Beginner

Crypto Basics Quiz

Check your understanding of money, cryptocurrency, blockchains, wallets and how everyday payment methods compare.

Covers material from Crypto & Money Basics.

Taken 71 times so far.

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What does a crypto wallet actually store?

A live connection to the exchange that holds your coins A secure link to your bank account for funding Your private keys Encrypted copies of your coins stored on your device

What is the main idea of decentralization?

No single party controls it A nonprofit foundation manages it for everyone It settles payments faster than any bank could It guarantees every user complete anonymity

Why is a fixed or predictable supply important for sound money?

It lets the network confirm payments instantly It resists debasement/inflation It removes the need for transaction fees It guarantees the coin's price can only rise

What problem does cryptocurrency primarily aim to solve?

Letting anyone earn high returns by investing Needing to trust a third party with your money Making cross-border payments settle instantly Encrypting your personal data so hackers cannot read it

Which everyday payment method usually costs a merchant the most in percentage fees?

Debit cards, which charge the same rates as credit Credit cards Cash, once you count handling and deposit costs Monero, because mining fees scale with the amount

What makes cash and Monero different from cards and bank transfers for privacy?

They erase the payment record once it has cleared They can be reversed by either party if there is a dispute They don't route through an intermediary that records the payment They scramble your name so the bank cannot read it

What is the 'double-spend problem' that cryptocurrency had to solve?

That digital payments take longer to clear than cash does That payment networks can charge hidden fees on each transfer That a coin loses a little value each time it is spent That digital files can be copied, so the same coin could be spent more than once

Economists describe money as doing three core jobs. Which is one of them?

A way to earn guaranteed interest over time A claim on a government's gold reserves A unit of account for pricing things A tool that keeps prices stable from year to year

What makes a blockchain tamper-resistant?

Every transaction is encrypted so no one can read it Only approved participants are allowed to write to it A team of administrators reviews every transaction Each block carries a fingerprint of the previous block, so altering one breaks every block after it

Q10

When your coins sit on a centralized exchange, who actually controls the keys?

You do, since the account is registered in your name The network's miners hold them in shared custody The exchange holds the keys, so you only hold an IOU No one, the keys are split so nobody holds them

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