10 Questions
What is the largest cryptocurrency?
Bitcoin
What is the second-largest cryptocurrency?
Ethereum
What is the purpose of cryptography in cryptocurrency transactions?
To increase security
What is the purpose of a digital ledger in cryptocurrency transactions?
To increase security
What is the main difference between cryptocurrency and fiat currency?
Cryptocurrency is decentralized while fiat currency is centralized
What is the purpose of decentralization in cryptocurrency?
To protect from inflation
What is the purpose of strong cryptography in cryptocurrency?
To increase security
What is the main purpose of cryptocurrency?
To facilitate payments
What is the purpose of individual coin ownership records in cryptocurrency?
To create a digital ledger
What is the main difference between cryptocurrency and other digital currencies?
Cryptocurrency uses cryptography to secure transactions while other digital currencies do not
Study Notes
- Cryptocurrencies are digital or virtual currencies that use cryptography to secure transactions.
- Bitcoin is the largest cryptocurrency and is considered “digital gold.”
- Ethereum is the 2nd-largest cryptocurrency and is popular for its use in developing smart contracts.
- Cryptocurrencies are decentralized, meaning they are not reliant on a central authority to maintain them.
- Individual coin ownership records are stored in a digital ledger, a computerized database using strong cryptography.
Test your knowledge of cryptocurrency fundamentals with this quiz. Learn about the features and characteristics of cryptocurrencies such as Bitcoin and Ethereum, as well as their decentralized nature and use of cryptography.
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