btc exchanges | Frank Calabro Jr Information

Intro to Bitcoin Exchanges

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HOMEWORK ASSIGNMENT

Open up (2) Exchange accounts from the list below:

(practice good record keeping and security)

More Bitcoin Exchange Choices

What is a Bitcoin exchange?

Centralized exchange – are governed by a central authority that functions much like a bank. They are the middleman between buyers and sellers. Fees are usually higher as you are paying for features, flexibility, convenience and customer support.

There are some advantages and you will want to setup a few centralized accounts. They make it easy to buy and sell cryptocurrencies on their approved list.

You can use credit / debit and also connect your bank account to the exchange. This makes it seamless when you turn cryptocurrency back into fiat currency and send the converted funds direct to your bank account.

Decentralized versus Centralized exchanges?

Decentralized versus Centralized exchanges. The difference between the two is very simple. You have control and ownership or you surrender control and ownership. Not your key, not your coins.

Decentralized exchange – also known as DEX operate on peer to peer through ask and bid price on the open market. Fees are usually lower and you retain control over your private crypto currency keys. A DEX is trustless as you retain privacy in direct trading of one crypto currency for another.

Important!

You must come up with a system so that it is impossible for you to lose your recovery phase and passwords.

Tips:

Have 3 encrypted flash drive devices with your recovery phrase words (minimum)
Have 3 hard copies preferably laminated with your recovery phrase words (minimum)
Have 1 backup copy of your phrase words in a location outside of where you live (minimum)
You can also store your recovery phrase words on an encrypted external hard drive
Memorize your 12 or 24 word seed phrase

Do NOT take a photo and store on your phone

Do NOT store on a plugin flash drive

Do NOT store on your computer

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