Lesson 8: Encryption & Wallets

Question 1

What is symmetric, or private key encryption?

Answer 1

Sender and receiver use same key

Question 2

What is asymmetric, or public key encryption?

Answer 2

Sender uses different key than that used by the receiver, which is more secure

Question 3

What is a wallet?

Answer 3

Software that creates and stores private keys and associated public keys

Question 4

What actions does a wallet enable?

Answer 4

Sending crypto assets and receiving them from others

Question 5

What is the pull financial model?

Answer 5

Buyer gives authority to the seller to pull money from the buyer’s account by giving credit card information (which exposes buyer to risk of fraud and unauthorized information)

Question 6

What is the push financial model?

Answer 6

Buyer pushes crypto assets to seller’s public address, but unlike pull financial model, is not required to give financial information to seller