206.7 Lesson - nativelyDigital

Screen: nativelyDigital

Headline: Purpose-built for the Digital Age

Reward: 4

Text: Digital fiat money is a digital version of a product that was designed for the industrial age. It has all of the same problems and limitations as the original product. It is a closed system that is heavily controlled and designed to lose value over time.

Bitcoin is a type of digital money that was specifically designed for the digital age. It can be improved and updated, and anyone can see and change the code that it is based on. It benefits from the ideas and creativity of anyone who works on it.

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QUIZ

Question: What is the main difference between digital fiat money and Bitcoin?

Answer: Digital fiat money is based on a product from the industrial age, while Bitcoin is a purpose-built money for the digital age

Feedback: for the digital age

Correct: true

Answer: Digital fiat money is open-source, while Bitcoin is a closed system

Feedback: It seems you got things mixed up. It's actually the other way around. Try again

Correct: false

Answer: Digital fiat money is designed to increase in value over time, while Bitcoin is designed to lose value

Feedback: Sorry, that's not quite right. Bitcoin is likely to increase in value over time due to its strictly fixed supply and growing deman, while inflation decreases the value of fiat currencies quite reliably.

Correct: false