What is ASIC in cryptocurrencies (hint: explained in the video)?

A specialized, intensive hardware (chip) device designed for Bitcoin mining

How are transactions verified in blockchain?

By the users through a validation process

What is cryptocurrency?

A digital encrypted and decentralized medium of exchange

What is a block in blockchain?

Where a list of transactions is stored together

Why might someone invest in cryptocurrencies?

For speculative investment purposes

How can the public participate in Bitcoin mining?

By using computers to solve hash puzzles

What is Bitcoin mining?

Validating transactions and adding them to the blockchain

What impact does inflation have on cryptocurrencies?

No effect, as they are not affected by inflation like fiat money

studbud

UCSB Investment Connection Cryptocurrency Interactive Quiz

10 termsStudBud Administration11 plays

Imported from external platform

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
What is ASIC in cryptocurrencies (hint: explained in the video)?
Australian Securities & Investments Commission
A firm dedicated to Bitcoin mining (Artificial System of Intelligence Co)
A specialized, intensive hardware (chip) device designed for Bitcoin mining
2
How are transactions verified in blockchain?
By the FED
By the users through a validation process
By private banks
By your mom
3
Which feature is NOT true about cryptocurrency?
It uses encryption
It can be exchanged digitally
It operates without a central authority
It is centralized
4
What is cryptocurrency?
A digital encrypted and decentralized medium of exchange
A digital form of company shares
A type of physical money
A government-regulated digital card system
5
What is a block in blockchain?
The stocks that are being traded
A piece of hardware for sitting
Where a list of transactions is stored together
A type of currency
6
Why might someone invest in cryptocurrencies?
Because they increase productivity
Because you should invest in everything there is
Because Warren Buffet said to
For speculative investment purposes
7
How can the public participate in Bitcoin mining?
Through a subscription service
By purchasing a mining license
By completing online surveys about Bitcoin
By using computers to solve hash puzzles
8
What reward do Bitcoin miners receive?
New bitcoins
Discounts
Certificates
Experience
9
What is Bitcoin mining?
Investing in bitcoin stocks
Playing online games to earn bitcoins
Digging for physical bitcoins
Validating transactions and adding them to the blockchain
10
What impact does inflation have on cryptocurrencies?
No effect, as they are not affected by inflation like fiat money
Makes them bankrupt
Decreases their value
Increases their value

UCSB Investment Connection Cryptocurrency Interactive Quiz Flashcards | StudBud