Crypto Academy Week 2 Homework Post for @gbenga | MY SUBMISSION TO THE HOMEWORK TASK | POST IS SHARED ON TWITTER

Good evening dear friends, since the commencing of the weekly crypto course run by the crypto professor, it has always been impactful and I have been learning a lot since it start.

Following the class one of the crypto professor I mean @gbenga, I attended the class and I was say I was able to learn new things a lot which was great.

At the end of the class, he gave us a homework task which is

Will You Keep Your Crypto Assets in a Wallet or on an Exchange? Make a post to why you would prefer to keep your asset in one over the other

It is a very interesting question in form of homework which was great. So I am here today to submit my own homework task.

Before me going deeper, I will like to make some introduction to some terms which will make us understand the homework task easier.

What is Crypto Assets

When we talk about crypto assets, we mean any crypto investment you have either holding, staking or trading. Examples of your crypto assets is your bitcoin you buy to hold and other crypto token.

What is crypto Wallet

Crypto waller in this form talks about a platform, application or form of medium which helps to store your crypto more securely and not only that help you to store your private and publicly keys to your crypto assets. Examples of crypto wallet we have is trust wallet, blockchain wallet and many more...

What is crypto exchange

According to the definition given by @gbenga in his last lesson, he said Cryptocurrency exchange as an organized financial market/marketplace where buyers meet with sellers and vice versa to trade crypto assets.

So to explain much more this, crypto exchange is a form of platform that helps to connect buyers and sellers together to either buy and sell crypto at a agreed price by the exchange platform.

Examples of crypto exchange is binance, bittrex, coinbase and many more..

With this few introduction, It will make it easier for you to grab the explanation I will be given below concerning the homework task

Now back to the main homework task

Will You Keep Your Crypto Assets in a Wallet or on an Exchange? Make a post to why you would prefer to keep your asset in one over the other

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I will say when it comes to my own opinion, I will rather choose to store my crypto assets in my wallet than on exchange due to many reasons

(1). Wallet is more accessible than Exchange : wallet to me is more accessible than Exchange. Let's take for example trust wallet , it is easy for a new user who perhaps is not familiar in crypto space to get more accessible in trust wallet than some crypto exchange like binance

(2). Crypto Wallet is more secured than Crypto Exchange

Now when talking about this, some people usually take me wrong but I always insist that crypto wallet to me is more secured than exchange, now let's talk about the rate of hacking the crypto exchange are rapidly facing right now, it is rare to come about it when it involves crypto wallet.

Why many people are targeting the crypto exchange is that it is for me easy to get hacked as there is no maximum security backing the exchange platform up compare to the crypto wallet which there is maximum security

Back to wait I mentioned earlier, the rate of need people are hearing as day goes by about how there is rapid hacking in the crypto exchange. We hear about the hacking done on kucoin exchange, on binance exchange, on bittrex exchange and other exchange but like I said earlier, it is rare to come by in the crypto wallet.

(3). It gives me more assurance about the safety of my crypto assets compare to when on crypto exchanges

Linking this reason to the number two reason, by me keeping my crypto assets in the crypto wallet, it gives me more assurance that my crypto assets is safe.

Safe in the sense that it is more secured from hackers or from my funds or assets been stolen and hacked . Since the rate of hacking on the crypto wallet is minimal, it gives me that assurance that my Crypto Assets is more secured and with that it gives me this sense of assurance and safety in my crypto assets.

(4). Crypto wallet helps me to store my crypto assets much more than crypto exchange

With the main reason of crypto wallet been created, to store cryptocurrency, it will help me to store my crypto wallet much more than crypto exchange. With crypto wallet, I have access to my public and private keys to my wallet which indirectly to the safety of my cryptocurrency.

(5). No fear of sudden closedown of the crypto wallet compare to Crypto Exchange

One thing that also will convince me to store my crypto assets in wallet much more than the exchange is that I have this assurance again that the crypto wallet which my crypto assets is cannot suddenly close down compare to when we are talking about crypto exchange.

If we noticed, some crypto exchange are suddenly closing down leaving many people who have their fund or crypto assets on those types of exchanges stranded and fustrated

But in crypto wallet, it is rare to see or hear that a crypto wallet suddenly close down without maximum notification for those people who have their fund on it.

With these 5 reasons I have mentioned above, it will help me to fully convinced me to store my crypto assets on crypto wallet much more than Crypto Exchange.

@gbenga

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Written by @mandate

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