The difference between Exchange and Substitute
When used as nouns, exchange means an act of exchanging or trading, whereas substitute means a replacement or stand-in for something that achieves a similar result or purpose.
When used as verbs, exchange means to trade or barter, whereas substitute means to use in place of something else, with the same function.
check bellow for the other definitions of Exchange and Substitute
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Exchange as a noun:
An act of exchanging or trading.
Examples:
"All in all, it was an even exchange."
"an exchange of cattle for grain"
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Exchange as a noun:
A place for conducting trading.
Examples:
"The stock exchange is open for trading."
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Exchange as a noun:
A telephone exchange.
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Exchange as a noun (telephony, US):
The fourth through sixth digits of a ten-digit phone number (the first three before the introduction of area codes).
Examples:
"The 555 exchange is reserved for use by the phone company, which is why it's often used in films."
"NPA-NXX-1234 is standard format, where NPA is the area code and NXX is the exchange."
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Exchange as a noun:
A conversation.
Examples:
"After an exchange with the manager, we were no wiser."
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Exchange as a noun (chess):
The loss of one piece and associated capture of another The loss of a relatively minor piece (typically a bishop or knight) and associated capture of the more advantageous rook
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Exchange as a noun (obsolete):
The thing given or received in return; especially, a publication exchanged for another.
Examples:
"rfquotek Shakespeare"
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Exchange as a noun (biochemistry):
The transfer of substances or elements like gas, amino-acids, ions etc. sometimes through a surface like a membrane.
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Exchange as a noun (finance):
The difference between the values of money in different places.
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Exchange as a verb (transitive):
To trade or barter.
Examples:
"I'll gladly exchange my place for yours."
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Exchange as a verb (transitive):
To replace with, as a substitute.
Examples:
"I'd like to exchange this shirt for one in a larger size."
"Since his arrest, the mob boss has exchanged a mansion for a jail cell."
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Substitute as a verb (transitive):
To use in place of something else, with the same function.
Examples:
"I had no shallots so I substituted onion."
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Substitute as a verb (transitive):
In the phrase "substitute X for Y", to use X in place of Y. With increasing frequency used in the semantically opposite sense (see [http://www.oed.com/view/Entry/193079?isAdvanced=false&result=3&rskey=zYLG08&#eid20118763 the OED's notes]).
Examples:
"I had to substitute new parts for the old ones."
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Substitute as a verb (transitive):
In the phrase "substitute X with/by Y", to use Y in place of X; to replace X with Y
Examples:
"I had to substitute old parts with the new ones.'' (<small>This usage was formerly proscribed.</small>)"
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Substitute as a verb (transitive, sports):
To remove (a player) from the field of play and bring on another in his place.
Examples:
"He was playing poorly and was substituted after twenty minutes"
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Substitute as a verb (intransitive):
To serve as a replacement (for someone or something)
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Substitute as a noun:
A replacement or stand-in for something that achieves a similar result or purpose.
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Substitute as a noun (sports):
A player who is available to replace another if the need arises, and who may or may not actually do so.
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Substitute as a noun (historical):
One who enlists for military service in the place of a conscript.