Revolut Crypto Basics Quiz Answers

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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.

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’

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

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

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