Cryptocurrency and Blockchain Basics Quiz

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Question 1
Which of the following best describes Bitcoin?

(A) A centralized bank digital currency controlled by governments

(B) A version of credit provided by merchant banks

(D) A decentralized digital currency that facilitates peer-to-peer transactions

Question 2
What is blockchain technology?

(A) A distributed ledger that records transactions on multiple computers ensuring security

(B) A simple shared spreadsheet on the internet

(D) A chain of blocks stored on a single server

Question 3
Which of the following is a major benefit of using blockchain in business applications?

(A) Quick centralized control over all transactions

(B) Enhanced transparency and security in transactions

(D) Complete elimination of transaction fees

Question 4
Which scenario best illustrates a common use case of blockchain technology?

(A) Tracking the supply chain in food production from farm to store

(B) Mining for cryptocurrencies using powerful computers

(D) Encrypting personal emails for privacy

Question 5
What is one risk associated with investing in cryptocurrencies?

(A) High price volatility can lead to significant financial losses

(B) Constant security provided by the underlying technology

(D) Inability to perform online transactions

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