What are 3 accelerators of the FinTech Industry? correct answers 1. Loss of consumer trust in financial institutions
2. Free software, cloud computing, connectivity
3. Generation change - Millennials
What is the difference between FinTech and TechFin? correct answers FinTech is a financial ser...
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What are 3 accelerators of the FinTech Industry? correct answers 1. Loss of consumer trust in financial institutions
2. Free software, cloud computing, connectivity
3. Generation change - Millennials
What is the difference between FinTech and TechFin? correct answers FinTech is a financial service company using technology (LendingClub), while TechFin is a tech company providing some financial services (Apple)
What are the 6 "flavors" of FinTech? correct answers 1. P2P lenders (ie. LendingClub)
2. Crowdfunding
3. Blockchain & Bitcoin
4. Robo-advising
5. Mobile payments
6. Insurance
What are the 3 levels of FinTech? correct answers 1. Payment system 2. Improve efficiencies of existing services/products
3. "Deep FinTech" - new financial product
What is an advantage for FinTech? correct answers Do not have legacy systems that traditional services need to maintain which reduces the costs for financial services
What are 3 advantages of Banks? correct answers 1. Federally insured
2. Regulated
3. Infrastructure
What is a bitcoin? correct answers It is a decentralized unit of exchange. The smallest unit is called a "satoshi" or 1 hundred millionth (0.00000001). Need a wallet with a 256-bit hexadecimal private key to transact through a 3rd party software or its own ATM
What 3 reasons for using cryptocurrency? correct answers 1. Privacy
2. Centralized institutions have a lot of power
3. Distrust centralized intermediaries
What is currency? correct answers It is a fiat (backed by the power of the sovereign government)
to make credible transactions for goods and services. Driven by common beliefs of individual users.
Why do FinTechs fail (8)? correct answers 1. ignore economic cycles
2. payments is easy
3. compete on cost
4. assuming that the growth is the same as a typical startup
5. overlooking compliance 6. overlooking legal
7. choosing the wrong strategic investors
8. underfunding
What are the 4 categories of cryptocurrency? correct answers 1. Medium of exchange
2. contractual right
3. security
4. symbolic
What are 2 problems with relying on fiat money? correct answers 1. Inflation
2. Unstable currency
What are some problems that decentralized currency must solve? correct answers 1. must establish ownership rights
2. must maintain a secure and accurate ledger
3. must maintain trading in currency
4. must have governing rules for the supply of currency
What are 3 purposes of digital signatures? correct answers 1. Authentication. Proof of message sent from sender to receiver
2. Non-repudiation. Sender can't deny the message was sent
3. Integrity. Message was not altered in transit
How do you make a ledger tamper-proof? correct answers Make it easy to detect attempts by making the ledger recursive
What is a hash function? correct answers Takes an input of (virtually) any size and returns an output of a fixed size. A type of cryptography.
How does bitcoin solve the issue of double-spending? correct answers Incentivize "miners" and paid to maintain a public ledger
What do "miners" do? correct answers Solve math problems (verify transactions) and keep the ledger honest and in return get paid to Bitcoin
Why is blockchain an innovation? correct answers It's ledger is distributed, verified, immutable, and secure makes it innovative
What are smart contracts? correct answers Help exchange money, property, or shares, in a transparent, conflict-free way while avoiding the services of a middleman. Computer programs that automatically implement the terms of an agreement between parties. (Car lease: recurring 'auto payment' example). There is no human decision which increases speed+minimizes the number of mistakes=cost savings
How does a deal get recorded in blockchain? correct answers Step 1: A trade is recorded. Step 2: The record is checked by the network. Step 3: The records that are accepted by the network are
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