUESTION 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

An exchange is a platform that allows consumers to purchase and sell digital assets such as cryptocurrency.
An exchange will assist you in purchasing or converting cryptocurrencies, and many of them are similar to a decentralized cryptocurrency exchange. The exchange functions as a 24-hour trading platform. Example of exchange platforms are Binance, Huobi, Okex, Bittrex, kraken etc.

WHILE

A crypto wallet is a tool for storing and safeguarding coins. It's a piece of software or something else that stores the keys to your blockchain transaction.
Two keys will be included in your wallet. It has a public key that allows you to be identified and encrypt transactions. It also has a private key that decrypts your data as it moves from one party to another.

The differences between Exchange and Wallet

• The main purpose of an exchange is to Buy and sell cryptocurrency; conver fiat and a cryptocurrency to another cryptocurrency, while wallet main purpose is to Safeguard your cryptos; gain access to tokens at any moment; and keep them for a long period.

• You have complete control over how your money is spent and transferred when you use a wallet, as well as your passwords and private keys.
  When you keep your digital cash in an exchange account, also known as an exchange wallet, you give up some control to the platform. Their policies can affect your fund.

• Exchange is less secure when compared to wallet because exchange can be opened to risk of hijackers and hacking.

Which operations should be performed in an Exchange and which operations should be performed in a wallet (in terms of fees)?

It is good to make use of the two for the purpose at which they are created in order to enjoy the service better and to prevent unneccessary cost.

Wallet are Holding and Storage. It is not made to do some task as swapping. Even though some wallet can do swapping, the fees for this kind of task is higher compared to if you are doing it on exchange.

Swapping and other transactions on exchange cost less and easier because exchange is designed for Trading.

QUESRION 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?

2a) In your own words, Why You think people should have more than one exchange account?

You can understand why some traders choose to spread their digital assets across exchanges if you've heard the investment adage "don't put all your eggs in one basket." Investing and trading in several exchanges and currencies can help to reduce the risks associated with crypto assets.
It's usually a good idea to diversify and use different exchanges, such as Kraken for buying and selling fiat currencies, Primexbt for leverage trading, and Binance for trading the many altcoins accessible. This protects your cash in the event that one of the exchanges is hacked or anything unforeseen occurs.

2b) Do you have an exchange account? and Why that specifically?

Yes I do. Although I am only using one exchange and the reason is that I am not a professional crypto trader, I am still learning. I use Binance for my exchanges and transactions.

The reason is what this topic is all about i.e We need exchange to enjoy some services which out personal wallets like Atomic wallet or trust wallet can not do better and at lower fees. Anyone that will trade and exchange a cryptocurrency for another we need an exchange and that is my reason for having one.

QUESTION 3- What are better? Wallets or exchanges.?

I don't want to believe that one is better than the other, but it depends on the user. For someone that comes into cryptocurrency world just to buy and hold, then I will say that wallet is better. And for someone that comes into crystal currency world with the aim of buying and selling (trading), then I will say that exchange is better.

One thing that we need to put into consideration is the benefits that we will derive from each of them and the advantages that each posses over the other. After discussing disadvantages we will all see that it is good for every user to have account for exchange and wallet.

Advantage of Exchange over wallet?

Advantage of exchange over wallet comes in when we need to do day-to-day trading transaction which costs higher in wallet than in exchange. When exchanging cryptocurrency through wallets outside of an exchange, there are often fees and gas prices to consider, which take a bite out of each transaction. The rewards would be substantially lower if traders were to do this every time they made a deal. While holding cryptocurrency in more secure wallets outside of the exchange is safer, it is just not feasible for high-frequency traders who make several transactions every day. While wallets like Shapeshift have made this procedure easier, transferring money back and forth from an exchange is still expensive.

Advantage of Crypto Wallet over exchange

Crypto wallet is the best when it comes to the area of Account and transaction security.
You may rest assured that your data, information, and access to your investment are secure when you use a digital or crypto wallet. A highly secure sign-in process will be implemented, requiring you to give an encrypted password and user ID.

My advice on this is that anyone that want to go into trading cryptocurrency should have both crypto wallet and exchange. What we need to do is that we should not hold too much coin in our internal exchange wallet, but just the one that we need at that time of trading. Let the crypto wallet serve as the SAFE where will we be keeping our investment, and exchange will be where will we be doing trading transactions.

QUESTION 4- Create an account in a wallet and in an exchange of your choice and show screenshots of the process.

Opening of Exchange account (Huobi)

-The first thing to do is to open the brower and type the site. In my case "Huobi.com" as shown below.

• From the exchange home page, you will see the login icon at the top right corner, click on that.

• Here you will find yourself at the sign up/login page. We are going to click on sign up as a new user.

• In my case, I am signing up with email, You will change your country and inputs the email address and then press next as shown below.

• An email verification code will be sent to your email and you will input it here and click next as shown below.

• The next step as shown below is to fill the password form and accept the terms and condition then proceed by clicking sign up.

• My account has just been created and the next thing is to log in with the account as shown below.

• After logging in, then here we are at the welcome homepage where we can explore and start our trading as shown below.

Opening of Wallet account (Trust wallet)

• Visit the Google play store for Android and download trust wallet.

• Launch the application and click on create new wallet as shown below

• In this step two is to confirm and understand the meaning of the 12 backup phrase. If you understand it, click I understand and press continue as shown below.

• The step that follows is the backup phrase which can not be screenshot. There will be twelve words which should be written down in a safe place.

• Then you will be ask to verify this phases in their other, it is to confirm that it has been saved. After this you press continue.

• When all these is done and you have successfully saved your backup phrases, the new account will be opened as shown below.

Thanks

Cc:
@allbert
@steemcurator01
@steemitblog
@steemcurator02