Hello all #LEO Lovers and #Hive Friends
We are all aware of the term "exchange"; it is an act in which we give one thing and get another thing in return. It's very simple: give and take. How much you give and how much you get depends on many factors like the value of things, demand and supply, etc. In financial terms, where we take financial assets and exchange them for other financial assets, we also call it an exchange; for example, trading shares takes place at some exchange, where the exchange acts as a platform where buyers and sellers come across. Similarly, a crypto exchange is a platform where buyers and sellers of cryptocurrencies come together to see and buy different cryptocurrencies.
Custodial and Non-Custodial Wallets and the Role of Exchanges
Cryptocurrencies are in digital form, and all the transactions are also done digitally. We can keep the crypto at home or office as we do with fiat currency; however, we need some digital media where we can hold our crypto assets. There are two ways to hold crypto assets: one is the wallet, and the other is crypto exchanges. Wallets also have different types like custodial and non-custodial. Let's first understand a wallet in cryptocurrency. In general, we think a wallet is a place where we keep our crypto assets, but no, it does not work like that. Actually, the crypto is always kept on the blockchain, and the wallets are the ways which locate your digital asset on the blockchain. Every wallet has a key - private and public. A key is a password to open the wallet and gives full control to the key holder like transferring funds, etc. Always keep in mind in the crypto world: No Key, No Ownership. So keys are very, very important. In the case of a custodial wallet, the private keys are managed by the third-party service provider, mainly an exchange. But in the case of a non-custodial wallet, the owner himself manages the private keys; it is true ownership of crypto assets.
My Experience with Crypto Exchanges
During my journey in the crypto space, I learned many things over time. In the initial days, I used to collect some cryptocurrencies from different faucets and used Coinbase to store all these small amounts of cryptocurrencies. So Coinbase was my first exchange. I was not able to use it much as Coinbase was open for a very limited number of cryptocurrencies.
The second crypto exchange I came across was WazirX, and it was three years back. Splinterlands was at its peak. All the assets were booming like nothing. The price of SPS was all-time high during that time. And I decided to take advantage of the market scenarios at that time. I converted one of the SPS into Hive, which was not a tough task. Leodex and Hive-Engine were the places where I was able to sell the SPS token very easily. The average selling price was about 0.6. I was able to sell a good number of SPS for around 1500 USD. Now the next challenge was to convert the Hive into local currency. The amount was sufficient for three months of my family's needs, and I wanted to show my friends that the money generated from the Hive ecosystem can also be used in real life. I created an account on WazirX, which did not take much time. The next process was the KYC. I uploaded the required documents to complete the KYC, and the process went very smoothly, and I got the account activated in a day's time, which was less than the time I anticipated. I was able to sell my crypto very smoothly and get the amount in my bank account the next day itself.
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This is my participation post for Initiative: March Monthly Prompt
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