[REPOST] - [Exchanges] - Steemit Crypto Academy S5 - Homework Post for Task 7
Hi @dilchamo. This is a repost of my previous task.
3.) Explain in your own words what an Exchange is. Differences between a Wallet and an Exchange. Mention the advantages and disadvantages of DEX and CEX. Have you used an Exchange before? tell us about your experience.
what an Exchange is?
The cryptocurrency can be a digital quality that Blockchain network is supported. Before the exchange platforms, there was a completely transaction and mining method to earn cryptocurrency.
When the cryptocurency exchange platform is launched, no one will deal in just a variety of sites. Associate Exchange can be a platform that allows your customers to buy or sell digital properties. In addition, the exchanges seem to be a little bit of profit so that the digital properties can be obviously tried to exchange.
First of all, if we want to use the affiliate exchange platform, then we have to register that clear platform so that the exchange add some price within the flow. Then we are going to be easily ready to buy or sell any digital quality.
Square remedies of many types of cryptocurrency exchanges presented within the crypto field. This particularly depends on the product and services, which is the Square remedy provided by the Exchange Network.
We have to lose your goals and choose the cryptocurrency exchange according to the selected preferences. Centralized and decentralized cryptocurency exchanges Square remedies are best liked by people.
These class comparatively new measures though it allows to deal independently. If anyone needs to deal with the professionalism of day-to-day, then the ancient cryptocurrency exchange square measurement is suitable for it.
Broker is in the market because this work can be done. It depends on our alternative that we want to use digital properties for professionalism.
If we want to use the associate exchange for our use, then I measure many factors to many factors. We have to think about exchange fees, its name, verification requirements and regional terms and restrictions etc.
Binance is currently the most popular and the Crypto currency exchange platform used within the digital market. Different Exchange Square Measures Gemini, Robinud, Cracking, Etroro and SCyema etc.
Difference between a Wallet and an Exchange?
Wallet:-
Wallet permits the freedom of storage to all its users / investors: All types of cryptocurancy token / coins will be created in excessive wallet. Lack of management on your wallet because currencies depend on each personal and public key.
Apart from this, there is a high level security in a very cryptocurrency wallet storage of a coin will actually keep your time for the long amount. Easy access to currencies in a Wallet is easy.
Exchange:-
An exchange can be a website where crypto tokens are often traded and even sold for paper currency. In turn, transactions are often carried out like commerce, purchases, or purchases for currencies. Even wallet will guess. In turn, the use of the public key and the personal key is not a guarantee for full access.
Mention the advantages and disadvantages of DEX and CEX?
Advantages of DEX :-
1- It provides a high level of privacy. The consequence of this is that it maintains the ambiguity of the user and no third parties are concerned. User details not within property rights or ordered by an authority.
2- The transaction area unit resides in multiple nodes (servers). This means that there is no central server that stores all the transactions.
3- It is more secure. Since there is no central server, it makes it difficult to hack all the nodes at the same time.
4- Another advantage of decentralized exchange is that it cannot be regulated by the government.
Disadvantages of DEX :-
1- They are not easy so brand spanking can be hard to get used to for new users.
2-Compared to centralized exchanges, they offer less operational efficiencies.
3- By maintaining user ambiguity, there is a risk that transactions are distributed out of square measure or dishonestly.
4- The exchange of cryptocurrencies and tokens will take place only on a common blockchain.
Advantages of CEX :-
1- High Speed - The centralized exchange provides a high group action speed for the users. This makes it easy for users to start professionally and complete fairly quickly.
2- Provides like asset to trade from centralized exchange. It provides users to trade with a large variety of cryptos and then users may need to favor lists of crypto assets gifts.
3- Centralized exchange provides high liquidity. This means that users will only convert crypto into money for withdrawal. Additionally it becomes easier for the user to shop for crypto at an occasional price {and simply|and simply} easily convert his profit into a decree for withdrawal.
4- A centralized exchange involves a higher degree of professionalism than their decentralized counterpart.
5- Centralized exchanges have very high awareness and very high population in the world of exchanges. It is easier for a replacement trader to offer listings on a centralized exchange than for a DEX.
Disadvantages of CEX:-
1- Centralized exchange prevents the user from having management over their keys and cryptocurrencies, this would usually be risky for the user as they could lose their assets at any time
2- User must keep all their personal information and identity documents within CEX, this affects their privacy.
3- There is a high chance of being attacked by hackers as all knowledge is held on a central server, which can make it easier for hackers to gain knowledge of users on this platform at intervals.
4- In case of system failure, the entire platform will crash the server.
5- The homeowner of those platforms will manipulate the cost or degree of operation that it is distributed over intervals.
Have you used an Exchange before? tell us about your experience?
Yes, I take advantage of the Coinex Exchange platform to meet all my requirement. I also deposit all my property. This exchange platform is extremely safe. I should buy and sell business in a few seconds.
This exchange platform is fast and low price. charges are incredibly modest. I will do the same transaction as much as I want.
Coinex Exchange Platform offers you many thanks to analyze your elite market. Many technical tools area to research on the market. Wherever the market is in trend and everyone decides about any coins, it is often very easy to decide. Just search the coins on the search bar and get all the knowledge related to it.
There are many exchanges in the market. I often use Wazirx and mainly Coinex Exchange. You will predict the future of the market by seeing the direction of candles on the chart. You will earn high profit due to the amount of high liquidity and professionalism.
Conclusion.
An exchange can be a digital market for exchanging cryptocurrencies. It can be DEX or CEX. CEX really tops the table at the moment.
Wallets are largely used for storing cryptos assets. It may well be online . Wallets are entirely managed by the user.
Please add the relevant link of your expired post.
Done