What is Revolut?

Revolut is a British financial technology company that offers banking services. Headquartered in London, it was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko.

Lesson 1:

What is fiat money?

Answer: Money issued by the government

What is the main difference between fiat currencies and cryptocurrencies?

Answer: Cryptocurrencies are decentralized, fiat money is controlled by a central authority

Who validates transactions on the blockchain?

Answer: Special users called “Miners” or “Validators”.

Also Check: Revolut Polkadot Learn & Earn Quiz Answers

Lesson 2:

Why is cryptography important for cryptocurrencies?

Answer: It eliminates the need for a central supervisory authority, avoids double spending and increases security

What are Private and public keys?

Answer: A public key is like an account number and a Private Key is like the associated password

Which statement is true about private and public keys?

Answer: It is impossible to find out a person’s private key by looking at their public key.

Lesson 3:

What is a blockchain?

Answer: A decentralized database

Who can see the blockchain?

Answer: Anyone with a computer and internet access

What distinguishes the blockchain from a regular database?

Answer: It is not controlled by a central party and can be viewed by anyone.

Lesson 4:

What regulatory protection does a crypto asset have?

Answer: None – Crypto is unregulated in most countries around the world.

How much can you lose by buying crypto?

Answer: All – The value of your investment could fall to zero

When Wouldn’t It Be Right to Buy Crypto?

Answer: If you are in debt or you can’t afford to lose more than you invested.