Digital Currency

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| By Luolinggggg
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Luolinggggg
Community Contributor
Quizzes Created: 1 | Total Attempts: 498
| Attempts: 498
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  • 1/5 Questions

    What are the benefits of using digital currency rather than physical currency?

    • It is cheaper and faster
    • It is faster and boundless
    • It is cheaper and boundless
    • It is safer and faster
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About This Quiz

This quiz explores the evolution and benefits of digital currencies like Bitcoin, and the historical context of digital financial systems. It assesses understanding of key concepts such as decentralization and the impact of government regulations on digital currencies.

Digital Currency - Quiz

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  • 2. 

    In recent years, there has been interest in cryptocurrencies which led to the start of _____ that eventually became a widely used form of digital currency. Fill in the blank

    Explanation
    In recent years, there has been interest in cryptocurrencies which led to the start of Bitcoin that eventually became a widely used form of digital currency. Bitcoin, being the first decentralized digital currency, gained popularity due to its secure and transparent nature. It introduced the concept of blockchain technology, which revolutionized the way transactions are conducted online. Bitcoin's success paved the way for the development and adoption of numerous other cryptocurrencies, making it a widely recognized and accepted form of digital currency in today's financial world.

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  • 3. 

    Digital currency was first created in ____, Dot com bubble was one of the first E-gold founded in ____ and backed by gold.

    • 1900s, 2006

    • 1897, 1900s

    • 1900s, 1996

    • 1897, 1997

    Correct Answer
    A. 1900s, 1996
    Explanation
    Digital currency was first created in the 1900s. The Dot com bubble was one of the first digital currencies founded in 1996 and was backed by gold.

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  • 4. 

    Liberty reserve was founded in 2005 and it allows users to convert physical currencies to Liberty Reserve Dollars or Euros, and exchange to and fro at a 1% fee. True or False?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    It was founded in 2006

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  • 5. 

    Why were both Liberty Reserve Dollars and Dot com bubble shut down by the US government? You can choose more than one option.

    • They were not controlled by the US authorities

    • They were both centralised and controlled by central authorities

    • They were allegedly making more money through illegitimate sources

    • They were stealing people's money

    Correct Answer(s)
    A. They were both centralised and controlled by central authorities
    A. They were allegedly making more money through illegitimate sources
    Explanation
    Both Liberty Reserve Dollars and the Dot com bubble were shut down by the US government because they were both centralised and controlled by central authorities. Additionally, they were allegedly making more money through illegitimate sources.

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Quiz Review Timeline (Updated): Mar 21, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Aug 25, 2015
    Quiz Created by
    Luolinggggg
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