Cryptocurrency Basics Quiz

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Questions and Answers

What is the purpose of mining?

  • To store data on the blockchain
  • To create new cryptocurrencies
  • To verify and add transactions to a blockchain (correct)
  • To generate public and private keys

What is a blockchain?

  • A digital ledger that stores a history of every cryptocurrency transaction (correct)
  • A set of public and private keys
  • A digital asset that uses the blockchain technology
  • A process of verifying and adding transactions to a blockchain

What is required to transact with a cryptocurrency?

  • A set of public and private keys (correct)
  • A digital asset that uses the blockchain technology
  • A digital ledger that stores a history of every cryptocurrency transaction
  • A process of verifying and adding transactions to a blockchain

What is not true about cryptocurrencies?

<p>They are physical assets (D)</p> Signup and view all the answers

What is the purpose of the blockchain technology?

<p>To verify and add transactions to a blockchain (C)</p> Signup and view all the answers

What is not a part of the cryptocurrency transaction process?

<p>Generating a digital asset that uses the blockchain technology (C)</p> Signup and view all the answers

What is the main factor that affects the value of a cryptocurrency?

<p>The demand and supply of the cryptocurrency (B)</p> Signup and view all the answers

What is not true about mining?

<p>It is the process of generating a digital asset that uses the blockchain technology (B)</p> Signup and view all the answers

What is the purpose of having a set of public and private keys?

<p>To transact with a cryptocurrency (D)</p> Signup and view all the answers

What is the main feature that differentiates cryptocurrencies from other digital assets?

<p>They use the blockchain technology (A)</p> Signup and view all the answers

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Study Notes

  • Cryptocurrencies are digital assets that use the blockchain technology.
  • A blockchain is a digital ledger that stores a history of every cryptocurrency transaction.
  • Mining is the process of verifying and adding transactions to a blockchain.
  • To transact with a cryptocurrency, you need to have a set of public and private keys.
  • Many cryptocurrencies do not have a finite supply, and their value is based on demand and supply.

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