Cryptocurrency Trivia

Which is the oldest cryptocurrency?

• Bitcoin

• Cardano

• Dogecoin

• Ether

As of April 2023, bitcoin has a higher market cap than…

• Amazon

• Apple

• Microsoft

• Netflix

Who created bitcoin?

• Sam Altman

• Sam Bankman-Fried

• Satoshi Nakamoto

• Changpeng Zhao

Which of these options most closely describes a stablecoin?

• A virtual token that is created and controlled by the U.S. federal government

• A digital currency whose value is pegged to an underlying asset such as gold or the U.S. dollar

• A cryptocurrency that can only be used at casinos

Dogecoin is an example of a…

• Fiat currency

• “Meme coin” or altcoin

• NFT

• Stablecoin

A blockchain is…

• A centralized virtual messaging platform made by crypto users

• A digital public ledger that is distributed across a network of computers and can be used to record transactions

• A smart contract

• The virtual chain of a cryptocurrency that tracks its value over time

What is cryptocurrency mining?

• The gold mining process that is used to power crypto computers

• The process of verifying and adding new cryptocurrency transactions to a blockchain

• The only way to create and destroy crypto

• The allocation process that determines how much gold a cryptocurrency is worth

A crypto exchange is used primarily to…

• Buy, sell and exchange crypto and other digital assets

• Act as a liaison and monetary conversion mechanism between crypto users and the federal government

• Allow users to exchange their crypto for stock shares listed on the Nasdaq

• Digitally store and secure new cryptocurrencies before the public is allowed to purchase them

DAO stands for…

• Digital autonomous operation

• Digitally altered operation

• Decentralized autonomous organization

• Decentralized anonymous organization

Is crypto taxable?

• Yes. The IRS currently treats it as property and it is subject to capital gains tax.

• No. Since crypto is completely anonymous, the IRS has no way of tracking or taxing it.