STEEMIT PAKISTAN CRYPTO COURSES SEASON 1 || HOMEWORK POST FOR @naqshraja1

Assalam-o-Alaikum!

Hello everyone and welcome to this post. I am very happy to know that the STEMAT Pakistani community has started an amazing session of corrupt lectures. Since Stemat is on a corrupt caddy break, this is a great time to provide the same environment in Pakistan's official community.

Today I am here to present my homework for dear Professor q @nakshraja1. I have read the entire post of the lecture and understood all the basics of cryptocurrencies that he mentioned in his lecture. Now, I will outline the best possible answers to all the questions he has asked as this week's assignment. So, let's start our work without wasting any time.
There are some questions that the teacher has asked so I will explain them all in one order.

01) What is the difference between a corrupt currency and a traditional financial system? What are the advantages and disadvantages of cryptocurrency (write at least five)

intro

First of all, I'm going to talk about cryptocurrencies. The word 'cryptocurrency' is derived from two words, the first word being 'crypto' which means 'hidden' or 'privacy', and the word 'currency'. So, the full meaning of the word cryptocurrency is a currency that is hidden or can be seen with the naked eye but cannot be touched and felt but can be used for purchasing and marketing purposes.

Traditional financial system or traditional financial system is the current financial system of money management which includes bank, governance, paper money etc. .

Therefore, I will now discuss the fundamental differences between traditional financial systems and cryptocurrencies in the form of tabular data.

Cryptocurrency

• Cryptocurrency is a newly developed and modern financial system in the form of
• Corrupt currency is a decentralized system and does not require a central authority to control transactions.
• cryptocurrencies, consumers have a free hand to use their money and have complete control over transactions and funds.
• Transactions in cryptocurrencies do not take much time and period
• I can transact whenever I want. In this system, the money transfer process is complicated.
  If it goes wrong,
• Transaction details and sender and recipient addresses are not traced in this system.
• We do not need any permission to transact in this system. We have to get permission from banks and governance to transfer

Traditional financial

• The traditional financial system is the most recently used financial system.
• The traditional financial system is a central system and a central authority in the form of a bank for money transactions.
• In the traditional financial system, if one wants to send or receive money, he has to go through a complex KYC process which is really time consuming.
• Transactions in the traditional financial system are a complex process.
• In this system, the money transfer process is complicated.
  If it goes wrong, the transaction is not refundable. Transactions are refundable.
• In this system, the complete details of the sender and the recipient are stored in the banks and are able to be traced.
• We have to get permission from banks and governance to transfer money

There are some differences between the above two financial systems (cryptocurrency and traditional financial system)

Pros and cons of cryptocurrency

As I have outlined some basic differences between cryptocurrencies and traditional financial systems, I am now going to talk about some of the advantages and disadvantages of cryptocurrencies.

Benefits:

• The first and most important point in favor of cryptocurrency is that the money in this system is ** in the hands of the consumers.

• No third party is involved in transacting in cryptocurrency.

• Transactions are controlled by individuals rather than banks, as in the traditional financial system.

• Users of cryptocurrencies are free to use their currency at any time without restriction
  The transaction is invincible.

• The pace of cryptocurrency transactions is much faster than the traditional financial system.

• For example, the bitcoin transaction speed is 10 minutes and there are many other currencies in which the transaction speed is TRX.

Disadvantages:

• One of the main disadvantages of cryptocurrency is that the cryptocurrency market is highly volatile. Coin prices fluctuate and fall, and such fluctuations hurt traders.

• Another mistake that cryptocurrencies face is that as I mentioned above it is a decentralized system so some ugly people and hackers use cryptocurrencies for money crimes.

• Regulation of cryptocurrencies is also a big issue with them.

• Corrupt currencies are not legal in some parts of the world, including our own country, Pakistan. This really hurts the values ​​of the corrupt.

• Some cryptocurrencies also have scalability issues.

02) What are the motives behind the creation of Bitcoin?

Whenever we hear the word 'cryptocurrency', the first name that comes to mind is Bitcoin. Yes, Bitcoin is the largest and first cryptocurrency that is considered the king of all corrupt coins.

Bitcoin (BTC) was first introduced by Satoshi Nakamoto in 2009 and was the first person to turn the idea of ​​decentralization into reality. But it is surprising to know that even 11 to 12 years after the discovery of the bitcoin, the true face of Satoshi Nakamoto has not emerged. There are many theories about the identity of Satoshi Nakamoto based on different concepts and logic. However, the development of bitcoin in the digital world and the work of Satoshi Nakamoto is really commendable and it gives anonymity to the digital world.

source

There are many reasons behind the creation of T-Coin and some of them are listed below.

• The first and foremost reason behind the creation of the bitcoin is the creation of a decentralized system that does not depend on central authorities such as banks, semi-governance, etc. This can be done from one place to another without the involvement of a central third party. So, he worked on making bitcoin.

• Another reason behind the whole scenario was that the recently used traditional financial system created a lot of problems because it was central and there were many opportunities for corruption for the central authorities. Therefore, Satoshi Nakamoto decided to get rid of such a financial system.

• Transactions made on a centralized financial system prove to be very expensive for consumers, with the creation of bitcoins this problem is also solved as transactions made in bitcoins are less expensive than the traditional financial system.

• As the process of transacting in the traditional financial system was a time consuming process as it required proper KYC verification and other procedures, bitcoin was developed to overcome this problem.

• Transactions on cryptocurrencies are very efficient and timely. Bitcoin has the power to handle 7 transactions per minute. There are many other coins in the corrupt world that can be traded in seconds. So, this thing is really impressive.

So, in my opinion, these are some of the reasons behind the whole scene. I think Satoshi Nakamoto's work was truly extraordinary and all the credit goes to the blockchain technology that has been developed these days as the creator of the bitcoin.

03) What is the difference between wallets and exchanges? Which is better in your opinion?

After a basic discussion of cryptocurrencies and fiat currencies, I am going to briefly describe corrupt wallets and crypto exchanges. So, take a look at the sections below.

Crypto wallets.

As soon as we hear the word 'wallet', we remind our wallet that we usually had money or other important things. Because cryptocurrency is not in the form of paper money or real coins, but in the form of digital assets that can never be touched or felt. So, the question that arises in our minds is where can we save our corrupt currencies? The answer is that we can store our corrupt assets in corrupt wallets that play the same role in the corrupt world as pocket wallets play in the real world.
Crypto wallets are applications or websites that allow users to secure their Bitcoins, Ethereum, DASH and other cryptocurrencies. Stemat users are also in touch with a corrupt wallet called Steam Wallet, where Stemat currencies (Steam, Steam Dollar SBD, TRX) are stored.

The purpose of a corrupt wallet is to securely secure corrupt assets. Corrupt wallets contain private and public keys to access transactions and wallets, respectively.If someone loses the private keys to their corrupt wallet, they actually lose access to the assets stored in the wallet. Corrupt wallets are of two types.

Cold wallets

are corrupt wallets that operate offline and are used to secure corrupt assets. Corruptors are not connected to the Internet for better security and privacy.

Hot wallets

are used to store corrupt assets online. Hot wallets work with the internet and hackers are more likely to be hacked. If hackers gain access to private keys due to malware, they can easily access the assets stored in this wallet.
Whenever someone wants to buy or sell their corrupt assets, he transfers the corrupt assets to an exchange where those coins can be sold.

Crypto exchanges

There are crypto exchange platforms, applications, or websites where cryptocurrencies can be traded. As in the real world, there are markets for trading (selling or buying) goods. Similarly, exchanges play a similar role in the corrupt world. Corrupt assets are exchanged with each other on exchanges and these exchanges are also used to buy cryptocurrencies from fiat currency. For example, one can buy Bitcoin by investing USDs in a crypto exchange.
Corrupt exchange accounts need to perform their functions. If, unfortunately, an account password or key is lost, it can retrieve the password using the email or phone number it used when signing up for the account.

In addition, crypto exchanges require verification of identity through nationality cards, passports, or other personal documents so that the wanted person can be traced in a hurry. There are two types of crypto exchanges.

• Centralized exchanges are crypto exchanges where transactions are verified with the involvement of central controlling units. The most popular centralized cryptocurrency exchange is the Binary Exchange.
• Decentralized exchanges are exchanges where there is no central authority to verify transactions on the exchanges. Examples are Pancakes Swap, Uniswap, etc.

Comparison

Corrupt wallets are only used to store corrupt assets to ensure the privacy and security of one's corrupt assets. On the other hand, crypto exchanges are somewhat different because crypto coins can be traded on crypto exchanges. If one wants to buy cryptocurrency without joining the exchange, he has to contact a dealer. When both the seller and the buyer are satisfied, they can exchange currencies according to the exchange rate. Because it is a complex process, exchanges are a great way to trade asset

I believe that both crypto exchanges and crypto wallets are equally important in the corrupt world. No one can ignore cryptocurrencies as well as exchanges to get better through the volatile market of cryptocurrencies. Advanced professional traders use crypto wallets to store their assets and transfer some assets to the exchange for commercial purposes. This is because although cryptocurrency exchanges can be used to store assets, they are less secure than crypto wallets. Therefore, I believe that corrupt wallets and crypto exchanges are equally important for getting better because wallets store coins safely.

04) Create an account on crepto Wallet and show screenshots of the process (eg: Trust Wallet, Exit, etc.)

As I have already accounted for the Binance and Polonix exchanges. So, I'm going to create an account on Trust Wallet, one of the most popular cryptocurrencies used to store various cryptocurrencies. So, follow these steps to create an account on Trust Wallet

• First, open the App Store or Play Store and find Trust Wallet there. Then click on the Install option as mentioned in the screenshot above

• your installation will start as shown in the screenshot above.

• After installing the application, click on the Open option to open the application.

• app open click the create new account

• Now accept the terms and conditions of Trust Wallet by selecting the box mentioned in the above screenshot.

• click the continue option

• Then select the box above to make sure that you have accepted the fact that once the private key is lost you can never return.

• click the continue option which show the below shadow

• After this step, you will be provided with 12 sentences in a row. You need to copy and paste these sentences into a safe place. Because that's the only key to opening a trust wallet.

• Then, you have to put all the given sentences in the order that was given to you earlier. I can't show these steps for security reasons.

• Once these 12 sentences are entered in the correct order, your account will be ready for use. Now, click on the Done option, as shown in the screenshot above.

• We can now secure and secure our corrupt assets here.

So, here are some simple steps to create a trust wallet account

Conclusion

Corrupt currency is the future of this world. Cryptocurrency is a digital asset that cannot be touched but can be used for marketing and purchasing all kinds of items. Cryptocurrencies are much better than traditional financial systems in terms of security, efficiency, affordability, and many more. Corrupt currencies such as Bitcoin, Ethereum, and others are stored in trust wallets, such as cryptocurrencies, and are traded (sold or bought) on cryptocurrency exchanges, such as banknotes.

So, this sub-statement is about the first homework of season 1 of Pakistan Crypto Courses. I look forward to enjoying the next classes.

Thank you

Cc

@naqshraja1

Regards

@jani786