Cryptocurrency Basics Quiz

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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 (B)</p> Signup and view all the answers

How does the blockchain protect transactions?

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

What is the paradoxical appeal of crypto coins?

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

What is the main purpose of crypto coins?

<p>To replace traditional money (A)</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 (B)</p> Signup and view all the answers

What is the official currency of El Salvador?

<p>Bitcoin (A)</p> Signup and view all the answers

What does the blockchain do?

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

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