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WorksheetsCryptocurrency
Total questions: 30
Worksheet time: 15mins
Satoshi Nakamoto created this cryptocurrency
Ethereum
Bitcoin
Litecoin
XRP
Bitcoin was launched in
2018
2015
2011
2009
A blockchain is secured by
PIN code
'hash' code
password
login
What is a fiat currency?
Currency backed by a gold standard
A currency used to purchase a car
A currency backed by a physical commodity
A currency that is declared a currency by the government, although not backed by a physical commodity
What does the block in the blockchain consist of?
Transaction data
A Hash point
A Timestamp
all of these
How many Bitcoins will
there ever be?
21 million in 2140
21 million in 2020
14 million 2015
23 million in 2140
How does one acquire
bitcoins?
As payment for goods or
services.
Purchase bitcoins at a
Bitcoin exchange.
Exchange bitcoins with
someone near you.
Earn bitcoins through
competitive bitcoin mining.
all of the above
What is necessary for Bitcoin?
bank
internet
government
oxygen
Cryptocurrencies are decentralized digital currencies secured with cryptography.
True
False
Censorship resistant means...
you can't say derogatory or negative things about it.
the government can't send bank wires through it.
that no one, including banks or governments, can block you from sending or receiving bitcoins.
that no one, with the exception of banks or governments, can block you from sending or receiving bitcoins.
Bitcoin wallets are used to protect and access your money.
True
False
A wallet stores the information necessary to handle your bitcoins. Wallets are often described as a place to hold or store digital currency.
True
False
The U.S. Department of the Treasury produces cryptocurrency.
True
False
Cryptocurrency is backed by a commodity such as gold or silver
True
Falso
Bitcoin is often recognized as the first decentralized cryptocurrency
True
False
Miners earn cryptocurrency by using computers to solve complex mathematical problems to create new blocks for the ledger.
True
False
Like paper money, cryptocurrency is also available in a physical form.
True
False
Cryptocurrency mining requires a large amount of computing power, and therefore electricity
True
False
The value of cryptocurrency can fluctuate greatly, making it a risky investment.
True
False
Bitcoin, Ethereum, and Dogecoin are examples of cryptocurrency.
True
False
Money launderers, terrorists, and computer hackers use cryptocurrency to help conceal their identities during financial transactions.
Fact
Fiction
The value of each type of cryptocurrency depends on supply and demand.
True
False
Where does the value of fiat currency come from?
Its value comes from trust in the issuing party
Its value comes from the price that someone is willing to pay for a commodity like gold
Its value is set when the currency is created and does not change over time
Its value comes from companrison to other similar currencies.
The purpose of blockchain technology is to…
Reduce the environmental impact of completing cryptocurrency transactions
Verify transactions and help keep the ledger free of tampering
Make the cryptocurrency network operate faster
Lower the fees per transactions between individuals
Which of the following is a drawback of Bitcoin?
It is decentralized and not backed by a central authority
Its price is volatile
There is a high chance of fraud
It takes a long time to complete a transaction
Ethereum was created …
To make cryptocurrency transactions more accessible to the general public
To fix the problem of cryptocurrency volatility
To be a medium of executing smart contracts
To be more environmentally friendly than other established cryptocurrencies
Investing involves____________and___________, wheras speculation involves_________ and _______________.
short-term goals, lower risk; long-term goals, higher risk
long-term goals, lower risk; short-term goals, higher risk
short-term goals, higher risk; long-term goals, lower risk
long-term goals, higher risk; short-term goals, lower risk
