Cryptocurrency Quiz

Which of the following best describes a cryptocurrency?

• A physical form of money stored in a wallet

• A digital or virtual currency secured by cryptography

• Government-issued legal tender

• A form of barter used online

One of the primary purposes of Bitcoin was to:

• Increase government control over money supply

• Create a decentralized alternative to traditional banking systems

• Replace all global currencies immediately

• Launch a new stock exchange

What is the primary distinction between Bitcoin and altcoins?

• Bitcoin is not a cryptocurrency, while altcoins are

• Altcoins refer to any cryptocurrency other than Bitcoin

• Altcoins are only used for gaming

• Altcoins are created by the government

Which of the following is an example of a second factor in 2FA?

• Username

• Password

• SMS code or authenticator app code

• Email address

What is a key feature of using a DEX compared to a centralized exchange?

• Faster customer service

• Custodial holding of assets

• Direct wallet-to-wallet trading without third-party custody

• Mandatory KYC for every trade

Cryptocurrencies operate on a technology known as (a)   , which ensures transparency and decentralization.

(a)   is a term used to describe all cryptocurrencies that are not Bitcoin.

A (a)   wallet gives users full control over their private keys and funds.

In a P2P withdrawal, the crypto is held in an (a)   system until the buyer completes the payment.

Using the wrong blockchain (a)   during a withdrawal may result in loss of funds.