What are the main differences between fiat currencies and cryptocurrencies? Revolut Crypto Quiz Answers

What are the main differences between fiat currencies and cryptocurrencies?

The Correct answer is Cryptocurrencies are decentralised, and a central authority controls fiat money.

Cryptocurrencies are decentralized digital currencies that operate on blockchain technology, which is a distributed ledger that is maintained by a network of computers. This means that there is no central authority, such as a government or central bank, that controls or regulates cryptocurrencies. Instead, transactions are verified by network participants through a process called mining, and the ledger is maintained collectively by the network.

On the other hand, fiat money is issued and regulated by a central authority, such as a government or central bank. The supply of fiat money is controlled by the central authority, which can influence the money supply through various monetary policy tools, such as interest rates and open market operations. Additionally, the value of fiat money is typically backed by the government that issues it, although some currencies, such as the US dollar, are considered fiat money despite not being backed by a physical commodity.

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What Is The Revolut Crypto Quiz?

Revolut, a financial technology firm, has launched a new educational initiative called the Revolut Crypto Quiz. This initiative aims to attract more users to its platform. Users can earn free Polkadot tokens, valued up to $15, by participating in interactive quizzes.

To participate, users need to register with Revolut and play the quiz. The quiz focuses on the Polkadot ecosystem and is divided into nine short, informative lessons.

The first set of quizzes is already available for users to play. However, Revolut has not announced when the next set of quizzes will be released.