Looking for Binance Blockchain Fundamentals Quiz Answers? If yes, then you’ve come to the right place. The Binance Blockchain Fundamentals Course will comprise 5 courses. You must complete the quiz without giving any incorrect answers to earn the reward.
The Binance Academy has launched new Academy Courses which will level up our knowledge of Binance Blockchain Fundamentals. There are about 5 Courses each containing different Modules and Questions.
By using our given answers, you will be able to successfully complete this course and you will receive your reward. Users who complete all courses with correct answers will receive an NFT Certificate.
How to Participate in Binance Academy Course Quiz?
To participate in the quiz and get rewards, your Binance account must be KYC-verified.
- Sign up or log in to your Binance Account.
- Open Binance Academy Page by clicking here.
- Watch all 6 Modules on this page.
- Solve these courses quiz by using our website.
- Yay! You won your NFT Certificate.
Course 1: Binance Fundamentals Quiz Answers
The questions are constantly updated on Lifefow. If a change is made to a quiz, we do our best to update the answers as soon as possible. If you see an outdated question or one with a wrong answer, please contact us via comment or email us.
Module 1: Introduction to blockchain technology
Question 1: How does a block connect to another?
Correct Answer: Through the use of hash functions
Module 2: Brief history of blockchain technology
Question 1: Which of the following statements is/are correct?
Correct Answer: A, B, C, and D
A: The idea behind blockchain technology was described as early as the 1990s
B: In January 2009, Bitcoin came into existence when the first Bitcoin block was mined
C: Satoshi Nakamoto received a reward of 50 bitcoins when the first Bitcoin block was mined
D: Vitalik Buterin started the development of a new blockchain-based distributed computing platform called Ethereum
Module 3: How does blockchain work
Question 1: Blockchain technology can be used by a network of strangers who don’t trust each other by relying on a mix of:
Correct Answer: Game theory and cryptography
Module 4: Blockchain consensus mechanisms: PoW and PoS
Question 1: What are the differences between Proof of Work and Proof of Stake consensus mechanisms?
Correct Answer: B, C, and D
B: Proof of Work requires expensive equipment and high energy costs; while Proof of Stake doesn’t
C: Proof of Stake selects validators pseudo-randomly, while nodes compete to solve a block in Proof of Work
D: Proof of Stake requires validators to hold and stake the native cryptocurrency, while Proof of Work doesn’t
Module 5: Blockchain network structure: nodes and forks
Question 1: What is a soft fork?
Correct Answer: B and D
B: Soft forks are upgrades to the network that are backward-compatible
D: Soft forks are considered “opt-in”
Module 6: Blockchain use cases and limitations
Question 1: Which of the following statements is/are correct?
Correct Answer: A, B, and C
A: Sending money via blockchain can be fast, and incur low fees
B: DeFi aims to create a more open, inclusive, decentralized, and transparent financial system
C: Blockchain can make supply chain interactions between businesses smoother and more efficient
Course 2: Crypto Fundamentals Quiz Answers
Module 1: What are cryptocurrencies?
Question 1: How are cryptocurrencies different from digital currencies?
Correct Answer: A and C
A: A cryptocurrency is a digital currency in which transactions are verified and records are maintained by a decentralized system.
C: Cryptocurrencies are an implementation of blockchain technology, while not all digital currencies are.
Module 2: Introduction to Bitcoin
Question 1: Which of the following statement is/are correct?
Correct Answer: A, B, C, and D
A: Bitcoin was created to meet the need for an electronic payment system based on cryptographic proof instead of trust
B: Bitcoin remains the largest cryptocurrency in terms of market capitalization
C: Bitcoin has a limited supply of 21 million coins in total
D: May 22 is Bitcoin pizza day
Module 3: Understanding different types of cryptocurrencies
Question 1: What is the key difference between a coin and a token?
Correct Answer: C
C: A coin is the native asset of a blockchain, while a token is built on top of the blockchain
Module 4: Centralized and decentralized exchanges
Question 1: Which of the following statements is/are correct?
