STEEMKIDS CRYPTOACADEMY WEEK5| CRYPTOCURRENCY WALLET and EXCHANGES|| Assignment by @chiomzy810

Weekend greetings to every member of this great community @steemkids, I welcome us all. I believe every one here is doing just fine?. I once again want to thank @benton3 for such a cool reward of last week assignment/participation. It really urges me to get deeper in this particular initiative.

And here, it's another week titled week 5 of this project in which we will be giving justice to some asked questions in our assignment. Please stay glued!!

Below are the asked questions pertaining to our lesson

Discuss And Explain Exchanges In Your Own Words. Give Examples.

Exchange is simply any system that provides us the opportunity to access cryptocurrency market. It operates on the basis of trading cryptocurrencies with other assets. The exchanges are just like a market place where buying and selling if cryptocurrencies take place. It therefore, creates a medium through which an individual crypto owner engages themselves in the market.

Cryptocurrency exchanges have to build in protections from done events. However, these exchanges serves as a key vehicle for liquid use of cryptocurrency assets.
In steemit, we can easily convert our steem coin to fait because it is not only cryptos are traded but Fiat currencies also.

Examples Of Exchanges

Below are few list of the exchanges we have in our world today;

• Bitfinex
• Huobi Global
• Kucoin
• Binance
• Gate.io
  

List The Differences Between A Wallet And An Exchange.

• a.) An Exchange user does not have full control of the assets on the wallet.
  b.) A wallet owner have full control of the assets in the wallet unless he compromises the speed phrase.

• a.) Transactions fees in exchange is lower than that of wallet.
  b.) In wallet, the transaction fee is higher.

• a.) Exchanges provides a medium where we convert our cryptos to fiat currency.
  b.) This service is not provided by the wallet.

• a.) Exchange let's you but and sell cryptocurrencies.
  b.) Wallet allows you to safely store your cryptocurrencies.

• a.) In an exchange, the user creates a password using his email address.
  b.) Meanwhile, a phrase consisting of 12-24 words are given to the user.

List Some Similarities Between An Exchange And Wallet . (Give an example of a wallet that have such similarities).

The similarities attached to exchange and wallet includes the following;

• Both these tools are useful when trading in cryptocurrency, whether you are buying or selling.

• Both can be used to store, hold and accumulate cryptocurrencies.

An example of a wallet that have such similarities is;
Steem coin, coin base etching_

source

In Conclusion:::

In this week lesson, I really learnt alot about wallet an exchange. And now I know where best I can store my cryptocurrency asset. Once again thank you to @ benton3.

Special Mention;
@steemkidss
@benton3
@ngoenyi
@graceleon
@goodybest
@peachlydiva
@event-horizon