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Questions and Answers
Which of the following is a key characteristic of cryptocurrencies?
Which of the following is a key characteristic of cryptocurrencies?
- They are controlled by a central authority
- They are considered to be currencies in the traditional sense
- They rely on traditional intermediaries like banks
- They use strong cryptography to secure transaction records (correct)
What is the purpose of a decentralized system in cryptocurrencies?
What is the purpose of a decentralized system in cryptocurrencies?
- To ensure the creation of additional coins
- To rely on a central authority for transaction verification
- To classify cryptocurrencies as securities
- To eliminate the need for traditional intermediaries (correct)
Where are individual coin ownership records stored in cryptocurrencies?
Where are individual coin ownership records stored in cryptocurrencies?
- In a physical ledger
- In a government-controlled database
- In a computerized database using strong cryptography (correct)
- In a centralized database
Are cryptocurrencies considered to be currencies in the traditional sense?
Are cryptocurrencies considered to be currencies in the traditional sense?
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What is the role of strong cryptography in cryptocurrencies?
What is the role of strong cryptography in cryptocurrencies?
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