Correct Answer: A, C, and D
A: The two main types of crypto exchanges are centralized & decentralized exchanges
C: Centralized exchanges use a middleman to help conduct transactions
D: Decentralized exchanges don’t use a custodian
Module 5: How to use crypto wallets
Question 1: What’s the difference between a hot and a cold crypto wallet?
Correct Answer: B, C, and D
B: A hot wallet is connected to the Internet, while a cold wallet has no connection to the Internet
C: A hot wallet isn’t resistant to online hacking attempts; while a cold wallet is resistant to online hacking attempts
D: A hot wallet is easy to set up, while a cold wallet requires some technical experience
Course 3: Decentralization Quiz Answers
Module 1: Introduction to DeFi
Question 1: Which of the following statements is true?
Correct Answer: A and D
A: DeFi refers to an ecosystem of financial applications built on blockchain networks
D: In the crypto world, not every financial service is decentralized
Module 2: DeFi use cases
Question 1: Which of the following is/are DeFi use cases?
Correct Answer: B, D, and E
B: Crypto borrowing and lending
D: Yield farming
E: Decentralized exchanges
Module 3: Smart contracts and DApps
Question 1: Which of the following statements is/are correct?
Correct Answer: B and C
B: A smart contract refers to self-executing computer programs that run on the blockchain when predetermined conditions are met
C: DApps rely on smart contracts on a distributed network; while mobile apps rely on centralized systems
Module 4: How does a DAO work?
Question 1: Which of the following statements is/are correct?
Correct Answer: A, B, and D
A: DAOs have no central authority
B: DAOs let token holders vote on issues
D: DAOs are decentralized and transparent
Course 4: Web3 & Metaverse Quiz Answers
Module 1: A beginner’s guide to Web3
Question 1: Which of the following statements is/are correct?
Correct Answer: A, B, and C
A: Web 1.0 is “the read-only web”
B: Web 2.0 is a “read-and-write web”
C: Web 3 is “read-write-and-own web”
Module 2: What is the Metaverse?
Question 1: What is the Metaverse?
Correct Answer: A, B, D, and E
A: The metaverse is where users consume information in a fully immersive, virtual, real-time, and three-dimensional fashion
B: The metaverse is the internet of experience
D: The metaverse has blockchain and cryptocurrencies as its essential components
E: The metaverse can be virtual reality, augmented reality, and mixed reality
Module 3: Understanding NFTs
Question 1: Which of the following statements is/are correct?
Correct Answer: A, B, C, D, and E
A: NFTs are a cryptographic token that represents a unique asset
B: NFTs are crypto collectibles
C: NFTs are not interchangeable with each other
D: NFTs are individually unique
E: NFTs can be used for the tokenization of real-world assets
Module 4: GameFi
Question 1: Which of the following statements is/are correct?
Correct Answer: B, C, and D
B: GameFi refers to play-to-earn blockchain games
C: GameFi allows users to transfer their earnings to crypto wallets and trade them
D: GameFi allows users to stake their in-game tokens to earn rewards
Course 5: Trading Fundamentals Quiz Answers
Module 1: What is trading and investing
Question 1: What is the key difference between investing and trading?
Correct Answer: Both investing and trading aim to get a return on investment, but trading does it over a much shorter period
Module 2: What are fundamental analysis and technical analysis?
Question 1: Which of the following statement(s) is/are correct?
Correct Answer: Combining fundamental and technical analysis can reduce risks and improve your analysis.
Module 3: Utilizing fundamental and technical analysis
Question 1: Which of the following statements is/are correct?
Correct Answer: A and B
A: Combining fundamental and technical analysis can help create even stronger analysis when trading and investing
B: Traders and investors don’t just have to stick with one type of analysis
Module 4: Understanding market trends and cycles
Question1: In a bearish market trend, the price is:
Correct Answer: Mainly decreasing
Module 5: How does psychology impact the market
Question 1: Which of the following statements is/are correct?
Correct Answer: A, B, and C
A: Market psychology is one of the main topics of behavioral economics
B: Market sentiment is an average of the overall feeling of the market participants
C: In market psychology, no single opinion is completely dominant
