2024-12-26T09:04:03+0000

Sign up Revolut here https://revolut.com/referral/?referral-code=hongtags1h!FEB1-24-AR Crypto vs Fiat Lesson 1 What is 'fiat' money? Government issued money What is the main difference between fiat currency and cryptocurrencies? Cryptocurrencies are decentralized, fiat money is controlled by a central authority Who validates transactions on the blockchain? Special users called 'miners' or ;validators' ------------------------------------------------------------------------------------------------------------------ Cryptography in crypto Lesson 2 Why is cryptography important for cryptocurrencies? It removes the need for a central authority, prevents double spending, and adds security What are private and public keys? A public key is like your account number and your private key is like your password Which statement is true about private and public keys? It;s important to work out someone's private key by looking at their public key ------------------------------------------------------------------------------------------------------------------ Basics of Blockchain Lesson 3 What is a blockchain? A decentralized database Who can view the blockchain? Anyone with a computer and the internet What makes the blockchain different from a regular database? It's not controlled by a central party and can be viewed by anyone --------------------------------------------------------------------------------------------------------------------- Risks of Crypto - Lesson 4 What regulatory protections does your crypto have? None - crypto is not regulated in most countries around the world How much can you lose if you buy crypto? Everything - your investment could go to zero When would it not be suitable for you to buy crypto? When you are in debt, or you cannot afford to lose the money you invested