The Steemit Crypto Academy Week 2 Homework Task: Where I will Keep my Coins and Why(Homework by Prof. Gbenga) 100% powered Up

Introduction.

Thank you very much professor @gbenga for this homework task.

First of all what is the difference between a wallet and an exchange 💱.

Wallet:
A wallet is a software programe in which you store and retrieve your digital asset. A wallet is not programmed to spend your digital assets.

A wallet is like a fixed deposit bank account, though it is not fixed but the assets inside of it cannot be spent and today all use Trustwallet as an example of a wallet.

But before that a little history will be cool.

The first crypto wallet was introduced by Satoshi Nakamoto when bitcoin protocol was released in 2009. Satoshi released the protocol for the Bitcoin-Qt the first ever bitcoin wallet.

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What is Trust wallet?

It is a decentralized wallet where you store your digital assets and hold the keys to access them. It is a user controlled wallet, a wallet that only the user can access or whoever has the keys.

Trust wallet has access to dapps on like the centralized wallets and it helps you get easy access to you coins.

A wallet cannot accept real money and also cannot release it, a wallet is meant to store coins and control them.

An Exchange:

An exchange allows you to convert your real money(Naira/dollar) to any coins(btc, steem,trx, etc) and also convert those coins back to your real money.

Every exchange has a wallet but you cannot have full access to the wallet.

Now an exchange give you access to convert your fiat currencies like our Nigerian naira or US dollar to steem or other coins and also it lets you convert steem to your fiat currencies.

Exchanges are markets where you buy and also sell, an example of an exchange is Binance.

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Binance is an exchange platform that allows you to buy using your fiat currencies and also sell your coins to get back your fiat currencies, each coin on binance has a mini wallet where they store their wallet address. Some coins also have a specific phrase or narration that's to be used for transactions.

When your coin is being stored in an exchange integrated wallet like binance , that exchange holds your private keys. They stores your coins in their own wallets and give you access via an account.

You can't control your coins like you can in a normal wallet.

Now which will I choose and why?

For me I'll be choosing an Exchange because an exchange allows you to convert your fiat currency to coins and your coins to fiat currencies.

Exchanges also have allows you to join an affiliate program that let you earn additional revenue. You will receive commission everytime you refer someone to the exchange 💱.

Thank you very much your humble Crypto Academy student @Hypeman Jeff 😎.

Cc:
@gbenga
@steemcurator02
@steemcurator02
@steemitblog

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