Welcome to FREIDAG CPAs
Mind flex: Cryptocurrency quiz
From Bitcoin to Dogecoin, cryptocurrency is gaining popularity throughout the world. Test your virtual currency literacy with this fun quiz!
1. Which of these cryptocurrencies is the oldest?
Answer: C. Dogecoin, which was launched in 2013, started out as a joke based on a Doge meme.
2. What is a CBDC?
A. A way of encoding information on a blockchain
B. A reward for lending Bitcoin
C. A protocol used to convert digital currencies into cash
D. A digital currency issued by a central bank
Answer: D. CBDC stands for Central Bank Digital Currency and is tied to the country’s national currency. A bank issues currency and provides “e-dollars” with a unique serial number to identify it.
3. What’s the world’s most actively traded crypto coin?
Answer: C. Tether is a stablecoin, which means its value is linked to USD. This allows it to act as a bridge between the worlds of traditional and crypto finance.
4. What is Ether’s connection to Ethereum?
A. They are different names for the same thing
B. Ether is a cryptocurrency; Ethereum is a blockchain platform
C. Ethereum is a cryptocurrency; Ether is a blockchain platform
D. Ether is a more expensive coin than Ethereum
Answer: B. Ethereum is one of the most widely embraced blockchain platforms—a digital ledger of transactions that’s distributed across an entire network of computers on a blockchain.
5. After Bitcoin, Ether and Tether, which are the biggest crypto coins? Choose two.
B. Binance Coin
Answer: B and C. While they aren’t as well known, Binance Coin and Cardano are two of the biggest cryptocurrency coins. In August 2021, both had market capitalizations of more than $40 billion.
If you’re thinking of purchasing cryptocurrency, do some research and find the currency that works best for you before you invest.Back to issue