Cryptocurrency Exam Review

Front

What is Bitcoin mining criticized for? Options: lack of security, being anonymous, negative impacts on the environment, too expensive

Back

negative impacts on the environment

Answer explanation

Numerous computers used for mining use extreme amounts of energy.

Front

Is there really very little risk involved in buying cryptocurrency?

Back

False

Front

Investing is ​______, while speculating is _______.

Back

long term, short term

Front

It would be wise to invest in crypto even if you have a lot of debt.

Back

False

Front

Fiat money is backed by the US government.

Back

True

Answer explanation

Cryptocurrency is not fiat money because it is decentralized and not backed by the U.S. Government.

Front

Cryptocurrency is part of a decentralized movement where no one entity is in control.

Back

True

Front

Who is the creator of Bitcoin?

Back

Satoshi Nakamoto

Front

Bitcoin is very volatile and can be influenced by a many number of items.

Back

True

Front

What is the first block in a blockchain called?

Back

genesis

Front

Is it very easy and cheap to become a crypto miner today?

Back

False