Finance Unbox-ED ($) - Grade 6-8 - Session 025 - Quiz 1

Select all the statements that are true

• Cryptocurrencies are digital currencies
• Cryptocurrencies are sometimes available as paper currencies or coins
• Cryptocurrencies can be used to make payments
• All of the above

Cryptocurrencies are not issued or regulated by any government

• True
• False

Cryptocurrencies were invented by a person or a group of people under which pseudonym?

• Masayoshi Son
• Satoshi Nakamoto
• Masayoshi Nakamoto
• Satoshi Masayoshi

Cryptocurrencies can be created by anyone

• True
• False

Select all the statements that are true

• Banks record all transactions of cryptocurrencies
• Governments record all transactions of cryptocurrencies
• Blockchain is used to record all transactions of cryptocurrencies
• All of the above

Blockchain is like a digital ledger or a digital book

• True
• False

Since blockchain is transparent and for anyone to see the real identities of people are revealed

• True
• False

Since banks are not involved in cryptocurrencies who validates and records the transactions on blockchain

• Network of computers called nodes
• One computer called node

Since there are several computers or people involved in the blockchain it is referred to as decentralized or distributed ledger

• True
• False

Mining is the process of solving simple mathematical problems in order to create more units of the cryptocurrency

• True
• False