Grassroot Crypto Education (Vol.7) - Exchange & Decentralized Crypto Wallets: Create a new Decentralized Crypto Wallet

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Key Highlights of Exchange Crypto Wallet

Exchange wallets are most suitable for users that are interested in trading crypto assets.
Users are provided with a wide range of assets even the ones from different blockchains for storage and trading.
Exchange wallet is controlled by central authorities, which means an action like, your request to withdraw from the wallet pass through authorization from the exchange's central server.
It's not always suitable for long term storage of assets as centralized exchanges that host them are mostly prone to attack.
Users don't have full control over this type of cryptocurrency wallet.

Key Highlights of Decentralized Crypto Wallets

Users have full control over assets stored in a decentralized crypto wallet.
There is the elimination of third parties which leads to faster transactions with no middlemen hand to cause delay. In other ways, transactions are not routed through any central server.
Users have the private keys to their wallet and this can be used for reimport purposes in a case where a user gets a new device or when theft of his/her phone occurs.
It's less prone to attack as long as the user protects his/her private keys. This makes it safer as compared to exchange wallets.
No document is required to create this type of wallet. In that case, everyone can create as desired, thanks to decentralization.
It's more suitable for long term storage of crypto assets as the user is in total control of the wallet. But it's less suitable for trading.

Visit https://trustwallet.com/ and select get it on Android for Android users. As a first time user, click on download at the Google Play Store. See the screenshots below.

_{Source: https://trustwallet.com/}

_{Source: Google Play Store}

Launch the newly downloaded Trust Wallet and click on create a new wallet. Now, check the box to acknowledge that you know that the loss of your recovery phrase makes you lose your assets and click the continue button. See the screenshots below.

On the next interface, your recovery phrase would be revealed, write it down in a paper, do not share with anyone because that's the key to your account and whoever has it has your wallet, take note. Click the continue button. On the next interface, tap to input the phrase in order and when you are done, click done. See the screenshots below.

Now, your new Trust Wallet account is ready and you can start using it for storing crypto assets. See the screenshot below.

Discuss Exchange Crypto Wallet and Decentralized Crypto Wallet. What are the differences between the two?
Which of the wallet's classification mentioned above do you prefer? Create a new Trust Wallet account, include the steps and screenshots. Note: Blur your recovery phrase.

Write an article of at least 250 words. Keep your explanation as simple as possible.
Include the tag #grassroot-education7, #crypto, #steemexclusive, and your club status among the first 4 tags. Also, tag me @fredquantum in your homework entry.
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I will check your articles and drop comments on the entries submitted now till 11:59 pm UTC, 5/03/2022.

Cc:-
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