STEEMIT CRYPTO ACADEMY : SEASON 2 RESUBMITTED FOR VOTING TO @YOUSAFHAROONKHAN SEASON 2 WEEK 3; DECENTRALIZED AND CENTRALIZED EXCHANGE.

INTRODUCTION.

Hello fellow steemians welcome to yet another assignment post from me @vhenom this is the third week of the season 2 lesson and all the professors have been trying their best.

WHAT IS A DECENTRALIZED AND CENTRALIZED EXCHANGE

• DECENTRALIZED EXCHANGE

Like we have know in the last lesson that Decentralization is process the activities of an organization or system particularly those regarding planning and decision making are delegated away from the central authoritative location or group. Everyone has decision making power. You can make decision of your choice in a decentralized system

Now when we talk of a decentralized exchange. The first thing that comes to my mind was that every user has the decision on what to do in the exchange. You can decide to buy or not to buy. You can decide to hold your coin for a long time or use it for an active trade. No one is controlling the activities done by users on the exchange except the user

A DECENTRALIZED EXCHANGE is a cryptocurrency exchange that allows transaction to be carried out securely online directly by users without the interference of a middleman. Its only the user that decides what to do here. Its a virtual market or a decentralized crypto that is traded here. Example of a decentralized market is the Foreign exchange market know as FOREX EXCHANGE

• A CENTRALIZED EXCHANGE

From the definition of a centralized system which is the process in which activities involving planning and decision making withing the system are concentrated to a specific leader or location

So i would say that a centralized exchange is the type of cryptocurrency exchange where buyers and seller comes together and carry out an exchange through the intermediaries. Which is what make it a centralized exchange. You have to follow the rule of the intermediaries to carryout your transactions. Every transaction are monitored by the company in use. Example of a decentralizes exchange are binance, trustwallet, coinbase wallet. And many others

MAJOR DIFFERENCES BETWEEN A DECENTRALIZED AND A CENTRALIZED EXCHANGE.

DECENTRALIZED	CENTRALIZED
1. In a decentralized exchange middle men are cut off from the trade no middle men are involved. Its a trustless environment and the asset are not hold by the trader.	In a centralized system a middle men are the one that coordinate the trade. From the buyer to the seller so the trade is a trusted one. And they hold the asset in their wallet.
2. A decentralized exchange does not have a crypto to crypto pairing e.g steem/btc they mostly have the usd pairing.	A centralized exchange allow users to trade a crypto for another cryptocurrency. And also most centralized exchange also allows fiat/cryptocurrency exchange.

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TWO BEST CENTRALIZED EXCHANGE OF 2021

There are several centralized exchange but to me i will the best two are

• binance exchange
• coinbase

Binance Exchange is the best cryptocurrency exchange in the world used by trader all over the world. They are very reliable with a very low trading fee. Binance has all the types of trades spot,margin,futures,and peer-2-peer (p2p). It also offer earn where you can save your asset and get increment or get other token and also binance pool for mining crypto. Binance has all most of the high ranked coin in it market. It both crypto and fiat pairing.

Binance pairing with other cryptocurrency

Coinbase is the number two on this list. It display the highest number of cryptocurrency in its market. It is very reliable. It also shows the rating of each of the asset in the world. You can find most newly listed coin on the coin base market. Before i buy a coin i check all i need to know about the coin on the coinbase exchange.

HOW TO INSTALL METAMASK SIGN UP PROCESS.

To install matamask you go to play store search for meta mask than you download

After you must have downloaded metamask you open the app then you signup. We can screenshot the sign up process because the app doesnt allow. So i will drop the link from the professors post so you can check it for more details on how to install matamask click here
@yousafharoonkhan permit me to use you post as reference since i cant screenshot the signup process.

After you have created you wallet.

I have successfully created my wallet. Then you go to coingecko on your browser.

Then you click on the three dash sign by the left

After that here you click on Defi

Then you will click on decentralized exchange

Click on uniswap

Then you would click on about uniswap

Click on the website link

You will be redirected here then you click on connect wallet

Click on install metamask

You will be asked to download metamask then you install metamask to your crome

As you can see its already added to my chrome. Now you will go back to the uniswap page click on connect wallet and it direct you to the already installed app
then you click on swap

Click on start swapping

You can then select the crypto you want to swap
Thats how to swap on the uniswap. With the help of metamask.

CONCLUSION

This has been a great lecture sir @yousafharoonkhan i really love doing you lessons. It a great one i already learnt how to use uniswap and metamask. And also i was just knowing while doing this assignment that binance is a centralized exchange. Thanks for bringing up this topic.
Best regards @vhenom.
CC @stream4u
CC @yousafharoonkhan