Cryptocurrency Basics Quiz
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Questions and Answers

What is Bitcoin?

  • Any cryptocurrency other than Bitcoin
  • A decentralized platform for building smart contracts
  • A ledger that records transactions across multiple computers
  • A digital or virtual currency secured by cryptography (correct)

    • What is a Private Key?

  • A consensus mechanism for validating transactions
  • A key used to sign transactions and known only to the owner (correct)
  • A technique used to validate digital messages
  • A cryptographic key shared publicly for encryption

    • What is Ethereum known for?

  • A consensus mechanism for validating transactions
  • Enabling smart contracts and DApps without interference (correct)
  • Providing digital wallets for storing cryptocurrencies
  • Creating the first cryptocurrency, Bitcoin

    • What does Mining involve in the context of blockchain?

    <p>Validating transactions and adding them to the blockchain</p> Signup and view all the answers

    What is Proof of Work (PoW)?

    <p>A consensus mechanism where miners compete to validate transactions</p> Signup and view all the answers

    What is Proof of Stake (PoS)?

    <p>A consensus mechanism based on the amount of cryptocurrency validators hold</p> Signup and view all the answers

    What is the purpose of an ICO (Initial Coin Offering)?

    <p>To raise capital by selling tokens to investors for a new project</p> Signup and view all the answers

    What does the term 'HODL' refer to in the cryptocurrency community?

    <p>Encouragement to hold onto investments despite market fluctuations</p> Signup and view all the answers

    What is Market Capitalization of a cryptocurrency?

    <p>The total value of all circulating coins of a cryptocurrency</p> Signup and view all the answers

    What is FUD in the context of cryptocurrencies?

    <p>Negative sentiment or misinformation spread to create fear and uncertainty in the market</p> Signup and view all the answers

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