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Cryptocurrency Basics Quiz

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Questions and Answers

What is the largest cryptocurrency?

Litecoin

Bitcoin (correct)

Ethereum

Ripple

What is the second-largest cryptocurrency?

Bitcoin

Ethereum (correct)

Litecoin

Ripple

What is the purpose of cryptography in cryptocurrency transactions?

To increase security (correct)

To create a digital ledger

To decentralize the currency

To increase value

What is the purpose of a digital ledger in cryptocurrency transactions?

To increase security Signup and view all the answers

What is the main difference between cryptocurrency and fiat currency?

Cryptocurrency is decentralized while fiat currency is centralized Signup and view all the answers

What is the purpose of decentralization in cryptocurrency?

To protect from inflation Signup and view all the answers

What is the purpose of strong cryptography in cryptocurrency?

To increase security Signup and view all the answers

What is the main purpose of cryptocurrency?

To facilitate payments Signup and view all the answers

What is the purpose of individual coin ownership records in cryptocurrency?

To create a digital ledger Signup and view all the answers

What is the main difference between cryptocurrency and other digital currencies?

Cryptocurrency uses cryptography to secure transactions while other digital currencies do not Signup and view all the answers

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.

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Description

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.