Which of the following statement is true about Bitcoin wallets?

A wallet is a private key to store your bitcoin credentials

Which of the following statement is NOT true about transacting in Bitcoin?

You cannot trade bitcoins back to dollars

Which sentence best describes the legal status of the US dollar?

The currency is legal tender for ALL debts public and private

Which of the following statement is true about Centralized Intermediaries?

Most merchants refuse to use centralized intermediaries

What are some disadvantages that merchants face against centralized intermediaries such as credit card companies?

It is expensive for merchants to use credit card transactions, but they have no way of avoiding it due to popular demand

Which of the following statement is NOT a major reason to use Cryptocurrency?

You want your currency to have inherent value

What are some advantages to using Bitcoin? (Select all that apply)

Any transaction for which a credit card is used could potentially be a Bitcoin transaction

Batman decides that he is going to create his own credit card centralized intermediary called the Batcard. Which of the following statements does NOT show that the Batcard is a centralized intermediary?

Batman can use the Batcard without actually having the money to back up his purchases

Batman decides that he is going to create his own Cryptocurrency called the Batcoin. Which of the following statement shows that the Batcoin is a cryptocurrency?

Batcoin’s power is derived from people believing that the Batcoin has currency power

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Home » Cryptocurrency and Blockchain » Introduction to Cryptocurrency – Practice MCQ Test

Introduction to Cryptocurrency – Practice MCQ Test

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Data Analysis

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