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In this guide, you’ll learn the Revolut Crypto Basics quiz answers for the crypto learn feature to earn $2 in DOT.
Revolut Crypto Basics Quiz Answers
Lesson 1: Crypto vs fiat
Question: What is ‘fiat’ money?
Answer: Government-issued money
Question: What is the main difference between fiat currency and cryptocurrencies?
Answer: Cryptocurrencies are decentralised, fiat money is controlled by a central authority
Question: Who validates transactions on the blockchain?
Answer: Special users called ‘miners’ or ‘validators’
Lesson 2: Cryptography in crypto
Question: Why is cryptography important for cryptocurrencies?
Answer: It removes the need for a central authority, prevents double spending, and adds security
Question: What are private and public keys?
Answer: A public key is like your account number and your private key is like your password
Question: Which statement is true about private and public keys?
Answer: It’s impossible to work out someone’s private key by looking at their public key
Lesson 3: Basics of blockchain
Question: What is a blockchain?
Answer: A decentralised database
Question: Who can view the blockchain?
Answer: Anyone with a computer and internet
Question: What makes the blockchain different from a regular database?
Answer: It’s not controlled by a central party and can be viewed by anyone
Lesson 4: Risks of crypto
Question: What regulatory protections does your crypto have?
Answer: None — crypto is not regulated in most countries around the world
Question: How much can you lose if you buy crypto
Answer: Everything — your investment could go to zero
Question: When would it not be suitable for you to buy crypto?
Answer: When you are in debt, or you cannot afford to lose the money you invested