Crypto Academy / Season 3 / Week 1 - Homework Post for [@allbert] | A world of Wallets and Exchanges

Good day steemians, today marks another season’s episode in the crypto Academy community. The steemit crypto academy community has become unimaginably very helpful considering acquiring knowledge about crypto currencies. It provides us with a wide pool of knowledge which I am very grateful for. Before I present my homework post, I would like to acknowledge professor @allbert and other professors for thier hard work and also appreciates the steemit crypto Academy community for the support with such opportunity to educate us about the crypto world. Not wasting too much time here I will begin my homework.

Today's topic is "A world of Wallets and Exchanges".

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).

wallet

exchange

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?

Basically it quite rare to have so many exchange accounts. However, each and every exchange applications have its own features and features not supported. Some exchange have made it Crystal clear they don’t support some types of trade. Example is the Coinbase exchange

With respect to this, you need a different exchange. However, an exchange like the binance do support both steem and Bitcoin trade.

With regard to the type of trade you will like to take will tell the exchange to use. Clearly it’s wise to have more than one exchange accounts so as to get variety of trades to choose to maximize profit.

Also for security reasons, it’s most wise to share your assets into different exchange accounts to curb the risk of loosing all your assets. Nowadays the advancement of technology has made it possible for hackers to get through an account for stealing. An exchange accounts with small asset is not worth stealing. This will save you the fate of loosing your assets in the future.

Some exchange accounts have different fee rates.
comparing binance and Coinbase fee rate.

^source

Here it is clear that binance offers a very low fee rate which I will say it wise to trade with your Binance Exchange account.

My first exchange accounts I had was the binance. This was typically because of the low fee rate they offer as well as the range of which cryptocurrencies was supported. It was quite complicated at first use of the Binance Exchange.

3- What are better? Wallets or exchanges.?

It quite obvious that they are not comparable because they are two different things working differently too. Base on how they are used maximize their functions efficiently. The fundamental use of Wallet is to store tokens under high security where as exchanges are meant basically for trades.

Although they do have some similarities, such as both are capable of storing tokens however it not worth comparing since they perform not the same tasks originally.

Furthermore, the purpose at which a user uses a wallet or an exchange to perform will tell its value making it better over another. When a user uses a wallet or an exchange, base on his intentions before using and his outcome results is what will make one looks better than the other.

Wallets are safer to hold your tokens while exchange helps bring profit.

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

Creating a Wallet account
To create a wallet account the follow the steps accordingly

In these steps I am using an IOS version and I will like to create a trust wallet account.

• step 1

Make a search for the TRUST WALLET on your App Store and download.

• step 2

Tap on open and then tap create an account

• step 3

Tap continue to precede registration. This stage is where you will backup the 12 words given. Copy and paste at a safe place with their corresponding numbers known. Can be written down too. However, the words are not to be shared. Screenshot is not encouraged too to avoid the risk of being shared to other. After backing up the words given accordingly tap continue and verify those words.

After verification tap continue

your wallet is now created

Creating an Exchange account
I will like to create a poloniex exchange account.

Steps to follow are as follows.

• step 1

Make a search for Poloniex crypto exchange on your App Store and download.

• step 2

Tap open to launch your app. Then tap Sign Up.

• step 3

Fill in with your email and then create a strong password for your account. Tap on the red circle to verify and then continue by tapping sign up again.

• step 4

Tap on open email to visit your email inbox. Again tap on verify my email to continue.

• step 5
  After it has been verified, login with your email and your password created. Tap in the red circle to verify and continue login.

your Exchange account is now created

Poloniex crypto exchange

IN CONCLUSION

From my opinion, I will say wallets and Exchanges makes a fundamental background of the crypto world. Hence without these there is no way trading in cryptocurrencies and storage of crypto tokens can be possible. They are very well known due to their functions and efficiency. I will encourage we all learn efficiently how to use wallet and Exchanges to maximize profit. Without a doubt I know it will cause a change in our standard of living for better. I will like to thank @allbert for giving us such a wonderful lecture. Thanks to your incredible explanation I have understood undoubtedly very well the lecture.