Binance Academy Courses Quiz Answers | Claim Free NFT Certificate

Binance blockchain fundamentals quiz answers: Binance Academy has announced new academy courses that can level up your knowledge of blockchain fundamentals.

This is another learning initiative after the Binance learn and earn event and it is valid for all KYC-verified Binance users as well as non-Binance users.

In this educational series, one can learn and complete the course on blockchain fundamentals. The Binance blockchain fundamentals course consists of videos and quizzes.

It consists of six modules that can give you a brief introduction to blockchain technology, history, working, consensus mechanisms, network structure, its uses, and limitations.

Every user who completes all the courses and quizzes will receive one NFT certificate. For Binance academy blockchain fundamental quiz answers you can refer to the answers that are given below.

How To Take The Binance Academy Quiz?

1. Sign in to your Binance account.

2. Proceed to the Binance academy course page from here.

3. Watch videos and complete the quizzes. Done!

4. At the end you will get a ‘claim NFT’ option.

Course 1: Blockchain Fundamental Quiz Answers

Module 1: Introduction to blockchain technology

Q) How does a block connect to another?

Answer: Through the use of hash functions

Module 2: Brief history of blockchain technology

Q) Which of the following statements is/are correct? 

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 3: How does blockchain work

Q) 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 4: Blockchain consensus mechanisms: PoW and PoS

Q) What are the differences between Proof of Work and Proof of Stake consensus mechanisms?

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 5: Blockchain network structure: nodes and forks

Q) What is a soft fork?

Answer: B and D

B: Soft forks are upgrades to the network that are backward-compatible

D: Soft forks are considered “opt-in”

Module 6: Blockchain use cases and limitations

Question: Which of the following statements is/are correct?

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 1: What are cryptocurrencies?

Q) How are cryptocurrencies different from digital currencies?

Answer: A and C

A: A cryptocurrency is a digital currency in which transactions are verified and records maintained by a decentralized system. 

C: Cryptocurrencies are an implementation of blockchain technology, while not all digital currencies are.

Module 2: Introduction to Bitcoin

Q) Which of the following statement is/are correct?

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 3: Understanding different types of cryptocurrencies

Q) What is the key difference between a coin and a token?

Answer: C

C: A coin is the native asset of a blockchain, while a token is built on top of the blockchain

Module 4: Centralized and decentralized exchanges

Q) Which of the following statements is/are correct?

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 5: How to use crypto wallets

Q) What’s the difference between a hot and a cold crypto wallet?

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 1: Introduction to DeFi

Q) Which of the following statements are true?

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 2: DeFi use cases

Q) Which of the following is/are DeFi use cases?

Answer: B, D and E

B:  Crypto borrowing and lending

D: Yield farming

E: Decentralized exchanges

Module 3: Smart contracts and DApps

Q) Which of the following statements is/are correct?

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 4: How does a DAO work?

Q) Which of the following statements is/are correct?

Answer: A, B and D

A: DAOs have no central authority

B: DAOs let token holders vote on issues

D: DAOs are decentralized and transparent

Course 4: Web3 & Metaverse Quiz Answers

Module 1: A beginner’s guide to Web3

Q) Which of the following statements is/are correct?

Answer: A, B and C

A: Web 1.0 is “the read-only web”

B: Web 2.0 is a “read-and-write web”

C: Web 3 is “read-write-and-own web”

Module 2: What is the Metaverse?

Q) What is the metaverse?

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 3: Understanding NFTs

Q) Which of the following statements is/are correct?

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 4: GameFi

Q) Which of the following statements is/are correct?

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 1: What is trading and investing

Q) 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 2: What are fundamental analysis and technical analysis?

Q) Which of the following statement(s) is/are correct?

Answer: Combining fundamental and technical analysis can reduce risks and improve your analysis.

Module 3: Utilizing fundamental and technical analysis

Q) Which of the following statements is/are correct?

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 4: Understanding market trends and cycles

Q) In a bearish market trend, the price is:

Answer: Mainly decreasing

Module 5: How does psychology impact the market

Q) Which of the following statements is/are correct?

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 & Investing Strategies Answers

Module 1: Portfolio and risk management

Q) Read the sentences and answer the following question.

Answer: II only

D. Liquidity risk is the potential for loss from not easily finding buyers and sellers.

Module 2: Trading and investing strategies 1: Day trading and swing trading

Q) Which of the following statements is/are correct?

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 3: Trading and investing strategies 2: Scalping and buy & hold

Q) Which of the following trading strategies is the most suitable for beginners?

Answer: Buy and hold

Module 4: Understanding technical analysis indicators

Q) Which of the following statements is/are correct?

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 5: Building a well-balanced crypto portfolio

Q) What are some general rules worth considering when building a well-balanced crypto portfolio?

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