GRASSROOT EDUCATION VOLUME 7: EXCHANGE AND DECENTRALIZED CRYPTO WALLET BY @CHUKWU10
introduction
Hello friends,you are welcome to my blog and once again you are welcome to the week seven of the GRASSROOT crypto education and this week's topic is very interesting and that's why I will like to participate so as to explore more about cryptho world.First I will like to explain the two types of wallet which are the exchange and decentralized crpto wallet.
Exchange crpto wallet
From what I understand from the lesson I will like us to to talk about the two types of crypto which are exchange and decentralized wallet but first I will like us to define some of the words in this lesson and the words are: exchange
Exchange
This can be defined according to the crpto world as a business or platform that allows it's traders to trade on many crypto currency and also to convert their crypto to fiat money.
Having the knowledge of what exchange is we can now say that exchange crpto wallet is a wallet that enables it's traders to tradeor store.i also understood that before you will own an exchange crpto wallet you have to go through some process and those process involves supplying some of your personal details which includes your phone number or email address,you national identification number and your password.
I also understood that those details you supplied will serve as a means of your verification which means that you are now a verified customer and has the right to trade on any asstes you want and based on the level of verification and also some of the examples of exchange are :coin base,zengo, binance etc.
decentralized crpto wallet
As for me this is one of the best crypto wallet in CRYPTOCURRENCY because it is decentralized and this means that the owner has full control of the account.
So with this knowledge I can say that decentralized crpto wallet is a wallet in cryptho ecosystem that grants it's users the access to gain full control on their assets and also the access to store their security passwords in form of letters or numbers.
As I said before in this type of crpto wallet it's users has a private key that gives them full control over their assets and also this private key gives them the power to reimport the wallet into a new device and also they can withdraw their asset at any time in the day with no delay or the central authority.
And from what I learnt this kind of wallet those not need the help of the third party for their transactions and some of them include the famous trust wallet,coinbase wallet,ledger,Exodus etc.
difference between the two wallets
| Exchange crypto wallet | decentralized crpto wallet |
|---|---|
| Exchange wallets are regulated well regulated by the owners of the platform | decentralized crpto wallet are fully controlled by it's users in a way that they have their private keys |
| The exchange wallets need your license before you can be verified as a customer | the decentralized wallet can be owned by anyone in such a way that it does not require any of your personal details to create or transfer assets through it. |
which of the wallets do u prefer
For me I will say that I prefer the decentralized crpto wallet because it is less free form danger.
how to create a decentralized crpto wallet (trust wallet)
You first begin by downloading your trust wallet from the play store or you upgrade it because my own I have it in my list of apss so I will download it
now and when you are done then you open it and click on continue and after that you agree that if you lose your recovery phrase that you will lose your account and after that you copy and choose the correct phrases then you go and store your phrases in a safe place then your new wallet is ready
you click on creat wallet.
you click on continue and after agreeing to terms and conditions.
I will be using a downloaded picture because the trust wallet app does now allow it's users to screenshot while copying and pasting the recovery phrase
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Then your new crypto wallet Is ready
conclusion
The lesson was a very good one for we kids as I understand that the exchange crypto wallet is quite different from the DECENTRALIZED CRYPTO WALLET because in the exchange crpto wallet the owner goes through few process before been verified but for decentralized crpto wallet the owner of the wallets has his private key in a way that he has full control of his account.
I am very happy to participate in this contest as I am inviting my friends @junst,@deben,@prekish to join in this contest.
REMARKS;