Intro to Blockchain and
Cryptocurrency Exam A+ Pass
What is a digital asset? - Answer- digital item that you can own but will never exist
outside of the internet
What is the purpose of blockchain technology? - Answer- Record, store and track digital
information and transactions.
What is one characteristic of blockchain technology that allows a ledger to be spread
out and accessible to people all over the world? - Answer- Distributed in a shared
network
How does a hash help secure blockchain technology? - Answer- Hashes are like
fingerprints that can make each block of data unique. Blocks form a chain that can only
have new blocks added.
How does a block of data on a blockchain get locked? - Answer- It gets double-checked
by the people with access to the public ledger.
Since blockchain technology is public, how are the identities of users protected? -
Answer- User identities are anonymous and protected by keys.
Dylan is having a hard time understanding how something that is decentralized with no
authority overseeing everything can be safe and secure. What detail will help ease his
mind? - Answer- Blockchain is a public ledger in which all transactions can be seen and
double-checked.
What best describes the relationship between blockchain technology and
cryptocurrencies? - Answer- Cryptocurrencies are built, recorded, and stored on
blockchain
Which one of the statements is true about cryptocurrency? - Answer- Cryptocurrency is
a type of digital asset that can be owned.
Which of the following is a reason why Satoshi Nakamoto created Bitcoin after the
financial crisis of 2008? - Answer- To avoid dealing with traditional financial institutions.
Cryptocurrency Exam A+ Pass
What is a digital asset? - Answer- digital item that you can own but will never exist
outside of the internet
What is the purpose of blockchain technology? - Answer- Record, store and track digital
information and transactions.
What is one characteristic of blockchain technology that allows a ledger to be spread
out and accessible to people all over the world? - Answer- Distributed in a shared
network
How does a hash help secure blockchain technology? - Answer- Hashes are like
fingerprints that can make each block of data unique. Blocks form a chain that can only
have new blocks added.
How does a block of data on a blockchain get locked? - Answer- It gets double-checked
by the people with access to the public ledger.
Since blockchain technology is public, how are the identities of users protected? -
Answer- User identities are anonymous and protected by keys.
Dylan is having a hard time understanding how something that is decentralized with no
authority overseeing everything can be safe and secure. What detail will help ease his
mind? - Answer- Blockchain is a public ledger in which all transactions can be seen and
double-checked.
What best describes the relationship between blockchain technology and
cryptocurrencies? - Answer- Cryptocurrencies are built, recorded, and stored on
blockchain
Which one of the statements is true about cryptocurrency? - Answer- Cryptocurrency is
a type of digital asset that can be owned.
Which of the following is a reason why Satoshi Nakamoto created Bitcoin after the
financial crisis of 2008? - Answer- To avoid dealing with traditional financial institutions.
