1. According to the transcript, how is cryptocurrency different from government-issued money?
A. Cryptocurrency is not government-issued.
B. Cryptocurrency is issued by a central bank.
C. Cryptocurrency is only physical money.
D. Cryptocurrency is a physical form of currency.
2. What is the name of the anonymous inventor of Bitcoin?
A. Satoshi Nakamoto
B. Mark Zuckerberg
C. Vitalik Buterin
D. Nakamoto Satoshi
3. Which of the following best describes a decentralized system, as explained in the transcript?
A. It is a system that exists only in physical form, not online.
B. All transactions are managed by a single central hub, like a bank.
C. It is a system where payments do not enter or leave through a single central hub.
D. It is a ledger that is kept by a government agency.
4. What is the name of Bitcoin's virtual, decentralized ledger?
A. The Digital Ledger
B. The Bitcoin Bank
C. The Bitcoin Ledger
D. The Blockchain
5. What is the role of 'miners' in the Bitcoin system?
A. They audit the blockchain by solving math puzzles.
B. They are in charge of setting the price of Bitcoin.
C. They create new Bitcoins from scratch.
D. They extract physical gold and silver to back up the currency.
6. How are Bitcoin transactions made secure without a bank or government?
A. A central bank audits every single transaction.
B. Miners solve complex math puzzles to verify transactions.
C. The identity of the people behind the transactions is public.
D. Only one person has a copy of the ledger.
7. What is the primary difference between how a traditional bank records transactions and how Bitcoin records them?
A.Traditional banks use a virtual ledger, while Bitcoin uses a physical one.
B. Bitcoin records transactions on a centralized ledger, while banks use a decentralized one.
C. Banks record transactions on a single central ledger, while Bitcoin uses a decentralized virtual ledger.
D. Bitcoin uses a ledger, but banks do not.
8. What is the incentive for Bitcoin miners to do their auditing work?
A. They are paid with a government-issued currency.
B. They are compensated with Bitcoin for their efforts.
C. They receive a portion of all transaction fees.
D. They get to remain anonymous while they work.
9. Which of the following is true about Bitcoin's blockchain?
A. It is managed by a single central computer.
B. It is a physical ledger that stores transactions.
C. It is a growing list of transactions that is timestamped.
D. Each copy of the ledger is updated at different times.
10. What makes Bitcoin a 'digital currency' in the same way that most money today is online?
A. It requires a traditional bank account for deposits.
B. It is issued by a government and stored on computers.
C. It is physical money that can be tapped at a store.
D. It exists as zeros and ones in a computer somewhere.