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Cryptocurrency Basics Quiz
10 Questions
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Cryptocurrency Basics Quiz

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@WellRoundedSanctuary

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Questions and Answers

What is the purpose of Bitcoin?

  • To replace traditional money (correct)
  • To purchase merchandise and services
  • To mine coins
  • To act as a blockchain

    • What is the main difference between coins and tokens?

  • Coins are mined while tokens are not
  • Coins operate on their own blockchain while tokens do not (correct)
  • Coins are used to purchase merchandise and services while tokens are not
  • Coins are used as money while tokens are not

    • What is the most energy-efficient way to earn crypto coins?

  • Traditional mining on the Proof of Work system
  • Trading crypto coins on exchanges
  • Investing in crypto coins
  • Proof of Stake system (correct)

    • What are two of the most popular coins that use the Proof of Stake system?

    <p>Bitcoin and Cardano</p> Signup and view all the answers

    How does the blockchain protect transactions?

    <p>By encrypting them</p> Signup and view all the answers

    What is the paradoxical appeal of crypto coins?

    <p>Anonymity and transparency</p> Signup and view all the answers

    What is the main purpose of crypto coins?

    <p>To replace traditional money</p> Signup and view all the answers

    What is the problem with traditional mining on the Proof of Work system?

    <p>There are only so many coins left to mine</p> Signup and view all the answers

    What is the official currency of El Salvador?

    <p>Bitcoin</p> Signup and view all the answers

    What does the blockchain do?

    <p>It allows access to transactions</p> Signup and view all the answers

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