CryptoAcademy Homework Post Season2 Week3 for Professor @Yousafharoonkhan by @Nikoyana

nikoyana (64)Beginner[2,4,5,8]in SteemitCryptoAcademy • 4 years ago

Good day professor @yousafharoonkhan and thanks for the wonderful lectures

1.Write the definition of Centralised and decentralized exchange in your own words.

Centralized exchange:is an exchange where there is complete control and monitoring from the exchange to all parties who perform transactions on that particular exchange be it buying or selling and in case of any engagement between the parties it has to pass through the exchange company.

Decentralized exchange: over here there is no control and monitoring on the parties performing transaction by the exchange platform, the exchange allows parties to engage with each other freely.

2.Explain the difference between centralise and decentralized exchange.

Anonymity
Under centralised exchange users have to be verified and authenticated before they partake in any transaction on the exchange.
While
In decentralised exchange users are not been verified by the exchange.

Control
In centralised exchange the exchange company serves as the controller and middleman for transactions between buyers and sellers.

While
In decentralised there is no middleman between buyers and sellers,traders control thier transaction by themselves.

Usage
Centralised is easy to to use with just password to your account and a simple interface.

Decentralised is not easy to use with complex keys that the users has to do with.

Fees
Fees charged in centralised exchange are high compared to decentralised exchange platforms that charge little or no fees.

3.Write about any two best centralised exchange of 2021.why are they best in front of you.

Link

Binance :is a cryptocurrency exchange platform where cryptocurrencies are traded,i love trading with binance because it enables users to use the p2p (peer to peer) platform to buy cryptocurrencies with local currencies and no fees are been paid.

In p2p the user can choose the parties he wants to trade with coupled with method of payment.
Binance provides p2p escrow services which protects and secures every transaction between the traders and enables the traders to be assured of their transaction.

Binance is the most popular cryptocurrency exchange platform used worldwide, it was founded in 2017 by Changpeng Zhao,binance have the best cryptocurrency pairs listed on its exchange because of this it has a very high volume and also it's transaction fees are very low.

Binance uses the coin bnb which is binance coin when traders use bnb to pay trading fees on binance they are been offered discount,newbie can acess the binance because of its simple interface.There are two binance trade setting which are basic for newbies and advanced for cryptoenthusiast.

Link

Huobi :is a seychelles based cryptocurrency exchange founded in China the company now has offices in Hong Kong,South Korea,Japan and United States.

It was founded in 2013 by LeonLi,huobi has a smooth and fast interface which can be acess by all, coupled with quick response from their customer care.

I love trading with huobi because it has an insurance policy which is known as user protection fund that insures against hacks, theft, that affect their customers account, with these customers feel safe and secure knowing any damage that happens to their account they will be covered by the exchange.

4.lnstall metamask and share step by step screenshot.

First of all you go to play store and download metamask

Install and open the app

Click on get started

Click create new wallet

Create password

Click Start

Secure your seed phrase by inputting to complete task and copy it somewhere safe

After clicking continue
Click on backup then done

5.How to use uniswap exchange and swap/buy or swap/sell any coin(step by step)

Uniswap is a decentralised exchange it is built on the ethereum blockchain,Uniswap facilitates transactions between cryptocurrency tokens on the ethereum blockchain through the use of smart contracts.

To use uniswap exchange for swapping/buying or swapping/selling.

First visit uniswap.org then click on use uniswap below