Exploring Digital Currency in Society

Which of the following best describes a cryptocurrency?

• A physical form of money used in digital transactions

• A digital or virtual currency that uses cryptography for security

• A type of credit card

• A government-issued paper currency

Fill in the blank: The technology that underpins most cryptocurrencies and ensures secure, transparent transactions is called __________.

• Firewall

• Blockchain

• Antivirus

• Router

Short answer: What is one key difference between credit cards and digital currencies in terms of transaction processing?

Evaluate responses using AI:

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What is the primary function of a digital wallet?

• To print physical money

• To store, send, and receive digital currencies

• To mine new cryptocurrencies

• To regulate cryptocurrency prices

True or False: Contactless cards use near-field communication (NFC) technology for payments, but are typically linked to traditional bank accounts rather than digital currencies.

• True

• False

Match the following terms to their correct definitions:

• 1-b, 2-c, 3-d, 4-a

• 1-c, 2-b, 3-a, 4-d

• 1-d, 2-a, 3-b, 4-c

• 1-a, 2-d, 3-c, 4-b

Which of the following is a potential economic impact of widespread digital currency adoption?

• Increased reliance on physical cash

• Reduced transaction costs

• Decreased financial inclusion

• Slower transaction speeds

Short answer: Name one popular cryptocurrency other than Bitcoin.

Evaluate responses using AI:

OFF

Fill in the blank: Mobile phones can be used to access __________ and make cryptocurrency transactions.

• ATMs

• Digital wallets

• Chequebooks

• Bank vaults

Fill in the blank: A __________ is a software or hardware system that stores the private and public keys for cryptocurrency transactions.

• Digital wallet

• Blockchain

• Smart contract

• Token