Steemit Crypto Academy Season 2, Week 3 || Homework post for @yousafharoonkhan BY @akashhassan

akashhassan (59)in SteemitCryptoAcademy • 3 years ago (edited)

this is my homework for the steemit cripto Academy

Question no 1 :

Write the definition of Decentralized and Centralized Exchange in your own words.(definition should cover exchanges ,not system) only explain in your own words, after understand the exchanges

Let's talk about centralised exchange so a centralised exchange is that which is owned and control by a company to all the decisions has been taken by the company and all the funds and asset in the exchange are completely controlled by the the owners of that company which have created the exchange if there is any change to make in the exchange only and only the people in the authority on the top will take the decision no one else which are the company owners and a centralised exchange is completely regulated by the government and it means that there are officers of that exchange in physical world and there are real people working on the the company and exchange just like we see in stock exchange centralised exchange are the same thing the exchange which is owned by a company and completely regulated is called centralised exchange

now let's talk about decentralized Exchange CEO decentralization charges are those exchange which e e are not owned by any company and there are no there are no control of just percentage of people but the token holders can take decisions and all the assets in the exchange is controlled by the owner of that assets And because it's completely based on blockchain there is no need of any verification in the decentralized exchange and there are no regulations by the government on the exchange in the other factor is that very low exchange fees on the the decentralized exchanges the best part about decentralized exchanges is that it is very hard to hack a decentralized exchange because the authority and the control is not in just one hand and as we know that it's completely run on a blockchain technology

Question no 2 :

Explain in your own words the difference between decentralization and centralization exchanges (answer should related exchanges ,not over all system.. (answer must be written in oun words, copy paste or from other source copy will be not accepted)

#1 In centralised exchange when you are joining the exchange you will have to provide your information like identity e date of birth and name which is KYC on the other hand and decentralized exchange you don't need any of that no verification no KYC you can use it without verification

#2 Infantilize exchange you will face the problem of maintenance and server issues whenever the server is down it can go under maintenance and if you have to do some really important transaction you won't be able to do that on the other hand and decentralized change you will never face that problem because it's completely based on blockchain technology so you will never face that problem and decentralized exchange

#3 Centralised exchange are more vulnerable to hacking it can be hacked and it has been hacked in past on the other hand and decentralized change there are chances of getting hacked because it's running on a blockchain technology and blockchain is is almost impossible to hack that is a major difference

#4 Decentralized exchanges are a little harder to use in comparison to centralise exchanges and centralise exchanges has more features and options to choose from and decentralized changes don't have that because it's still in the beginning stages and in future that can cover up all those feature as well so decentralized exchange is not user friendly every compare it with Central ise exchange

Question no 3 :

write about any 2 best centralised exchanges of 2021 . why are they best in front of you? (Show screenshot of your verified profile to make verify that you are really using them, or also share any one trade that you made in last 24 hours )

Binance exchange

binance exchange is one of the biggest exchange out there among all of the cryptocurrency exchanges this is one of the best because of the user friendly interface and it's very easy to swipe between coins buy and sell coins on this exchange and it support more than 200 coins so you don't have to worry about that also the verification system of binance is very easy and very fast also you don't have to wear for a long time to get verified on binance Exchange binance provide very low exchange fees and that is one of the reason why it's so famous and many people trust this exchange And you can be from any country you can deposit your local currency into binance it is not restricted to only United states that is what makes it the best Crypto exchange out there

Coinmama exchange

I like this exchange because of the speed so if you want to buy cryptocurrencies and you don't have that much time to wait for some time you can use this exchange it is very fast and the best part about this exchange is that its worldwide so more 150 countries this exchange supports And verification process in this exchange is very easy you don't have to submit all your documents they will just ask you a few documents and that's it so it's very easy e verify your account on this exchange And again this exchange is very user friendly you don't have to learn all the technical things you just have to know the basic trading techniques and you can easily sell and buy cryptocurrencies on this exchange this exchange supports more than 150 coins so all of the the famous coins that are available in the market you can try them on this exchange very easily there is only a few problem with this exchange and they are that they caused a little bit more fees which is little problem but you can use binance exchange if you don't want to pay that fee

Question no 3 :

I will try to keep it easy and simple so first of all go to Google aur any browser that you have it can be anything and type metamask and click on the first one and it will take you straight to the man websites remember don't download it from somewhere else it can be a fraud or scam downloaded from the official website when you click on the first one in the website opens then it will give you a few options like which phone you want to download it for it can be iOS or it can be Android choose the option which one you have and yes you can download it for your Google Chrome extension it depends upon you in this case I will downloaded for my iPhone when you click on the download button it will take you to the app store from where you can download it easily and that is what I did then simply click on download just like regular apps and then wait for it to download '

