Crypto Basics Assessment Answers
Lots of responses came in from the crypto-basics quiz we shared. A couple of rights and a few wrongs.
If by chance you did not receive the answers in your email, here are the answers to every question.
· Bitcoin is one of the following:
Digital currency
· What name does the pseudonymous bitcoin creator bear?
Satoshi Nakamoto
· Blockchain is an efficient, secure and permanent database for verifying digital transactions
True
· Blockchain can only be applied to cryptocurrencies
False
· Which of these is not a benefit of cryptocurrency?
Private keys could get missing
· Cryptocurrencies are created through a process known as
Mining
· The first block of a blockchain is known as
Genesis block
· One is a type of cryptocurrency that operates on its own blockchain
Coin (Lots of wrong answers here. A coin operates on its own blockchain (eg. bitcoin) while a token is built on another blockchain (eg. chainlink)
· Cryptocurrencies that guarantee dividends are known as:
Security tokens (Security tokens act as securities, so holders are entitled to dividends unlike Utility tokens that grant access to a product/service)
· Which of these is the most popular website to track cryptocurrency prices?
coinmarketcap.com
· Volatility in cryptocurrency means that the prices go..........quickly
Up and down
· One of these factors do not affect cryptocurrency prices
None of the above
· Which among the following crypto wallets is the easiest to set-up?
Trust wallet
· Which of the following 2-Factor Authorization is preferable?
Google Authenticator
· To send/receive cryptocurrencies, you need one of these:
Cryptocurrency wallet
· In cryptocurrency, your wallet address is equivalent to your bank account number
True
· One of these must be written down and kept safe to prevent losing your funds.
Private key/back-up phrase
· The most popular type of wallets are
Mobile wallets
· All except one are standard ways to make money with/earn crypto.
Investing in random sites that offer fixed monthly returns
· One of these is not a way to spend your crypto.
None of the above
Cheers…