homework

1- Explain differences between wallets and exchanges as well as mention which operations should be performed in an Exchange and which operations should be performed in a wallet (in terms of fees).

This question is very easy to understand because both of of the things have different purpose is in the world of cryptocurrency wallet has its on purpose and exchange has its own purpose and they both have different capabilities so so I will try to explain both of them separately then it will be easy for you to understand why we use exchange and why we use wallets

 cryptocurrency exchange

The purpose of exchange is to give you the capability to exchange your coins as the name says exchange so you can exchange any kind of coin   on the cryptocurrency exchange as per is the exchange support that coin you can convert that into other coins you can buy and sell coins on the exchange you can do trading on the exchange and make profit on your coins and there are many other things that you can do on a cryptocurrency exchange and you can also keep all your coins on the exchange because every exchange has its wallet where you can keep the coins

 the main purpose of exchange is to provide you the ability to exchange your coins  we people Pal exchange for and texture now you also get a wallet with your exchange but because exchanges are not that much secure and you can I lose all your assets f something bad happens to your exchange account if it got hacked you can lose all your funds and many other things can happen because it is considered to be a hot wallet with the very low security  that's why you should never keep your coins on Exchange if you are not trading and you are just holding those coins transfer them to a wallet

  cryptocurrency wallet

 cryptocurrency wallet is basically a place where you keep all your cryptocurrency coins wallet has many types but most commonly people use hot wallets because they are very easy to understand very easy to access and use and they are very user-friendly you just need a mobile phone and you just need to download the wallet into your mobile and you can start using it well there are many other types of wallets that you can use if you have a very large amount of cryptocurrency with you and you want to keep them secure then you can use all the other cold wallets which are mostly devices and there are also other types of wallets as well

 the main purpose of a wallet is to keep your coins on a safe site wallets are considered to be more secure than exchanges because they  are designed to be only the coins secure and there is nothing more than that in a wallet so that's why it's more secure

Exchanges are design for the exchanges that's why they have very low fees when we are exchanging power coins and two other coins every exchange has its own fees depending on the liquidity and volume but when  to when we compare this to some wallets as we all know that wallets don't provide the feature of of exchanging coins there are some wallets which provides the feature of swiping your coins to other but the fees is very high and that's why you should never do that and you should always perform the exchange on your exchange because it is designed to do that and the fee is very low on Exchange otherwise if you do that same thing on a wall at it will cost you way more than that so always try to exchange your coins were there and keep your coins in a wallet

2- In your own words, Why You think people should have more than one exchange account?. Do you have an exchange account? and Why that specifically?

I think that people should have more than one exchange account because there  so many reasons that I can give you

1  recently binance has been banned in UK due to some reasons now if someone has only one exchange they can get into a problem if they are regular trader they can't read anymore and that can cause that person a huge loss because for a trader every second is important so if you have many different accounts you can transfer your funds to that other exchange and you can do your trading smoothly until the problem is solved

2  many exchanges have very high   exchange fees sweat you have many exchange is you can have many options and which one is providing a good peace exchange you can choose that one and do your exchanges on that one as we all know that the change is keep happening with the price and with the fees as well so you can choose the best one for yourself and that's why you should have many options when it comes to exchanges

3 In the beginning I have faced many problem and I was only using one exchange binance and I had to face the problem of maintenance I tried to transfer some coins and to the exchange and at that time it was very necessary because the price was high and I wanted to change the coins but I couldn't because there was some maintenance issue going on on the exchange and I couldn't transfer and deposit the coins now if at that time I learn this that you must have many exchanges so that you can do all your job and don't depend on just one exchange

4  suppose if I exchange got hacked and all your friends are on that exchange it's gone and you can't do anything about that so what you should do you should have many exchanges and you should do trading on different exchanges for different coins that will also help you to secure your funds

Do you have an exchange account? and Why that specifically?

