Question 1

What is a Blockchain?

Accepted Answer

A blockchain is a decentralized digital ledger that records transactions across multiple computers in a secure, transparent, and immutable way. Each transaction is grouped into a block, which is then linked to the previous block, forming a chain. This structure ensures data integrity because once information is recorded, it cannot be altered without altering all subsequent blocks, which requires network consensus. For Bitcoin, the blockchain is essential as it enables peer-to-peer transactions without intermediaries, preventing double-spending and ensuring trust in the system.

Question 2

What are cryptocurrencies?

Accepted Answer

Cryptocurrencies are digital or virtual currencies that use cryptography for security. They are decentralized and typically operate on blockchain technology, which ensures transparency and prevents double-spending. Examples include Bitcoin, Ethereum, and Litecoin.

Question 3

What is Bitcoin?

Accepted Answer

Bitcoin is a decentralized digital currency that operates without a central authority or single administrator. It was created in 2009 by an unknown person or group of people using the pseudonym Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded on a public ledger called a blockchain. Bitcoin is often referred to as the first cryptocurrency and is used as a medium of exchange, store of value, and investment asset.

Question 4

What is decentralized finance (DeFi) ?

Accepted Answer

Decentralized finance, or DeFi, refers to a financial system built on blockchain technology that operates without traditional intermediaries like banks or brokers. It enables users to access financial services such as lending, borrowing, trading, and earning interest directly through decentralized applications (dApps), ensuring greater transparency, security, and control over their assets.

Question 5

What is a crypto wallet?

Accepted Answer

A crypto wallet is a digital tool that allows users to store, send, and receive cryptocurrencies. Wallets can be hardware-based (physical devices) or software-based (applications). They store the private keys needed to access and manage your cryptocurrency holdings securely. Examples include Ledger (hardware) and MetaMask (software).

Question 6

What is crypto exchange?

Accepted Answer

Crypto exchanges are platforms where users can buy, sell, and trade cryptocurrencies. They operate similarly to stock exchanges but deal with digital assets. Users can trade cryptocurrencies for other digital currencies or traditional fiat money. Exchanges can be centralized, where a company manages the platform, or decentralized, where trades occur directly between users.

Question 7

What is Web3?

Accepted Answer

Web3, also known as Web 3.0, refers to the next generation of the internet, which aims to create a decentralized and user-centric online ecosystem. It leverages blockchain technology, smart contracts, and decentralized applications (dApps) to give users more control over their data, privacy, and online interactions. Web3 envisions a more open and transparent internet where users can interact directly without relying on centralized intermediaries.

Question 8

What is the Metaverse?

Accepted Answer

The Metaverse is a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual reality. It encompasses a wide range of digital environments, including virtual worlds, augmented reality, and mixed reality experiences. The Metaverse allows users to interact with each other and digital objects in real-time, often using avatars. It is seen as the next evolution of the internet, offering immersive and interconnected experiences across various platforms.

Question 9

What is an NFT?

Accepted Answer

An NFT, or non-fungible token, is a unique digital asset that represents ownership of a specific item or piece of content, such as art, music, videos, or virtual real estate. Unlike cryptocurrencies like Bitcoin, which are fungible and can be exchanged on a one-to-one basis, NFTs are unique and cannot be exchanged on a like-for-like basis. They are typically bought and sold on blockchain platforms, with Ethereum being the most popular.

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