Digital Currency

Approved & Edited by ProProfs Editorial Team
The editorial team at ProProfs Quizzes consists of a select group of subject experts, trivia writers, and quiz masters who have authored over 10,000 quizzes taken by more than 100 million users. This team includes our in-house seasoned quiz moderators and subject matter experts. Our editorial experts, spread across the world, are rigorously trained using our comprehensive guidelines to ensure that you receive the highest quality quizzes.
Learn about Our Editorial Process
| By Luolinggggg
L
Luolinggggg
Community Contributor
Quizzes Created: 1 | Total Attempts: 444
Questions: 5 | Attempts: 448

SettingsSettingsSettings
Digital Currency - Quiz

.


Questions and Answers
  • 1. 

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

    • A.

      It is cheaper and faster

    • B.

      It is faster and boundless

    • C.

      It is cheaper and boundless

    • D.

      It is safer and faster

    Correct Answer
    B. It is faster and boundless
    Explanation
    Using digital currency instead of physical currency offers the benefits of being faster and boundless. Digital transactions can be completed instantly, eliminating the need for physical transportation or waiting for checks to clear. Additionally, digital currency can be used for transactions across borders without the limitations of physical currency exchange. This allows for seamless international transactions and eliminates the need for currency conversion fees.

    Rate this question:

  • 2. 

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

    • A.

      1900s, 2006

    • B.

      1897, 1900s

    • C.

      1900s, 1996

    • D.

      1897, 1997

    Correct Answer
    C. 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.

    Rate this question:

  • 3. 

    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?

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    It was founded in 2006

    Rate this question:

  • 4. 

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

    • A.

      They were not controlled by the US authorities

    • B.

      They were both centralised and controlled by central authorities

    • C.

      They were allegedly making more money through illegitimate sources

    • D.

      They were stealing people's money

    Correct Answer(s)
    B. They were both centralised and controlled by central authorities
    C. 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.

    Rate this question:

  • 5. 

    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

    Correct Answer(s)
    Bitcoin
    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.

    Rate this question:

Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.