Flashcard on Fiat Money

Front

Which of the following is NOT a characteristic of fiat money?
Backed by an issuing government,
Provides some economic stability,
Backed by gold,
Used as legal tender

Back

Backed by gold

Front

Which of the following currencies is a fiat currency? Bitcoin, Silver, Japanese yen, Gold

Back

Japanese yen

Front

The euro is an example of: Commodity money, Fiat money, Barter system, Digital currency

Back

Fiat money

Front

What is cryptocurrency often referred to as?

Back

Crypto-currency or crypto

Front

What is a key feature of decentralized blockchains?

Back

They are immutable and irreversible.

Front

In Bitcoin's case, who has control over the blockchain?

Back

All users collectively

Front

What form does cryptocurrency exist in?

Back

Electronic form

Front

What does it mean for a currency to be independent of any central authority?

Back

It operates without a central bank

Front

What is the main advantage of using blockchain technology for cryptocurrencies?

Back

Decentralized control

Front

What is the significance of data being stored in blocks in a blockchain?

Back

It enables linking via cryptography.