STEEMKIDS CRYPTO ACADEMY: WEEK 5|| Cryptocurrency Wallet And Exchanges|| By@ahbaz || 10% payout for @steemkidss by ahbaz

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· @ahbaz ·
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STEEMKIDS CRYPTO ACADEMY: WEEK 5|| Cryptocurrency Wallet And Exchanges|| By@ahbaz || 10% payout for @steemkidss
Crypto has always been an exciting area for me. Thank you @benton3 for always bringing this to the reach of children.

These are my answers for this week's assignment on Cryptocurrency Wallet And Exchanges.

![20211016_005951.jpg](https://cdn.steemitimages.com/DQmaiJvdduw6SGwPB6qJahAuwk7bQVni3WZMD98XF7XbmmH/20211016_005951.jpg)

**What are Exchanges?**

The term exchange in English means trading or the act of exchanging something. In cryptocurrency, an exchange is the trading of crypto-currency and currency as a whole. When carrying out exchanges, the trader interacts with the market.

**Difference between a wallet and an exchange**

A Crypto wallet is where cryptocurrencies are stored. It enables all assets, transactions and monetary processes to be stored in one place. A wallet is a private property that requires security against access by other parties not related to the wallet as a wallet carries financial power. A wallet has a password made up of a strong set of combinations only known to the user. These combinations are arranged and given to the user by the network.  While currencies can be traded in exchanges, they can't be traded in a wallet. The same thing goes with converting Crypto to currencies as this is only possible in exchange. In exchange, the user creates his password by linking it with his email. He also provides an identity card for identification but in the wallet, the user remains anonymous. Wallets users have full control of their assets unlike in exchanges. Also, transaction fees are higher in a wallet than in exchanges.

**Similarities**

Wallets and exchanges are similar as they both are instruments used in cryptocurrency. They both are capable of storing and holding currencies.

**CONCLUSION**

The best place to store our crypto-currency assets is in wallets and the best place to carry out transactions is in exchanges.

**Cc:**
@emyekanem
@ukpono
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@steemkidss ·
Keep up the good work and keep learning. We are glad to see your growth.
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@benton3 ·
Hello @ahbaz, 5hank you for participating in this weeks steemikids crypto academy. We appreciate your taking time off to do this. 

We thank you for writing and explaining this topic to the best of your knowledge.

However, remember that in steemit platform, we do  not encourage copying without sourcing it. Please, try to check next time to ensure it is plagiarism free.
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