
Understanding Cryptocurrency and Blockchain
Authored by Josh Martin
Other
9th Grade
Used 1+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a blockchain primarily used for in the context of cryptocurrencies?
Storing data in a centralized database
Recording transactions in a decentralized ledger
Encrypting personal information
Managing user accounts
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the process of cryptocurrency mining?
Creating new cryptocurrencies by solving complex mathematical problems
Buying and selling cryptocurrencies on an exchange
Storing cryptocurrencies in a digital wallet
Transferring cryptocurrencies between users
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary function of a cryptocurrency wallet?
To mine new cryptocurrencies
To store and manage digital currency
To convert cryptocurrencies into fiat money
To track cryptocurrency market trends
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of wallet is considered the most secure for storing cryptocurrencies?
Online wallet
Mobile wallet
Hardware wallet
Paper wallet
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a smart contract in the context of blockchain technology?
A legal agreement written in code that automatically executes actions
A digital signature used to verify transactions
A type of cryptocurrency used for smart devices
A contract that requires manual approval by all parties
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a transaction get added to a blockchain?
It is verified by a central authority and then added
It is broadcast to the network and added by miners after verification
It is directly added by the sender
It is stored temporarily until enough transactions are collected
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main advantage of decentralization in blockchain technology?
Faster transaction speeds
Reduced transaction costs
Increased security and transparency
Easier government regulation
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