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Quiz — Fiat Currency VS. Cryptocurrency?-How Does a Cryptocurrency Work?

Answers to the phemex quiz are available below along with questions, make sure to select the correct answer in order to claim free $6 through Phemex learn and earn program.

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(Phemex Quiz 1 Answers)

1. What entities issue fiat currencies?

A. Governments and Central Banks

2. Are fiat currencies backed by commodities like gold?

A. No

3. What is one of the disadvantages of fiat currencies?

A. Inflation

4. Select two examples of modern fiat currencies?

A. US Dollar and Euro

(Quiz 2 Answers)

Q1. A cryptocurrency is a form of  _____ currency.

A. Digital 

Q2. Cryptocurrencies are represented by:

A. Unique digital codes

Q3. A decentralized cryptocurrency means that it is controlled by:

A. None of the above 

Q4. What is the most well-known cryptocurrency today?

A. Bitcoin

Q5. Select all the descriptions that are true about Bitcoin:

A. Deflationary & Limited supply 

(Phemex Quiz 3 Answers)

Q1. Which of the two options do cryptocurrencies use?

A. Blockchain technology

Q2. A blockchain is:

A. A digital ledger or notebook

Q3. Bitcoin’s blockchain or digital ledger will record:

A. All the above 

Q4. Why is a blockchain secure? (choose all that apply)

A. It has multiple copies all over the world & it uses encryption methods ( A&B)

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