Cryptocurrency Basics

What is a blockchain?

• A distributed ledger on a peer to peer network

• A type of cryptocurrency

• An exchange

• A centralized ledger

Cryptocurrency and the U.S. dollar are both forms of money that can be used to transfer value and buy or selling things. Yet, unlike the U.S. dollar:

• Cryptocurrency value is not enforced by the government

• Cryptocurrency can only be bought and sold outside the U.S.

• Cryptocurrency value can never decrease

• Cryptocurrency can only exist with a verified bank account

Cryptocurrency is...

• a physical type of currency sold in bits

• a digital currency

• accepted by all stores

• only available in the U.S. and Canada

Where do you store your cryptocurrency?

• Bank account

• Floppy Disk

• Digital Wallet

• In your pocket

What is a miner?

• A type of blockchain

• An algorithm that predicts the next part of the chain

• A person doing calculations to verify a transaction

• Computers that validate and process blockchain transactions

All blocks contain a link to the previous block, except for

• the first block

• block number 24601

• the second block

• the third block

In the future, Blockchain applications will include

• only transactions involving cryptocurrencies

• only transactions between companies or government agencies

• cryptocurrency transactions, transactions between governments, companies and consumers, voting, healthcare and many other applications

• only transactions within the borders of one country

What does P2P stand for?

• Peer to Peer

• Product to Product

• Password to Password

• Penguin to Penguin

What is the maximum amount of bitcoins that will ever be created?

• Infinity, because there is no limit

• 21 million

• Nobody knows, because it is created randomly

• Bitcoin isn't real, so none will ever exist

What makes cryptocurrency secure?

• Servers

• Cryptographic Math

• Government Banks

• Insurance Companies