Revolut Crypto Quiz Answers

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Are you ready to take the test and get a reward in Polkadot tokens on Revolut up to €18 (The exact amount varies between countries)? Do you know the correct answers to the crypto quiz? Don’t worry; we’ve completed the quiz successfully, and below you can find the Revolut crypto quiz answers so that you can complete the test in less than 2 minutes.

To access the test, you need an account with Revolut and open a cryptocurrency account by accepting the terms on the app. However, if you buy crypto on Revolut, I suggest you read my Revolut crypto review, where I explain why Revolut is not a good place to buy cryptocurrencies and how you can save on fees if you just switch to eToro.

Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.

To avoid going through answers one by one and save time, you can skip to the end of this page, where we’ve combined all answers in one table. Feel free to share this with your friends; they’ll also be happy to get free cryptocurrencies. Who doesn’t like getting up to 18 EUR worth of crypto for free by answering a few questions correctly, especially if you know the answers?

What is the Revolut crypto quiz?

Revolut cryptocurrency quiz is a part of the Revolut learn and earn program. It is a test set that allows Revolut users to earn Polkadot tokens for correctly completing them. It’s essential to answer all the questions correctly. We’ve completed the tests and collected all the answers so that you can copy them from us. Currently, you can go through two tests on Revolut: Crypto basics and Polkadot.

Crypto basics answers

Crypto basics consist of 4 lessons and the same amount of tests. After completing them, you’ll receive DOT (Polkadot) tokens worth 6 EUR. Please note that the actual amount varies between countries.

Lesson 1 – Crypto vs fiat quiz answers

Crypto vs Fiat answers
  • Question #1: What is ‘fiat’ money?
    • Answer: Government-issued money.
  • Question #2: What are the main differences between fiat currencies and cryptocurrencies?
    • Answer: Cryptocurrencies are decentralised, and a central authority controls fiat money.
  • Question #3: Who validates transactions on the blockchain?
    • Answer: Special users that are called ‘miners’ or validators.

Lesson 2 – Cryptography in crypto

Cryptography in crypto answers
  • Question #1: Why is cryptography important for cryptocurrencies?
    • Answer: It (cryptography) removes the need for a central authority, prevents double spending, and adds security.
  • Question #2: What are private and public keys for cryptocurrencies?
    • Answer: A public key is like your account number, and your private key is like your password.
  • Question #3: Which statement is true about private and public keys?
    • Answer: Special users that are called ‘miners’ or validators.

Lesson 3 – Basics of Blockchain

Basics of blockchain answers
  • Question #1: What is a Blockchain?
    • Answer: A decentralised database.
  • Question #2: Who can view the Blockchain?
    • Answer: Anyone can view the Blockchain with a computer and an Internet connection.
  • Question #3: What makes the Blockchain different from a regular database?
    • Answer: It’s not controlled by any central party and can be viewed by anyone.

Lesson 4 – Risks of crypto

Risks of crypto answers
  • Question #1: What regulatory protections does your crypto have?
    • Answer: None – crypto is not regulated in most countries worldwide.
  • Question #2: How much can you lose if you buy cryptocurrencies?
    • Answer: Everything! Your investment could go to zero.
  • Question #3: When would it not be suitable to buy cryptocurrencies?
    • Answer: When one is in debt or cannot afford to lose the money invested.

Revolut Polkadot answers

Polkadot consists of 5 lessons and the same amount of tests. After completing them, you’ll receive DOT (Polkadot) tokens worth 12 EUR.

Lesson 1 – Intro to Polkadot

Intro to Polkadot test answers
  • Question #1: What are some limitations of early blockchains like Bitcoin?
    • Answer: Slow transaction speeds, high fees and inability to communicate with other blockchains.
  • Question #2: What is Web 3.0?
    • Answer: A new web built around decentralised technologies, where users have more control of their data.
  • Question #3: How does Polkadot address some of the limitations of earlier blockchains?
    • Answer: Polkadot allows multiple blockchains to communicate with each other and process transactions at the same time.

Lesson 2 – How Polkadot works

How Poladot works answers
  • Question #1: What is a relay chain?
    • Answer: A blockchain that connects other blockchains and allows them to communicate.
  • Question #2: What is a parachain?
    • Answer: A blockchain connects to the Relay chain and operates parallel to other parachains.
  • Question #3: What problems do parachains and relay chains solve?
    • Answer: The inability of blockchains to communicate with each other.

Lesson 3 – Who decides the future of Polkadot

Who decides the future of Poladot answers
  • Question #1: Who can vote for new initiatives, i.e. Polkadot network upgrades?
    • Answer: People who hold Polkadot (DOT) tokens.
  • Question #2: What is Polkadots ‘on-chain’ treasury?
    • Answer: A container of tokens that can be used to support projects that benefit the Polkadot network.
  • Question #3: How does Polkadot’s governance system differ from other popular blockchains?
    • Answer: It’s governed by a community through voting.

Lesson 4 – DOT Token

DOT token answers
  • Question #1: What is Polkadot’s crypto token called?
    • Answer: DOT.
  • Question #2: What does ‘staking’ your Polkadot (DOT) tokens mean?
    • Answer: It helps secure the network by locking up DOT tokens in return for a reward in DOT tokens.
  • Question #3: What does ‘bonding’ your Polkadot tokens mean?
    • Answer: Locking up tokens in order to secure a slot for your parachain on the relay chain.

Lesson 5 – Polkadot and its uses

Polkadot and it uses answers
  • Question #1: What are some use cases of Polkadot?
    • Answer: NFTs, powering smart cities, DeFi, etc.
  • Question #2: What makes apps built on Polkadot different from the apps on your phone?
    • Answer: Polkadot applications don’t need to rely on a middleman to work and can keep your data secure.
  • Question #3: How do applications on parachains communicate?
    • Answer: Via the Relay Chain.

Summary of Revolut cryptocurrency quiz answers

All questions can be answered sequentially, as they are listed in the same order regardless of the location and language you have chosen in your app. However, we suggest you go through the lessons for your own benefit and knowledge.

Crypto basics answers table:

QuestionLesson 1Lesson 2Lesson 3Lesson 4
Question 1:3312
Question 2:2444
Question 3:1121

Polkadot answers table:

QuestionLesson 1Lesson 2Lesson 3Lesson 4Lesson 5
Question 1:34134
Question 2:11312
Question 3:22411

Martin Kaiser

Editor-in-Chief on Globe Funder with more than ten years of experience in personal finance, stock trading and cryptocurrency fields. Martin has a master's degree in Business Administration and a strong passion for online investing.

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