STEEMKIDS CRYPTO ACADEMY S2W3/EXCHANGES /PART 1/10% payout to steemkids
introduction
Good day everyone is a pleasure to be writing once again in this wonderful community on the assignment given after an educative class on crypto academy. The proposed answers to the question are:
question no1
Define and explain an exchange.
An exchange is a 'middleman'.
-an intermediary. They serve as 'go-between', between the buyers and sellers who trade in digital or fiat currency, while charging a transaction fee.
question no2
Details of what is done in an exchange.
In an exchange a buyer can deposit money using whichever method he wants.-fiat or transfers.
Source
This money is then converted to the currency for exchange.
After the buyer has found his choice of online exchange,he/she needs to do some proper research on the credibility and history of their preferred platform.
Once the buyer has settled for an exchange,the next thing is to open a trading account.
Source
Personal details like ones email address will be asked in order to verify the account,then a password will be setup.
These passwords should be properly kept because if lost,may not be recovered leading to loss of assets.
Once an account has been set up,the buyer like I earlier stated can start trading-buying one cryptocoin or the other,using the exchange platform as a middleman and a price regulator because exchanges show the curren market price of the cryptocurrency they offer.
Thank you for your participation in this week's steemkids crypto academy.
However, I observed that you only mentioned buying and selling of cryptos as the only things done in an exchange. I expected you to explain them in details as the question suggests.
Additionally, you dwelt so much on setting up of an account, which was not the main focus under consideration.
We hope you take the corrections in to consideration next time.
@benton3 thank you for going through my post sir. Might I suggest that after every class the homework is solved for us so we can as well learn more especially those things we didnt find out on our own during our own researches. I believe it'll go a long way in further education us. Once more thank you for the class.
All you basically needed is in the post I made. Read through it carefully, you will see it.
If I say make further research, I also know what to do.