Once your app is completely installed open it and it will show The main page of this wallet in that it will tell you a little bit about the wallet and I will suggest you to read it it each and every line of it because it is important for you to know what you are going to do you and you may learn many things from eight personally I am putting some screenshots so if you can't read it in your phone read it here while you are reading this post because it is important there are three e pages suggest light first watch 1 and 2 and 3

Now when you know how to download the app and how to open it now we will learn step by step how to create a new account in it if you already have an account how to import that or recover that but in this specific homework I will show you how to register a new account and how to use it so first of all we will know how to create account so click on create new account after opening the wallet

Now the second step is easy and at the same time really important so what you have to do is create a password just like you create for your all social media or email accounts but the important is create a unique password because this is important you will have to understand that this is your wallet just like a bank account you will need this password to access this account and if somebody else can access it if it's too easy for them to guess it then it's not a strong password and all your money and coins are gone so I will suggest to to get creative and unique password for it give it it your hundred percent ok you will have to put passwords first create a password and then put it in the both box

one more important if you lose this password and it's gone forever metamask can't recover it for you and that is what they say in the town click on the box and continue metamask will create your account it will say Creating your wallet

In this step we will learn how to secure your account because that is very important so what will happen is wallet will give us some words which we will have to remember and we will have to remember the the correct to order so let's see

Read each and every line of it because it's really important for you to know what it is and let me give you a small idea of what it is so if you lose your password and this is the only way to recover your wallet I mean if you have coins in your wallet and somebody steal your phone or laptop and you don't know the password this is the only way to recover it so I will suggest you to to write it down on a paper and keep it with yourself somewhere really safe now just do all the steps it's really easy you'll have to remember it and then repeat it light what we do with passwords generally is like confirm your password do that and you are done

How to use

Now your wallet is completely created now what you have to do is add some more tokens of you want I mean it completely depends upon you how many tokens you have or you want to trade You need to click on that add tokens and then search for your token which one you want and then selected and click on add token and you are done

Question no 5 :

How to use Uniswap exchange , and Swap/buy or swap/sell any coin (practicle step by step )

the first step to use uniswap is goto google and search for the uniswap and then click on the first one and a new window will open which will be uniswap

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now once the website is open click on the use uniswap and a new window will open where you can swipe your coins easy with any other coin that you want

first step is that you have to connect your wallet where you have stored all the coins that you want to swap or use for the exchange

matamask is the best option for this s so now i will show you how to use meta mask and connect it with the uniswap exchange

click on the connect wallet and then select metamask it will redirect you to the metamask if our using he pc and if youare using the mobile the menthod is same it will rediret you the meta mask wallet

you will have to give the permission and then click on next

this is the last step once you click on the connect your wallet will be connect to uniswap and then you can go back to uniswap and do your job

you can change the the coins by clicking on the ETH and selcet which coin do you want to use for the swap or exchange it simpley means that you are buying that other coin with ETH

you can also selct the coin that you want to swap exchange or buy with your ETH i have selected USDT i want to buy that with my ETH

you will have to put the value of how much ETH you want to spend once you put that amount it will automatically tell you that how much USDT you will get for that much ETH

now if you want a spefic amount of coin then you can just put the ammount and it will tell you that how much ETH will be required to buy or swap that coin

as you can see i have put 12 USDT and it says that i must have ETH of 0,00409342 so after you are done with this you can click on swap and it will be done

now in the bottom you can see that how much fee it will cast you for this swap and other things as well

thats how you use uniswap

Conclusion

I think we should learn more and more about the decentralized exchanges and we should use them and give them a support because decentralized exchanges has more benefits than centralised exchanges but because they are very new and they are updating with time soon they will be the best option for all the cryptocurrency traders and users

everyone must have a cryptocurrency wallet to use a decentralized exchange and you should always have a wallet because you should never keep your funds on centralised Exchange as I told you that anything can happen to that exchange there are so many and abilities and many things has happened in the past

I think the decentralized exchanges are gaining popularity with time they are not really hard to use once you know the basic idea of how exchange works will I find it very easy to use the uniswap exchange it was not hard to use I find it quite easy so when people say that decent allies exchange hard to use t I don't believe that I think it's very easy

my final thoughts I really like doing this homework learn a lot of things to be honest I had to learn everything about the decentralized exchange before this homework I had very little information about that

thanks to the professor

@yousafharoonkhan

#steemitcryptoacademy #yousafharoonkhan-s2week3 #steemexclusiveitaly #steemsteemit