71. Future of Cryptocurrency: Promises and Challenges

According to the essay, what is the primary function of blockchain technology?
1. To make the price of cryptocurrency more stable.
2. To replace traditional banks and governments.
3. To serve as a public digital record of all transactions.
4. To reduce the energy consumption of digital payments.
The essay suggests a major potential benefit of cryptocurrency for international payments is
1. they are completely free of cost.
2. they are controlled by a central bank for safety.
3. they can be faster and cheaper than traditional bank transfers.
4. they are the most stable form of currency available.
What is the key difference between a government-created digital currency and a cryptocurrency like Bitcoin?
1. Government currencies are digital, while Bitcoin is physical.
2. Government currencies are controlled by a central bank.
3. Government currencies cannot be used for illegal activities.
4. Government currencies are faster for online purchases.
The concept of "DeFi" (Decentralized Finance) is exciting because it
1. guarantees high returns on all investments.
2. uses less energy than traditional banking.
3. allows financial activities without needing a bank.
4. makes cryptocurrency prices more stable.
Which of the following is NOT listed as a challenge for cryptocurrency in the essay?
1. Its potential use for illegal activities.
2. Its rapidly changing and unstable price.
3. Its complexity and difficulty for people to use.
4. Its high consumption of energy.