Homework 2: Will you keep your Crypto Assets in a wallet or on an Exchange? Make a post why you would prefer to keep your assets in one over the other by @yuceetoria. (100% power up)
INTRODUCTION
Hello Steemians, This is week two(2) in our @crypto-academy, and after each lectures we are given task to do in order to check your level of knowledge about cryptocurrencies. The first week introduced us to the world of cryptocurrencies and the way they work. This week we are expected to make a post about crypto wallet and exchange, which I would prefer to keep my assets and why I made the decision by @gbenga. You can also be part of academy and take your own homework with this link. [Homework](
FIRST WHAT IS CRYPTO ASSETS?
Crypto-assets are broadly defined as private digital assets that use cryptography and are designed to work as a medium of exchange.
The most well-known crypto-asset, ‘cryptocurrencies’, are used as a medium of exchange on exchanges and trading platforms, and were created as an alternative to fiat money.
They include names like Ethereum, Ripple, Litecoin and Bitcoin.1.
CRYPTO WALLET
A cryptocurrency wallet is an app that allows cryptocurrency users to store and retrieve their digital assets. As with conventional currency, you don’t need a wallet to spend your cash, but it certainly helps to keep it all in one place. When a user acquires cryptocurrency, such as bitcoins, she can store it in a cryptocurrency wallet and from there use it to make transactions.2
Examples of crypto wallet that are commonly used in Nigeria are Roqqu, Luno, Trust and Tronlink.
CRYPTO EXCHANGE
A bitcoin exchange acts as the intermediary between a seller and a buyer or, to use cryptocurrency language, between a "maker" and a "taker."
A bitcoin exchange works like a brokerage, and you can deposit money via bank transfer, wire, and other common means of deposit. However, you will often pay a price for this service.
If a trader wants to trade between cryptocurrencies, they will pay a currency conversion fee, similar to institutional banks when you trade money from different countries.3
image source Top Ten Cryptocurrency Exchanges)
QUESTION: Where will I keep my crypto asset
ANSWER: I would love to keep my crypto assets in a wallet, because if there I have a digital solution for securely storing and managing blockchain assets and cryptocurrencies. These wallets allow users to spend, receive, and trade cryptocurrencies. To me, a crypto wallet is easier to control. There I could save my assets without fear. As one is opening a wallet, they are given special keys (usually a 12 -15 private keys to keep safe), so it would be hard before one would manipulate your account.
Saving in a wallet gives my assets an opportunity to grow as the market value increases. Currently I have a tronlink, trust, roqqu and Luno wallets where I do Various transactions.
CONCLUSIONS
Note that crypto exchanges are risks, so whichever trade you want to do, do a thorough research before venturing. A very special thanks to @crypto-academy for the opportunity to be part of the community and @gbenga for the homework 2.