What is ‘fiat’ money? Revolut Crypto Quiz Answers

What is ‘fiat’ money?

The Correct answer is Government-issued money.

Government-issued money, also known as fiat currency, is a type of currency that is issued and regulated by a government. Unlike cryptocurrencies, which are decentralized and typically operate on blockchain technology, fiat currencies are centralized and are not backed by a physical commodity like gold or silver.

Fiat currencies are typically issued by a country's central bank and are used as the primary medium of exchange within that country's economy. They are legal tender, meaning that they must be accepted for payment of debts and taxes within the issuing country.

Fiat currencies are widely used around the world and are the most common form of money in circulation. They are used for everyday transactions, such as buying goods and services, and are also used as a store of value and a unit of account. Examples of fiat currencies include the US dollar, the euro, and the Japanese yen.

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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.