Lesson 1: overview

Question 1

What are the three fundamental properties of money?

Answer 1

Store of value, unit of account, medium of exchange

Question 2

What are four attributes of money?

Answer 2

Durable, portable, divisible, fungible (one unit interchanges another of same unit of currency

Question 3

What is brief currency timeline?

Answer 3

Barter, commodities (precious metals, salt), coins (fiat currency), paper, plastic, cryptocurrency and crypto assets

Question 4

What are some pre-crypto currency attempts?

Answer 4

Digicash, B-money, hash cash

Question 5

What is the difference between cryptocurrency earlier attempts?

Answer 5

All earlier attempts relied on a third party such as the central bank; cryptocurrency uses math for validation and verification (no third party)

Question 6

Who invented cryptocurrency?

Answer 6

Satoshi Nakamoto described it in a white paper called, The Birth of Blockchain, Oct. 31, 2008