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Bitcoin and Cryptocurrency Quiz

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Questions and Answers

What is the primary purpose of Bitcoin?

To purchase merchandise and services

To act as a currency (correct)

To mine for coins

To provide encryption

What is the main difference between coins and tokens?

Coins are not backed by any asset

Tokens are based on a blockchain

Coins are backed by a blockchain (correct)

Tokens are not backed by any asset

What is the most common method of earning coins?

Mining on the Proof of Work system (correct)

Selling goods and services

Investing in stocks

Trading on the stock market

What is the main goal of the Proof of Stake system?

To reduce energy consumption Signup and view all the answers

Which of the following companies accept Bitcoin as payment?

Amazon Signup and view all the answers

What makes the Bitcoin blockchain unique?

It is encrypted Signup and view all the answers

What is the official currency of El Salvador?

Bitcoin Signup and view all the answers

What is the main advantage of the Proof of Work system?

It has a higher reward Signup and view all the answers

What is the primary benefit of using crypto coins?

Transparency Signup and view all the answers

What is the main difference between Bitcoin and Ethereum?

Ethereum is decentralized while Bitcoin is not Signup and view all the answers