Introduction

Good day all lovely Steemians prof your lecture was fun, i am happy to be writing my assignment given by you because i have learnt new important facts concerning the crypto world. Thank you professor

    Questions an Answers

Explain in your own words what an Exchange is. Differences between a Wallet and an Exchange. What are the advantages and disadvantages of DEX and CEX. Have you used an Exchange before? Tell us about your experience.

Questions source

WHAT IS AN EXCHANGE?

An Exchange is a Software platform where cryptocurrencies are exchanged and swapped for different fiat currencies in crypto market. As the name implies an exchange is a software application that is used exchange cryptocurrencies either for holding them, trading them or swapping them to other currencies. Exchange are more like trade-by-barter.
Types of Exchanges .

• Centralized exchange (CEX) and
• Decenterlized exchange.

Decentralized exchange (DEX) :

Decentralized exchanges have only few currencies(crypto and fiat Currency) that are traded on them, this applications are not controlled by an admin, the developers of the application or center authority, it runs on a peer to peer network examples are:

• Sushiswap
• Curve Finance
• BurgerSwap etc.

Centralized Exchanges (CEX):

Centralized exchanges has a lot of Currencies(Crypto and Fiat Currency) that are traded on them and they are controlled by an admin, the developers of the application or center authority that controll the the activity of the exchange software. Examples are

• Coinbase and
• Gemini.

DIFFERENCES BETWEEN A WALLET AND AN EXCHANGE.

1 . Wallets are software developed to store public and private keys for your currencies (crypto and Fiat) transaction

                While

• An Exchange is a software for trading currencies (crypto and fiat cryptocurrencies)

2 . Wallets stores the records of assets like
Currencies (crypto and Fiat)

          While

• Exchanges store the currencies (crypto and Fiat) assets in wallets.

3 . A wallet can run with or without an internet connection.

             While

• An exchange cannot run without internet

4 . Most Wallets do not need exchanges to perform it duty.

               While

• Exchanges needs wallet to perform their complete duty.

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WHAT ARE ADVANTAGES AND DISADVANTAGES OF CEX AND DEX ?

Advantages of Centralized Exchanges

• Centralized Exchanges has faster transaction speed compared Decentralized exchanges.

• Centralized Exchanges have high trading volumes is higher than that of Decenterlized exchanges

• Centralized Exchanges accepts the use of fiat currency to trade crypto asserts.

• Centralized Exchanges makes it easier to convert to cash.

Disadvantages of Centralized Exchanges

• Centralized exchanges hold the public and private keys of it user's making it unsafe for it's users

• Most CEXs are very difficult to successfully registrar or verify a new account.

• Centralized exchanges have higher transaction fees

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Advantages of Decenterlized exchanges

• Decentralized exchanges are more secured compared to centralized exchanges because each users is in possession of his or her public and private key, making it difficult for hackers to get access to it.

• Decentralization exchanges registration process are easier, simpler and faster than centralized exchanges.

• Decenterlized exchanges are not involved in price manipulation.

• Decenterlized exchanges gives users full privacy because they don't require users (KYC)

Disadvantages of DEX

• Decentralized exchanges don't accept fiat currencies for swapping

• Decentralized exchanges only accept few crypto currencies for swapping.

• Decentralized exchanges account can't be easily recoverd after it been lost or hacked

Have you used an Exchange before? Tell us about your experience?

Yes, i have used an exchange .
When I downloaded the application from a playstore, i did setup my password and pin and i also did every necessary setting for example account verification, profile setup etc. I have withdrawed some money using this application, i have also sold and bought many cryptocurrencies using this application. My experience with this application was fun and stress-free this application is called "ROQUU"

Roqqu

Roqqu is a decenterlized exchange software built on a blockchain. It is populary used in Africa especially in Nigeria. It was Co-founded by a nigeria called "Uche Nnodim" in the Year "2019"

When you open the app after installing it you see this first, it means it's starting up.

Then you put your password or finger print to have access to the account

Home page

This is the home page,if you scroll down you will see different cryptocurrencies. Below you see five images, these are link to your settings, wallet, overview, saving and transaction. On this page you can

• Buy,
• Sell,
• Transfer,
• Withdrawal etc
  your Cryptocurrencies

Transaction page

This is the transaction page were you see all your previous transactions made on the platform.

Wallet page

This is where you easily see your possessed
cryptocurrencies .

Setting page

This is were you put your settings like setting up

• Profile,
• Password,
• Preference,
• Referrals link and
• Verification easily
  

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Sending fees for BTC	0.00015BTC
Sending fees for ETH.	0.000.001ETH
others	0%
Receiving fees	0%
Depositing frees	1.4%
Withdrawal fees.
Bank	0%
Crypto wallet	2%

Conclusion

In a Roqqu, the application user interface is friendly, fast and easy to use. If you look well o just withdrawed money using the platform, it was stress free. If you look at my image of Roqqu you notice it have a wallet, meaning it can not run without a wallet. This is a prove that what our dear professor told us is right and important.