Home Cryptocurrency Phemex Learn & Earn: Fiat Currency Vs. Cryptocurrency Answers

Phemex Learn & Earn: Fiat Currency Vs. Cryptocurrency Answers

by cryptocreed

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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Things To Remember While Taking Phemex Quiz

  1. Learn and Earn page can be accessed here “https://phemex.com/learn-crypto”.
  2. Login to check if you are eligible or not.
  3. Try to use a mobile device.
  4. Questions will be not in the same format for everyone.
  5. Rewards will get credited to your account within 48 hours.
Total reward: $0.60
Start & End Date: NA
What to do: Watch a video of 1.20 minutes and answer 13 questions.

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

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