Crypto Academy Season -3 Week 1 - Homework Post for @allbert

Hello professor@allbert, I will firstly like to congratulate you on your appointment as one of the steemit professors,may you have a wonderful time.
I will be giving detail explanation on the homework task for this week .

QUESTION1

WALLET

A wallet is basically software that allows you to store all your cryptocurrencies. You can have a hot or cold wallet.

Cool wallets will remain offline, while hot wallets will remain online. Cool wallets have many benefits, especially security and reducing the risk of hacking.

You may also find that your wallet provides a wallet. You can store your private key in the wallet, but you cannot control it 100%.
Your wallet will not store your currency. Your currency depends on the public key and private key. You will need two keys to access your coins.

EXCHANGE

Although many people compare wallets to exchange, they are actually quite different despite the same function. You are responsible for managing your wallet, but a wallet is a service or website where:

Buy and sell cryptocurrency
Convert fiat currency to cryptocurrency
The market price of each currency varies greatly, just like the stock market. If you use a wallet, it is also the wallet shown on the website-in most cases. These type wallets are mainly on the web.

You must create an account on the exchange, log in and access your wallet.
The advantage of the exchange is that you can easily access all your account information. You can quickly check your balance, make transactions or sell your cryptocurrency this way. In fact, the stock market works like a bank because it keeps all the "currencies" for you.

If you have an encrypted wallet, you have complete control of your private keys. The key is the only way to access your cryptocurrency, so if you have full control, it is inherently more secure in terms of storing your currency.

But the exchange also provides:

Trading
Buying
selling
You will not get these three main functions in the wallet. The exchange also gives access to your private key. If a security breach is discovered or the exchange does not take adequate steps to hide your key, other people can access the key and transfer all of your cryptocurrencies to themselves.

The difference is actually in the purpose of each type
Cryptocurrency wallets are wallets designed for the following purposes:

long term storage
High protection
Easy entry

If you want to ensure the security of your cryptocurrency, you will find that a wallet is more secure than a exchange. You might want to use some type of backup system because wallets are prone to failure, especially if they're saved to a flash drive or external drive.
Most users who choose a currency wallet choose it for convenience. The investment portfolio is seamlessly integrated into the trading and sales functions of the exchange.

These wallets are easy to use, especially if you plan to use the wallet service on a regular basis.

QUESTION2

It's always good to diversify and use multiple exchanges such as Kraken for buying and selling fiat currencies, Primexbt for leveraged transactions, and Binance for trading the many cryptocurrencies available. In this way, you can ensure the safety of your funds in the event of any of the exchanges being hacked or having an accident, and in these exchanges you can offer various exclusive tools for the exchange. For example, you can only trade copies on Primexbt through the Covesting module, which is one of the best tools for trading copies.

Yes I have an exchange account(Binance)

Why I choose Binance?
One of Binance's strengths is the speed with which they support forked currencies. If you keep Bitcoin in the exchange, you will receive the same number or the same number of coins from the fork in your wallet.
By choosing to pay with your BNB tokens, you can automatically reduce financial costs. This is a clever idea, and it shows that BNB coin itself is a good investment, because its value continues to grow as it is used more and more in the stock market.
With Binance, you can buy many tokens that are not yet available on Bittrex. They also provide one of the most reliable and secure exchanges to buy such coins, which is much easier than trading on EtherDelta. Unless you know what you are doing, you have no choice.

QUESTION 3

When deciding where to hold cryptocurrencies, you need to consider what you plan to use them for. This is the main difference between an encrypted wallet and a wallet: a wallet is always more secure than a wallet, because the latter may be subject to hacking, supervision or other external influences that may limit the use of your funds.

If you are not familiar with cryptocurrencies and are still learning to invest in Bitcoins and other currencies, it is better to store some of your money in your purse. You can trade digital money quickly and manage and monitor the process more easily. In fact, big bags like Binance and Coinbase automatically configure your storage space.

Question 4
In creating a WALLET of my choice, I downloaded trustee wallet on Google play store.

Then I open the app and click on creation of wallet.

The recovery key displayed on the screen and I entered it as required.

So by following this simple steps I was able to create a Trustee wallet under few minutes.

For the creation of my exchange, I downloaded the houbi pro from Google play store,

Then I opened the app and click on accept the terms and policy of the exchange.

After this, a space showed up on the screen where my email was filled and my country.

Then a verification code was sent to my email in which I also filled as required.

Finally I personally chose my password for me to always access my account.

CONCLUSION
To both have a wallet and an exchange is a very good idea, it gives one better experience and understanding about cryptocurrency.

Thanks so much for reading through my homework task for this week.
Congratulations to you once again.