FinTech Test 1 Practice Questions || A Verified A+ Pass.
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Why did Satoshi Nakamoto design Bitcoin? correct answers *To allow two willing parties to transact directly without the need for a trusted third party.
*To create a payments system that wasn't reversible.
*To solve the double spending problem by using a peer-to-peer network.
What happens if th...
FinTech Test 1 Practice Questions || A Verified A+ Pass.
Why did Satoshi Nakamoto design Bitcoin? correct answers *To allow two willing parties to transact directly without the need for a trusted third party.
*To create a payments system that wasn't reversible.
*To solve the double spending problem by using a peer-to-peer network.
What happens if the owner of a Bitcoin loses their private key? correct answers They won't be able to recover the Bitcoin.
What would fractional reserve banking in a cryptocurrency do? correct answers It could increase the purchasing power of the cryptocurrency (deflation) and eliminate traditional banks (new banks may need to develop).
What is the claim that blockchains are tamperproof and immutable based on? correct answers The cost of rewriting all subsequent blocks would exceed the economic benefits.
What is the most important difference between Bitcoin and Ethereum? correct answers Ethereum's blockchain is designed to run smart contracts (applications running exactly as programmed).
How many transactions can Visa handle per second? correct answers 24,000
How many transactions can Bitcoin handle per second? correct answers 7
Which is true about initial coin offerings? correct answers *They're issued by startups instead of mature companies.
*They involve the presale of a product to be developed.
*They occur on a blockchain.
Which is an advantage to selling utility tokens? correct answers They effectively amount to the presale of the issuer's forthcoming product.
What was the status of ICO's as of March 2018? correct answers The question of when ICO issuance becomes a securities offering had not been settled in court.
How can an entrepreneur encourage an investor to provide funding on more favorable terms? correct answers *Provide more relevant information to the investors.
*Give the investor greater governance power over management.
What did Robert Merton say about financial crises? correct answers *Trust is overrated
*They can hurt financial innovation (ex. Great Recession)
*They can spur innovation (ex. the 1970's)
Who did people in the retail financial space lose trust in? correct answers Regulators (explicitly stated) MAYBE institutions and intermediaries, too.
What did Merton say about lost trust? correct answers It can only be partially won back through technologies such as blockchain.
What happened in the 1970's? correct answers Stagflation
(Inflation + High Unemployment + Slow Economic Growth)
What does transparency do? correct answers It increases the value of reputation.
(You don't need to trust anything with transparency).
What percentage of electronic payments are processed in Atlanta? correct answers 70%
What did Sean Banks say? correct answers *Crowdfunding was made easier by the Jobs Act
*Regulations will help slow the growth of digital currencies.
Which is true about Qoins? correct answers It was founded by Georgia State alumni.
What is SWIFT? correct answers A messaging system for banks that includes more than 10,000 institutions.
(Vanessa) What are two of Fintech's main issues? correct answers Blockchain & Artificial Intelligence
(Ethan & Samuel) Which city does most of the American business for credit/debit purchases go through? correct answers Atlanta
(Kaytlyn) What was the original Fintech? correct answers Money
(Roneisha) What are the basic problems with payment? correct answers Frictionless, Immediate, & Anonymous
(Norsi) What is a barter economy? correct answers An economy where goods & services are made directly & money is not needed.
(Nicole) Which of the following is NOT a characteristic of money? correct answers Unstable
(Luke) The Federal Reserve manages three key functions. correct answers Electronic funds transfer, distribution of cash, & check processing.
(Anik) Economists define money as? correct answers Anything that people are willing to accept in payment for goods & services or to pay off debts.
(Adam) What are the three functions of money? correct answers Medium of exchange, store of value, & unit of account.
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