Home » Finance » Cryptocurrency » Revolut Crypto Basics Quiz Answers

Revolut Crypto Basics Quiz Answers

Revolut lets you track and simplify your finances with tools to pay, spend, and invest.

Join 35+ million customers, and pay with physical cards, virtual cards, or single-use virtual cards.

Spend money overseas with great exchange rates and access 55+ K in-network ATMs.

Track your spending in one place by linking your external bank accounts to Revolut.

Access courses on the platform and take quizzes to earn rewards like crypto.

Start earning using this referral link: revolut.com/referral/?referral-code=howweiwosw!DEC1-23-AR-PROMPT-AE.

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

Further reading

Revolut iExec Quiz Answers

5+ Revolut Referral Links

5+ Bitget Referral Codes

About the author

Lim How Wei

Lim How Wei is the founder of followchain.org, with 8+ years of experience in Social Media Marketing and 4+ years of experience as an active investor in stocks and cryptocurrencies. He has researched, tested, and written thousands of articles ranging from social media platforms to messaging apps.

Lim has been quoted and referenced by major publications and media companies like WikiHow, Fast Company, HuffPost, Vice, New York Post, The Conversation, and many others. One of his articles about the gig economy was quoted by Joe Rogan who hosts The Joe Rogan Experience (arguably the most popular podcast in the world), in the This Past Weekend podcast by Theo Von.

In his free time, Lim plays multiple games like Genshin Impact, League of Legends, Counter-Strike, Hearthstone, RuneScape, and many others. He creates guides, walkthroughs, solutions, and more on games that he plays to help other players with their progression.