Hello Steemit Family!

Today I am writing my homework task for Professor
@yousafharoonkhan which is about Decentralized and Centralized Exchanges.

Let's Begin The Homework Task!

Question no 1 :

Write the definition of Decentralized and Centralized Exchange in your own words.(definition should cover exchanges ,not system) only explain in your own words, after understand the exchanges.

Decentralized Exchanges

Decentralized Exchange is the type of exchange in which all the power of your Exchanges and the control over your transactions and funds is under your control and any third party does not control your activities and you do not need any third party permission for your Exchanges. It is like you have the key to your activities.

Centralized Exchanges

Centralized Exchange is the one in which all the power or control over the the exchange is with the owner of the system who have created the exchange. You do not have any control in this system and only the owner can control every users activities and exchanges with no power in the hands of a user. and thus makes the exchange centralized with all the control with only one center.

Question no 2 :

Explain in your own words the difference between decentralization and centralization exchanges (answer should related exchanges ,not over all system.. (answer must be written in own words, copy paste or from other source copy will be not accepted)

DIFFERENCE BETWEEN CENTRALIZED AND DECENTRALIZED EXCHANGE

CENTRALIZED EXCHANGE

In Centralized exchange all the authorities of your funds are with the admin of the Exchange who have actually created the exchange. 

In centralized exchange You will have to provide KYC (know your customer) verification to the centralized exchange and you will have to share your personal information with the The government because all the centralized exchanges are controlled by the government and they believe in the KYC verification of the users.

Centralized exchange can be easily hacked And all your savings or funds in the centralized exchange can disappear and you can lose all your savings.

Centralized exchange can sometimes go under maintenance because the server can down anytime without any reason and your work can delay due to service maintenance.

Centralized exchange is very easy to use and everyone can use centralized exchange without any experience.

DECENTRALIZED EXCHANGE

In decentralized exchanges all the authorities and control of your funds are with you and you can control and transfer your funds without the involvement of any third party by yourself.

While using decentralized exchange you do not have to provide any KYC verification and they do not need your personal or private information for your exchanges for transferring because it is completely based on blockchain.

But there are very less chances of hacking decentralized exchanges because they are totally secured and can not get hacked easily.

In decentralized exchange You will never face any server down problem because it is built on decentralized blockchain system or decentralized exchange.

Decentralized exchange is a way more difficult to understand than centralized exchange and this is the reason not all the people can use and access to decentralized exchanges.

Question no3

write about any 2 best centralized 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 )

Binance Exchange

Binance is a one of the famous centralised exchange binance has been in the Crypto world since a few years but in these years it has gained a lot of popularity among the Crypto uses with its easy and friendly interface binance has a very good and easy e verification system and I would say the fastest it took me only a few minutes to verify my binance account and it was very easy for me to understand most of the the features in this exchange it is very easy to exchange your coins and the options of deposit and withdrawal that binance provide I think that is the best one of the best thing that I like about binance exchange is that the exchange be it cost and its worldwide so it support the local currency of your country as well that is a big plus point for this exchange you can deposit and withdraw funds from binance in your local currencies it provides so many different methods through which you can withdraw and deposit your funds so in my my opinion binance is one of the best exchanges of 2021.

My Verified Profile

This is my last 24 hours Exchange history on Binance Exchange.

Coinbase Exchange

Binance exchange is one of the popular exchange is when it comes to cryptocurrencies it is a centralised exchange and it also provide a really good features and a very easy to use interface and Eve user won't have to struggle a lot to understand the basics you can easily buy and sell your cryptocurrencies using this exchange and the verification system is not that hard but there is a verification system and when it comes to security coinbase has been one of the safest exchanges in history. Coinbase supports more than 200 crypto currency and you will find almost all the coins on this exchange so you can exchange every coin using this Exchange.

Question no 4 :

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

STEP #1
Open your app store/ play store and search for Metamask, Click on the get button to install it on your mobile. It will take several minutes to complete and than you will click on the open button to open it.

STEP #2
A main page will appear and than you will have to click on the Get started button to start making your very own metamask wallet. And than as we are creating a new wallet and are new to metamask so we will click on the create new wallet and continue to next page.

STEP #3
Now we will have to make a strong password for our meta mask wallet and it should be strong and something that is not easy to guess by any other person. Write the password again to confirm.
Once your password is accepted and is strong enough click on the create password and continue.

STEP #4
Now in next step you will have to secure contest , and for that they will provide you a seed phase verification you will have to write down all the seed phase code on a paper safe with yourself and than you will have to rewrite it in the next step.
Click on the complete backup button and your seed phase verification is done.

STEP #5

Click on the agree button and you have successfully completed all the steps and your metamask wallet is now ready to use.

Question no 5 :

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

STEP #1
Search on google for uniswap and than click on the uniswap and than click on the side bars to get more options.

STEP #2
Click on the Frist App option and a new page will appear to you.

For making your Exchanges you will have to connect your wallet which you often use.

Here you will get options of all the wallets you will have to select the wallet which you already have or which you want to connect with your Uniswap. I am selecting metamask because I have metamask wallet installed and it will help to understand it easily.

Here you will add the number of token you want and the type of Token you need. I have selected USDC and If I need 100 tokens of USDC, it will automatically show you the amount of Etherium you will need for getting 100 USDC.

CONCLUSION

Centralized Exchanges are very easy to use and provides user friendly interface. moreover decentralized Exchanges are more secure and will not have to worry about the hacking and losing your funds in any case. Hence it will be really great for all the cryptocurrency users to start their trading and exchanges on decentralized exchanges because it provids you the basic and the great exchanges related to all crypto trading. Now mny many people are using centralized exchanges including me but I see the future of decentralized exchanges to be very bright.

Thank you so much Professor @yousafharoonkhan for such an informative lectures..

Regards
@janemorane