Cryptocurrency and Fiat Money Flashcard

Front

What is fiat money?

Back

Money declared by a government to be legal tender

Front

When did the U.S. government officially stop backing the U.S. dollar with gold, taking the U.S. off the gold standard?

Back

1971

Front

Who issues fiat money in most countries?

Back

Government Central Banks

Front

Which country is often credited with creating the first paper currency?

Back

China

Front

What is the primary advantage of fiat money?

Back

Stability and Acceptance

Front

Who invented Bitcoin, the first cryptocurrency?

Back

Satoshi Nakamoto

Front

Cryptography

Back

Cryptography is a technique that allows a secure exchange of encrypted data between two or more people. Encrypted data has levels of security that require an ability to break codes to access the data.

Front

If you lose your private key you cannot access your cryptocurrency. As of 2022, what percent of cryptocurrency is considered lost forever due to Options: 10%, 20%, 50%, 75%

Back

20%

Front

How are cryptocurrency transactions anonymous?

Back

Cryptocurrency transactions are anonymous due to the use of public key cryptography, which separates user identities from their transaction addresses.

Front

What is the maximum supply of Bitcoin?

Back

21 million