10 Questions
What is the largest cryptocurrency?
Bitcoin
What is the purpose of cryptography in cryptocurrency?
To track individual coin ownership
What is the main difference between fiat currency and cryptocurrency?
Fiat currency is backed by a central authority while cryptocurrency is not
What is the digital ledger used in cryptocurrency?
A computerized database
What is the primary benefit of cryptocurrency?
Decentralized currency
What is the purpose of cryptography in cryptocurrency transactions?
To prevent fraud
What is the difference between Bitcoin and Ethereum?
Bitcoin is used for secure transactions while Ethereum is used for smart contracts
What is the primary purpose of cryptocurrency?
To provide a decentralized form of payment
What is the purpose of a digital ledger in cryptocurrency?
To track individual coin ownership
What is the main advantage of cryptocurrency compared to fiat currency?
Cryptocurrency is anonymous while fiat currency is 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 cryptocurrencies with this quiz covering digital currencies, Bitcoin, Ethereum, decentralization, and digital ledger technology.
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