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What makes cryptocurrencies different from traditional fiat currencies?

A) They are physical tokens

B) They operate on decentralized blockchain networks

C) They are exclusively controlled by central banks

D) They are issued by governments

Cryptocurrencies are digital currencies that operate without the need for a central authority like a government or bank.

True

False

Which of the following describes one benefit of cryptocurrencies over traditional banking?

A) Centralized control over funds

B) No need for middlemen in peer-to-peer transactions

C) Higher transaction fees

D) Limited use for international payments

Which was the first decentralized cryptocurrency?

A) Ethereum

B) Litecoin

C) Bitcoin

D) Ripple

The value of cryptocurrencies is typically stable and unaffected by market speculation.

True

False

Which of the following is NOT considered a benefit of cryptocurrency?

A) Faster cross-border transactions

B) Full control by governments

C) Privacy and anonymity in transactions

D) Lower transaction fees compared to traditional banking

Which of the following is a key disadvantage of cryptocurrency?

A) Fully decentralized control

B) Scalability issues with some blockchain networks

C) Inability to transfer internationally

D) Lack of security

Blockchain technology, which underpins cryptocurrencies, can be used for more than just currency—it can support decentralized apps, contracts, and more.

True

False

Which of the following describes how money has evolved over time?

A) From bartering to precious metals, fiat, and now digital currencies

B) From bartering directly to digital currencies

C) From precious stones to fiat and stopping at bank notes

D) From gold directly to central bank currencies

One of the main reasons cryptocurrency gained popularity is its potential to decentralize control away from financial institutions.

True

False

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