UPSC Exam  >  UPSC Questions  >  With reference to the Cryptocurrency, conside... Start Learning for Free
With reference to the Cryptocurrency, consider the following statements:
  1. Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds.
  2. No cryptocurrencies of the world are built on blockchain technology.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
With reference to the Cryptocurrency, consider the following statement...
According to a working research paper published in the Bank for International Settlements, over 73% crypto currency users lost money.
  • After the U.S. and Turkey, India has the third highest number of registered downloads of crypto exchange apps.
  • As of June 2022, there were over 30 million crypto exchange app downloads in India.
  • But in terms of downloads per capita, India features among the countries with the lowest number of downloads.
  • This is because of its vast population and crypto awareness being mostly limited to urban pockets.
  • Countries such as the U.S., Canada, Australia and the U.K. rank much higher in terms of per capita downloads.
  • India also features among those countries with the lowest average monthly app usage per 1 lakh people.
  • According to the study 73%-81% of the users would have lost money. A median investor would have lost $431, corresponding to 48% of the total $900 invested.
Cryptocurrency:
  • Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds.
  • These currencies operate independently of a central bank.
  • The economic transactions underlying cryptocurrency are decentralized, distributed and disbursed.
  • The first and most famous cryptocurrency, bitcoin was introduced in 2009.
Technology:
  • Most cryptocurrencies of the world are built on blockchain technology.
  • Blockchain is a decentralized and distributed database on a peer-peer network which works on the basis of a consensus mechanism involving every node (computer) on the network.
  • Blockchain is a peer-to-peer distributed network that records a public history of transactions without actually recording identities of the parties or the transaction details.
Hence only statement 1 is correct.
Explore Courses for UPSC exam

Similar UPSC Doubts

Top Courses for UPSC

With reference to the Cryptocurrency, consider the following statements: Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds. No cryptocurrencies of the world are built on blockchain technology.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
Question Description
With reference to the Cryptocurrency, consider the following statements: Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds. No cryptocurrencies of the world are built on blockchain technology.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Cryptocurrency, consider the following statements: Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds. No cryptocurrencies of the world are built on blockchain technology.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Cryptocurrency, consider the following statements: Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds. No cryptocurrencies of the world are built on blockchain technology.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?.
Solutions for With reference to the Cryptocurrency, consider the following statements: Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds. No cryptocurrencies of the world are built on blockchain technology.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of With reference to the Cryptocurrency, consider the following statements: Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds. No cryptocurrencies of the world are built on blockchain technology.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of With reference to the Cryptocurrency, consider the following statements: Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds. No cryptocurrencies of the world are built on blockchain technology.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?, a detailed solution for With reference to the Cryptocurrency, consider the following statements: Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds. No cryptocurrencies of the world are built on blockchain technology.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of With reference to the Cryptocurrency, consider the following statements: Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds. No cryptocurrencies of the world are built on blockchain technology.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice With reference to the Cryptocurrency, consider the following statements: Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds. No cryptocurrencies of the world are built on blockchain technology.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice UPSC tests.
Explore Courses for UPSC exam

Top Courses for UPSC

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev