Steemkids Crypto Academy Week 5/Cryptocurrency Wallet And Exchanges |10% Payout To @steemkidss By @chimeroselam

_{Edited in Polish}

Introduction

Hello Everyone
It's nice to be with you all. As a crypto kid, I want to do the assignment given by our humble professor @benton3 on the topic Wallet and Exchange

Assignment

Discuss and Explain Exchanges in your own words. Give examples.

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Exchanges is a process whereby the exchange of cryptocurrencies are being carried out. The trading of cryptocurrencies from the currency to another or to a fiat currency is known as Exchanges.
A good example of such Exchanges is Binance.

List the differences between a Wallet and an Exchange.

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Difference between E changes and Wallet

No	Exchanges	Wallet
1	They can be used to convert a cryptocurrency into a fiat currency for use	They are not used to convert a cryptocurrency into fiat currency
2	It requires a password and email to operate on Exchanges	You require a set of public and private keys for actions in a wallet
3	Buying and selling of currencies is done in an Exchange	You can not trade in a wallet
4	A user is not in full control of his assets in Exchanges	A user is in full control of his wallet unless the keys are shared or divulged
5	In Exchanges, there is less cost of transaction	In Wallets, the transaction fee is comparatively high

List Some Similarities between an Exchange and wallet (give an example of a wallet that have such similarities)

Similarities between an Exchange and Wallet are as follows:

• They are both used is the safe keeping of digital assets
• They can be used in swapping and freezing of assets. Yet, not all wallets can do this

Steemit wallet is used to store and accumulate coins. It can also be used in swapping steem to SBD. The transaction of Steem, Steem power, TRX(Tron) and SBD are done in a Steemit wallet.

Conclusion

I have learnt important lessons about the meaning, uses, differences and similarities between Exchanges and Wallet. I also have known in a more clearer view of what is or not required in having a Wallet or an Exchange. I really appreciate our dear Professor @benton3 for his tireless efforts in Educating us the steem kids. Thank you.

Thanking @fortwis09 and @madilyn02 for giving encouragement to me in joining our crypto academy.