Crypto Academy Season 3 (Week 1) - Homework Post for @allbert [A world of Wallets and Exchanges]

On this occasion I will try to answer questions from the homework given by professor @allbert, as for this week's class related to A world of Wallets and Exchanges, well I will try to answer some of the questions given in this week's homework.

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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).

cryptocurrency holders are certainly no stranger to hearing these wallets and exchanges are all things that coin holders must have. although both have similar functions and features. However, both have very big differences in terms of operation. Of course, both have advantages and disadvantages in their respective fields. therefore let us discuss the true function of wallets and exchanges.

Functions (wallet and exchange)

in terms of functionality wallets and exchanges are clearly different on. even though on exchanges there is a separate wallet, we also need a wallet to further secure our assets. the true function of wallets and exchanges is

• Wallet serves as storage in the long term

• the exchange serves as for cryptocurrency trading. while the wallet contained in the exchange is for temporarily storing assets before trading.

Features and transaction fees

the features found in wallets and exchanges are very different. the features on the exchange are more complete and more efficient in my opinion. on the exchange of course the features relate to trading. if we discuss the transaction fees it is certainly cheaper than wallets because trading is the real function of exchanges. the following is a display of one of the features of exchanges (Binance)

while in the wallet, apart from storing, there are also swap and exchange features. but if we talk about the transaction fees it is definitely more expensive than the exchange. the following is a display of one of the wallets features (Trust Wallet).

Security

In terms of wallet security, it is superior to exchanges. because of its function as storing assets, the wallet is very concerned with the level of security. so to store assets in the long term wallet is very suitable. on the wallet, if we lose our password, it is quite difficult for us to recover the password, it can be said that our assets in the wallet will be lost, while on exchanges it is quite easy to verify the new password in case of loss.

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?

Having several exchange accounts is very beneficial for users because by having many exchange accounts, users will be able to exchange cryptocurrencies even more varied because of course all exchange accounts have very different features and support different cryptocurrency exchanges.

Not only that, by having many exchange accounts, we can have many choices to choose which transaction is better in terms of fees, I think this needs to be tried to better know which exchange is better according to our own version and make us comfortable to use it.

Having many exchange accounts can also be useful for security in storing our cryptocurrency assets because we can divide to store our cryptocurrency assets in various exchange accounts that we have so that if we lose our assets, not all of the assets we have will be lost so that we can minimize losses.

As for the exchange account I currently have, binance, I think binance is a very popular exchange account, so it must have supported many cryptocurrencies and cryptocurrencies against fiat money, and the transaction fees can be said to be very cheap.

3. What are better? Wallets or exchanges ?

Of course, everyone has different opinions according to their needs, because the function alone is different, of course, it can't be said which is better, exchanges and wallets have their respective advantages and disadvantages.

For example if someone likes to trade then exchanges are the right choice for them to choose because the actual function of exchanges is closely related to trading. And if they want to keep their assets safe in the long term then they will choose wallets because of the high level of security.

So if I had to choose then I would choose wallet. Because I'm the type who prefers to invest in the long term, that's why I chose a wallet for the security of the assets I have

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

As for this opportunity, I will try to make a wallet, namely Trust Wallet and an exchange account, namely Okex

Trust Wallet

• To create a wallet on Trust Wallet, the first thing to do is to download Trust Wallet on Google Play. then install it on your phone

• after installing it then you can create a new wallet

• after that the next page appears then click the check and click continue

• in the next step you will be given 12 words then you can save and enter to the next page in sequence to enter your wallet wallet

• after that your wallet can be used
  

Okex

• To create an OKEx exchange account the first thing you have to do is visit the Okex website https://www.okex.com/id. then click register

• After that enter your email and password, then click register

• After that appears your puzzle slide to the missing puzzle

• After that, a 6-digit code will be sent to your email, open the email and enter it into the box provided

• After that your exchange account can be used

Conclusion

In this week's class we can learn about the functions between exchanges and wallets. even though exchanges have wallets in them, it can be said that they are not effectively used to store our assets in the long term. and vice versa, even though the wallet has a feature to exchange, it has disadvantages in terms of expensive fees.

thanks to professor @allbert for giving a very good lecture this week hopefully my understanding and other readers about crypto will increase even more. That is all from me.

Thanks.......