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Binance Academy is a cryptocurrency and blockchain education platform.
You can take the beginner track and the intermediate track to earn rewards.
Both the beginner and intermediate track rewards you with an NFT certificate.
To get started, open the Binance app > Pro > Menu > More Services > Information > Academy Course.
On the Academy Course page, select the course you want to start, watch the videos, and complete the quizzes.
This guide contains all of the Binance Academy Courses quiz answers for the beginner and intermediate tracks (courses 1 to 6).
Course 1: Blockchain Fundamentals
Course 5: Trading Fundamentals
Course 6: Trading and Investing Strategies
Beginner Track
Course 1: Blockchain Fundamentals quiz answers
Module: Introduction to blockchain technology
Question: How does a block connect to another?
Answer: Through the use of hash functions
Module: Brief history of blockchain technology
Question: Which of the following statements is/are correct? Choose all that apply.
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 to 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: How does blockchain work
Question: Blockchain technology can be used by a network of strangers who don’t trust each other by relying on a mix of:
Answer: Game theory and cryptography
Module: Blockchain consensus mechanisms: PoW and PoS
Question: What are the differences between Proof of Work and Proof of Stake consensus mechanisms? Choose all that apply.
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: Blockchain network structure: nodes and forks
Question: What is a soft fork? Choose all that are 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: Blockchain use cases and limitations
Question: Which of the following statements is/are correct? Choose all that apply.
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: What are cryptocurrencies?
Question: How are cryptocurrencies different from digital currencies? Choose all that apply.
Answer: A and C
A: A cryptocurrency is a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority. This is what sets cryptocurrencies apart from the digital currencies in your PayPal or digital banking apps, as these apps are operated by centralized organizations
C: Cryptocurrencies are an implementation of blockchain technology, while not all digital currencies are
Module: Introduction to Bitcoin
Question: Which of the following statement is/are correct? Choose all that apply.
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: Understanding different types of cryptocurrencies
Question: What is the key difference between a coin and a token?
Answer: A coin is the native asset of a blockchain, while a token is built on top of the blockchain
Module: Centralized and decentralized exchanges
Question: Which of the following statements is/are correct? Choose all that apply.
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: How to use crypto wallets
Question: What’s the difference between a hot and a cold crypto wallet? Choose all that apply.
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: Introduction to DeFi
Question: Which of the following statements are true? Choose all that apply.
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: DeFi use cases
Question: Which of the following is/are DeFi use cases? Choose all that apply.
Answer: B, D and E
B: Crypto borrowing and lending
D: Yield farming
E: Decentralized exchanges
Module: Smart contracts and DApps
Question: Which of the following statements is/are correct? Choose all that apply.
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: How does a DAO work?
Question: Which of the following statements is/are correct? Choose all that apply.
Answer: A, B and D
A: DAOs have no central authority
B: DAOs let token holders vote on issues
D: DAOs have a clear legal status in many countries
Course 4: Web3 & Metaverse quiz answers
Module: A beginner’s guide to Web3
Question: Which of the following statements is/are correct? Choose all that apply.
Answer: A, B and C
A: Web 1.0 is “the read-only web”
B: Web 2.0 is “read-and-write web”
C: Web 3 is “read-write-and-own web”
Module: What is the metaverse?
Question: What is the metaverse? Choose all that apply.
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: Understanding NFTs
Question: Which of the following statements is/are correct? Choose all that apply.
Answer: A, B, C, D and E
A: NFTs are 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 tokenization of real-world assets
Module: GameFi
Question: Which of the following statements is/are correct? Choose all that apply.
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: What is trading and investing
Question: What is the key difference between investing and trading?
Answer: Both investing and trading aim to get a return on an investment, but trading does it over a much shorter period
Module: What are fundamental analysis and technical analysis?
Question: Which of the following statement(s) is/are correct? Choose all that apply.
Answer: Combining fundamental and technical analysis can reduce risks and improve your analysis.
Module: Utilizing fundamental and technical analysis
Question: Which of the following statements is/are correct? Choose all that apply.
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: Understanding market trends and cycles
Question: In a bearish market trend, the price is:
Answer: Mainly decreasing
Module: How does psychology impact the market
Question: Which of the following statements is/are correct? Choose all that apply.
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
Course 6: Trading and Investing Strategies quiz answers
Module: Portfolio and risk management
Question: Read the sentences and answer the following question.
I. Systemic risk is the potential for loss from human, software, or hardware error.
II. Liquidity risk is the potential for loss from not easily finding buyers and sellers.
III. Operational risk is the potential for loss from an asset losing its value.
IV. Market risk is the potential for loss from the collapse of an entire industry or market.
Which sentence(s) is/are correct?
Answer: II only
Module: Trading and investing strategies 1: Day trading and swing trading
Question: Which of the following statements is/are correct? Choose all that apply.
Answer: B and C
B: Day trading requires a significant time investment
C: Swing trading positions are usually held anywhere from a couple of days to a couple of months
Module: Trading and investing strategies 2: Scalping and buy & hold
Question: Which of the following trading strategies is the most suitable for beginners?
Answer: Buy and hold
Module: Understanding technical analysis indicators
Question: Which of the following statements is/are correct? Choose all that apply.
Answer: B and D
B: Relative strength index is a momentum indicator that shows whether an asset is overbought or oversold
D: Bollinger bands are made up of three lines
Module: Building a well-balanced crypto portfolio
Question: What are some general rules worth considering when building a well-balanced crypto portfolio? Choose all that apply.
Answer: A, B, C and D
A: Allocate new capital strategically to avoid overweighting any one area of your portfolio
B: Rebalance your portfolio if needed
C: Split your portfolio between high, medium, and low-risk investments and give them appropriate weightings
D: Always do your own research and only invest what you can afford to lose
Intermediate Track
The Binance Academy Intermediate Track quiz answers are coming soon.
Further reading
Binance Learn and Earn The Graph (GRT) Quiz Answers
Best Binance Referral ID Code in 2021
The post Binance Academy Courses Quiz Answers appeared first on Followchain.
