CEX Quiz Answers 11 December 2024Open CE…

CEX Quiz Answers 11 December 2024
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➡️Task: “What If Crypto Replaced All Currencies Tomorrow?”
1. What happens to currency exchange rates in a crypto-dominated world?
✔️They would disappear, as crypto works the same everywhere.
2. How would taxes work in a crypto-only economy?
✔️Governments would collect taxes in crypto.
3. What was one humorous downside of volatility mentioned in the video?
✔️Googling how to pay rent with memes.
4. How could crypto impact privacy?
✔️It offers more privacy compared to traditional banking.
5. What is a potential downside of being paid in crypto?
✔️Your paycheck value could drop due to volatility.
6. What is the main takeaway from the video?
✔️A crypto-only world would be exciting but chaotic.
7. What might happen if your crypto crashes while you’re traveling?
✔️Your budget could shrink drastically.
8. What would happen to banks in a world where crypto replaces all currencies?
✔️They would be replaced by blockchains handling transactions.
9. What might be a challenge for older generations in a crypto-only world?
✔️Accidentally sending funds to the wrong wallet.
10. What happens if you send crypto to the wrong address?
✔️The transaction can’t be undone.
11. How would you buy groceries in a crypto- only world?
✔️By scanning QR codes and paying in crypto.
12. What is a major risk in a world without traditional currency?
✔️Mismanagement of private keys and gas fees.