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Cryptocurrency and Blockchain Quiz

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Questions and Answers

What is Bitcoin used for?

To purchase merchandise and services
To keep track of all transactions
To replace traditional money (correct)
To mine cryptocurrencies

What is the Proof of Stake (PoS) system?

A more modern approach to earning coins (correct)
A way to boost Bitcoin earnings
A method of encryption
A way to mine Bitcoin

What is the Paradoxical Appeal of crypto coins?

Transparency
Anonymity (correct)
Security
Accessibility

What is the blockchain used for?

To keep track of all transactions (A) Signup and view all the answers

What is the Proof of Work (PoW) system?

A way to mine Bitcoin (D) Signup and view all the answers

What are some major corporations that accept crypto coins?

Microsoft and Tesla (B) Signup and view all the answers

What is the official currency of El Salvador?

Bitcoin (B) Signup and view all the answers

What is the purpose of encryption?

To secure transactions (A) Signup and view all the answers

What is the difference between a coin and a token?

Coins operate on their own blockchain, while tokens are used for specific applications (A) Signup and view all the answers

What is the main disadvantage of the Proof of Work (PoW) system?

There are only a limited number of Bitcoins left to mine (C) Signup and view all the answers