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Cryptocurrency Tokens Quiz

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Questions and Answers

What is a token?

A digital representation of an asset or deed (correct)

A type of coin

A digital currency

A form of payment

What is the main difference between coins and tokens?

Tokens are easier to create

Coins are easier to create

Tokens do not move around, while coins do (correct)

Coins do not move around, while tokens do

What is a market maker?

A person who buys and sells tokens

A program that creates tokens

A person who creates tokens

A program that buys and sells tokens (correct)

How long have tokens been around?

Since the invention of money Signup and view all the answers

What is a DEX?

A decentralized exchange Signup and view all the answers

What is the purpose of tokens?

To represent something other than money Signup and view all the answers

What is the most common use of tokens?

To buy and sell on exchanges Signup and view all the answers

What is the main advantage of tokens?

They are easier to create Signup and view all the answers

What is the main disadvantage of tokens?

They are not as valuable as coins Signup and view all the answers

What is the main purpose of market makers?

To buy and sell on DEXs Signup and view all the answers

Study Notes

A token is a digital representation of an asset or deed.
Tokens can be bought and sold on exchanges, and some tokens have more value than coins.
Tokens are easy to create, and market makers are common on DEXs.
Crypto coins and tokens differ in a few ways, the most notable of which is that tokens do not move around, while coins do.
Tokens represent something else other than just money, and they date back to before crypto was even a thing.

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Description

Test your knowledge on cryptocurrency tokens with this quiz. Explore the differences between tokens and coins, the creation and trading of tokens, as well as their representation of real-world assets.