Virtual Currency

Question 1

Referred to digital money- it is virtually and has no physical form

Answer 1

Cryptocurrency

Question 2

Is the real currency, coins, and paper money (bills) issued and printed by the central bank of a country.

Answer 2

Fiat currency or Fiat Money

Question 3

It is a digital representation of fiat currency stored in digital wallets or e-wallets.

Answer 3

E-money

Question 4

Is a special kind of database, and it differs from traditional databases when it comes to storing data.

Answer 4

Blockchain

Question 5

Under ____________, virtual currency is “any type of digital unit that used as a medium of exchange or a form of digitally stored value generated by agreement within the community of virtual currency users.”

Answer 5

BSP Circular No. 944

Question 6

Cryptocurrencies use ___________, the process of protecting information by using codes.

Answer 6

Cryptography

Question 7

People invest in crypto for one reason alone.

Answer 7

To make money

Question 8

Cryptocoin markets runt through a blockchain relying on peer-to-peer protocol.

Answer 8

Decentralized

Question 9

Exchanges are run by companies that manage and earn revenue from transactions on the platform

Answer 9

Centralized

Question 10

Top six-5 star cryptocurrencies

Answer 10

Ethereum or ether
Bitcoin
0’>Ripple (XRP)
Stellar (XLM)
Cardano (ADA)
Dogecoin