A STEPPING GROUND INTO STEEMIT CRYPTOACADEMY LESSONS (VOL. 7)
An exchange crypto wallet is a type of digital wallet that allows you to store, trade and spend cryptocurrencies. Exchange crypto wallets typically have higher fees than other types of wallets, so it’s important to choose one that’s right for you. Some popular exchanges with crypto wallets include Coinbase, Binance and Bitfinex.
A decentralized crypto wallet is a type of digital wallet that does not rely on a third-party to hold your cryptocurrencies. This means that you own your private keys, and can control your own assets. Some popular decentralized crypto wallets include Ethereum Wallet, MyEtherWallet and MetaMask.
Differences between Exchange Crypto Wallet and Exchange Crypto Wallet are: -Exchange Crypto Wallet typically have higher fees than other types of wallets.
| Decentralized Crypto Wallet | Exchange Crypto Wallet |
|---|---|
| Decentralized Crypto Wallet does not rely on a third party to hold your cryptocurrencies. | Exchange Crypto Wallets are used to store, trade and spend cryptocurrencies. |
| Decentralized Crypto Wallets are used to store, trade and spend cryptocurrencies. | These platforms are used to buy, sell or exchange one crypto to the other |
| Decentralized Crypto Wallets can only be used on a few platforms. | Exchange Crypto Wallets can be used on a variety of platforms. |
| Decentralized Crypto Wallets are more user friendly than other types of wallets | Exchange crypto wallets are made on the traditional designs and not very user friendly. Users need special time for training and getting used to using them. |
I personally prefer Decentralized Crypto wallets because they are easy to use when compared with the exchange crypto wallets and also cheaper in terms of fee and charges for transactions. Additionally, they are more secure than the other two types of wallets. However, I believe that decentralized exchanges are a better option for trading cryptocurrencies as they offer a more user-friendly experience. Overall, I think that both types of wallets have their advantages and disadvantages, which are dependent on the individual user's needs.
To create a new account i googled Trust Wallet which took me to the Trust wallet website where i selected the Android link and the app was downloaded from the play store.
Below is the first screen which i was shown, I clicked on the Create new Wallet
Thankyou @fredquantum for this great opportunity :)
After clicking that button 2nd screen was
I read the terms and conditions, checked the box and clicked on the Continue button. Then i was shown a message to backup my Recovery phrase. And asked for a password. I entered my password twice for verification and the next page was where i was shown the Recovery phrase. I wrote this key on a page and in the notepad of my phone and laptop to save it for later uses.
The other screens doesn't allow taking screenshots so i cannot provide those. As the first screen showed the phrase that i copied and the next one had me verify the phrase for later uses. When i verified myself next was the success screen
Felicitaciones, se ve que has aprendido bastante con la leccion, te deseo exito en tu tarea,
Thankyou so much friend
Hello friend, thank you for participating in the week's crypto lesson. From my opinion you have written so well.
The professor will soon review your work and give you your deserved rate:
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