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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?

Bitcoin and Cardano Signup and view all the answers

How does the blockchain protect transactions?

By encrypting them Signup and view all the answers

What is the paradoxical appeal of crypto coins?

Anonymity and transparency Signup and view all the answers

What is the main purpose of crypto coins?

To replace traditional money Signup and view all the answers

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

There are only so many coins left to mine Signup and view all the answers

What is the official currency of El Salvador?

Bitcoin Signup and view all the answers

What does the blockchain do?

It allows access to transactions Signup and view all the answers