Yes  I have an exchange account and I have been using that since many months now well to be honest I have many exchange account now I have learnt my lesson few months ago the first exchange That I Used was -1 and still using that and with the combination I am using poloniex  as well I am using both of them but the primary one is poloniex 

 I use poloniex  exchange because I had faced many problems in the past with the binance and since then I have converted to use this exchange and I have been using this is changed since many months now and I had no problem with the interest or anything else just iron using this exchange because there is no maintenance issue with this exchange since I have been using this and there is no no she is issued there is no liquidity issue and it's very easy to use as well  can I get all the pairs that I want with - I had some issues with the fair that I wanted was not available on that it changes well for example  steem/usdt  so that is also one of the reasons why I am using this exchange

3- What are better? Wallets or exchanges.?

Well first of all let me clarify that that both of these things has different purposes and you can never compare both of them with each other as both of them provides different services wallets has its own importance and exchange has its own importance in the  cryptocurrency ecosystem  but if we talk about which one is better feature and which one provides more services than I can say that  exchange has multi purpose and exchange is better than a wallet because exchange provides you the ability of exchanging your coins and as well is a wallet so you don't really need a wallet to keep your coins if you are day to day trade here or you are just a beginner and you want to do some thing with your exchange so you don't even need a wallet so I would say exchange is better when it comes to the capability of both of name

 in exchange you can keep your coins as well as you can send it to somebody else very quickly e you can exchange those coins very quickly E and exchange is more faster than our wallet soyes exchange will be my choice exchange is better than a wallet

4- Create an account in a wallet and in an exchange of your choice and show screenshots of the process.

Installing coinbase wallet

 you can download this app from directly from App Store but I will not do that because there 

are  many apps which are facts to I will try to download it from the official website so just type coinbase wallet in Google search and then you will be able to see this website open that website and there you will able to see many options you can download this app for your Google Chrome and for your Apple Mobile and for your Android now I'm using Android click on that and it will  direct me to App Store and from there I can download this app

Once you download the app open that app and you will be able to see options Create a new wallet click on that after that you will see option which will say accept the privacy policy click on accept and after that you will be asked to create a new user name give it a user name and after that next Which one you want to like if you want to make your wallet public click on public if you want to keep it private lekhan private it completely depends upon you in this case I am keeping it on public and then go ahead after that you will have to create UP pin code for your wallet





After that they will ask you to secure your account I mean your wallet you can do that easily by securing the The Secret purses give you some keep that somewhere safe and you can recover your account using that otherwise if you lost your account it's gone forever that is very important after doing that just go next next and your account will be completely ready they will ask you to connect your wallet with coinbase you can do that if you want if you don't want you can just keep your account is completely ready  you can use this wallet for transactions now

Creating account in   in poloniex  exchange

 first of all I will search for a good cryptocurrency exchange that is suitable for my work  so now once I have found one I will go to the official website and I will try to download the app from their official website so we will search poloniex  in Google  and then we will open the website there on the top you will see a download button once we clicked on that it will show as different types of apps apps for iPhone apps for Google Chrome Apps for Android phone I will choose the Android one and it will redirect me to Google app store

 there I can download the app very easily just by clicking on the install button and then wait for it until it install once it is installed I will click on open

After you have opened the app then you will have to go to the tab in that you can see in the down bar first option from the left side click on that and then you will be able to see Menu option login signup and many you will have to click on sign up and then you will have to complete the sign-up process

 first of all you will have to  type your email address and then you will have to create a new password make sure that your password is strong enough and make sure that you read email address is your own as they said don't use those email address which are temporary because you will need this email address if you want to recover your password somehow if you forgot it after that you will come down and you will just take the agree button after reading the agreement and then you will just sign up

 after signing up they will send you an email where you will have to verify your email address once you click on the verification after that you will be verified on the the website then you can start using it but if you want to exceed your limit and use it like professionals make sure that you do your KYC and you can level up that very easily you can see e down below the login you are on level 1 when I do my KYC I will jump to level 2 you can still use this exchange for your deposit and reading

thank you