Asslam-0- Alaikum!

How are you all? I hope you all will be well by the grace of Allah almighty. I am very happy that i am going to know about cryptocurrency. It is a great steps of the whole STEEMIT PAKISTAN team to make a plan about cryptocurrency topics. So My Today post is about a homework post given by professer @naqshraja1

||START THE HOMEWORK TASK WITH A BEAUTIFUL QUOTE🥰🥰||

السلام علیکم

کب بولنا ہے کیا بولنا ہے کتنا بولنا ہے، اور کس کے سامنے بولنا ہے یقین کیجیئے یہ ایک آرٹ ہے اسے سیکھنے کی کوشش کرنی چاہیے

خوش رہیں
خوشیاں بانٹیں

What is the difference between Cryptocurrency and the traditional Financial system? What are the Pros and Cons of Cryptocurrency (Write atleast five)

➡️ ||What is Cryptocurrency ? ||
A cryptographic money is an advanced or virtual cash that is gotten by cryptography, which makes it almost difficult to fake or twofold spend. Numerous digital forms of money are decentralized organizations dependent on blockchain innovation—an appropriated record upheld by a dissimilar organization of PCs.

Source

A characterizing component of digital forms of money is that they are by and large not gave by any focal power, delivering them hypothetically invulnerable to government impedance or control.

➡️ ||What is TraditioNal Financial System ?||
The Traditional financial system comprises of banks and monetary foundations as the fundamental mainstays of its working component. We as a whole have something like one or presumably more than one ledger and are utilizing banking administrations like monetary exchanges, Visa installments, ATM withdrawals, among others.

Source

Banks are a serious amazing constituent of the generally speaking financial situation, and gratitude to globalization, we have today various worldwide banks working in various pieces of the world.

Source

➡️ ||Difference between Cryptocurrency and the traditional Financial system? ||

➡️ ||Advantages of Cryptocurrency||

• Potential for high returns
• Security From Payment fraud
• Quick Settlement, International Transactions.

➡️ ||Disadvantages of Cryptocurrency||

• High unpredictability and potential for enormous misfortunes
• Black market action
• Unregulated and unbacked, Cyber hacking

What are the objectives behind the creation of Bitcoin?

➡️ SOME OBJECTIVES

The idea of Bitcoin originally came into creation in 2008, as a reaction to the Great Financial Crisis and the monetary world's dependence on banks as mediators of every single monetary exchange.

||Founder of Bitcoin||

Source
The organizer, Satoshi Nakamoto, had the possibility of disintermediating the banks from monetary exchanges, and making a shared installment framework that didn't depend on outsider affirmation. Thusly, the banks didn't should be engaged with every single exchange.
It would depend on the norm of "verification of work", which utilizes numerical calculations to affirm exchanges without utilizing a focal power (banks). Rather than the focal organization, the blockchain comes in.

Bitcoin was made as a way for individuals to send cash over the web. The computerized money was expected to give an elective installment framework that would work liberated from focal control yet in any case be utilized actually like customary monetary standards.

🟠 These are some objectives behind the creation of bitcoin

What are the differences between Wallets and Exchanges? Which is better in your opinion?

🛑||WALLETS||

Wallets are the safes for your crypto resources where you store your resources. There are two sorts of wallets:
➡️ ||Types||

🔸️ Cold wallets
🔸️ Hot wallets

🔷️ Cold Wallets:-
Cold wallets are those sort of wallets which stay disconnected. These sort of wallets are less inclined to hacking as they work disconnected.

🔷️ Hot wallets:-
hot wallets consistently stay on the web. You can recieve, send and store your crypto resources in it. These kind of wallets are more inclined to hacking as they are on the web.

Source

🛑||Exchanges||

Trades stages in which you can exchange your crypto resources. In exhanges You Do not have the control of the trade as you're in charge of your wallet. That is one motivation behind why wallet is viewed as way more secure than trades.

On Exchanges you can purchase and sell Cryptocurrencies from the live business sectors. There is additionally a wallet inside an Exchange which you can use by joining on the trade stage.

Example:

• BiNaNce
• OcTa Fx
• poloniex

⭕ ||Difference among Wallets and Exchanges||

🛑||Wallets||

• these are fundamentally used to get your resources

Profoundly got

• You can't exchange on wallets

• in the event that you free the key, it can't be recuperated.

🛑||Exchanges||

• fundamentally utilized for exchanging of resources

• Similarly low degree of safety

• you trade account key can be recuperated

➡️ Which One is better in My opinion👍

Both these instruments are helpful when exchanging digital money, regardless of whether you're purchasing or selling Bitcoin or Dogecoin or some other token. ... Furthermore, a crypto trade is the place where you can do this (and furthermore store your coins), while a wallet is a manner by which you can store your ventures all the more safely however will not be utilizing as effectively.

I think Exchanges are better than wallets because if we forget our password then we can recover and we can buy and sell coins on exchanges while in the wallet only we can keep our money. We can't buy or cell coin. If we forget our wallet password it can not be recovered.

⭕ IN MY OPINION EXCHANGES ARE MORE BETTER THAN WALLETS

Create an account on Binance and show screenshots of the process(if you already have binance create an account on Poloniex)

||I Create a poloniex account because i already have a binance Account||

⭕ STEP 1

First you have to open your Play Store application and then you have to download poloniex app from there.

⭕ STEP 2

After that open the poloniex app and click on the sign up option.

⭕ STEP 3

After clicking sign up they will ask you for your Gmail address as well as your password which you have to enter in the blank box.

⭕ STEP 4

Then at the bottom you will find another empty box in which you have to enter a referal code. If you dont have any referal code you can skip this box.

⭕ STEP 5

You have to verify a option after verification click on the sign up option you account is ready.

⭕ STEP 6

After that poloniex Send you a verification on your gmail box. Just open the gmail and click on the "verify my email" option.

After that your account has been ready to login.

⭕ STEP 7

Open the app again give the email address and password you given at the time of sign up and click on the verification button your account was created and login successfully.

So this is the step by step procedure to create an account on poloniex.

🔶️ ENJOY CRYPTO TRADING ON POLONIEX🤗

||Conclusion||

First of all, I would like to thank the entire steemit Pakistan team for taking this step so that our people can also become aware of the cryptocurrency. Besides, I have learned a lot from this lecture and I know a lot.
If our community continues to work like this, we too can get very good grades in steemitcryptoacademy home work tasks and we can get lot of information about cryptocurrency.

🔷️ Today's homework task was great and I learned a lot from it.

Submitted To:-
@naqshraja1

Submitted by :-
@malikusman1

Achievement 1

https://steemit.com/hive-172186/@malikusman1/achievement-1-by-introduction-malikusman1