This is the first quiz on Phemex that you have to start with and it explains what is different between Fiat currency and cryptocurrency, newbies who don’t hold basic knowledge should complete this course for better understanding.
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Must Read: BINANCE P2P QUIZ ANSWERS
Phemex Fiat Currency VS. Cryptocurrency Answers
This quiz includes 3 lessons only and in total there are 13 questions only which pays you $0.60 for completing the quiz.
Lesson 1. What is Fiat Currency?
Q1: What entities issue fiat currencies?
Answer: Governments and Central Banks
Q2: Are fiat currencies backed by commodities like gold?
Answer: No
Q3: What is one of the disadvantages of fiat currencies?
Answer: Inflation
Q4: Select two examples of modern fiat currencies?
Answer: US Dollar & Euro
Lesson 2. What is Cryptocurrency?
Q1: A cryptocurrency is a form of ____ currency?
Answer: Digital
Q2: Cryptocurrencies are represented by:
Answer: Unique digital codes
Q3: A decentralized cryptocurrency means that it is controlled by:
Answer: None of the above
Q4: What is the most well-known cryptocurrency today?
Answer: Bitcoin
Q5: Select all the descriptions that are true about Bitcoin:
Answer: Limited Supply & Deflationary
Lesson 3. How Does a Cryptocurrency Work?
Q1: Which of the two options do cryptocurrencies use?
Answer: Blockchain Technology
Q2: A blockchain is:
Answer: A digital ledger or notebook
Q3: Bitcoin’s blockchain or digital ledger will record:
Answer: All of the above
Q4: Why is a blockchain secure? (choose all that apply)
Answer: It uses encryption methods & It has multiple copies all over the world
