MML202- Revision

Digital money like UPI and payment cards is also known as ________.

• Traditional money

• Digital money

 

Taylor wanted to send $50 to Tia immediately. He asks you for help, which method would you recommend?

• Traditional money transfer

• Digital money transfer

Trading services or goods with another person when there is no money involved is known as ________.

• Fiat Money

• Barter System

Decentralized finance (Defi) provides financial instruments without the use of intermediaries like brokerages, exchanges, or banks.

• True

• False

The main difference between centralized/decentralized finance: centralized finance has a bank/agency involved whereas, in decentralized finance, blockchain smart-contract protocol is used.

• True

• False

Blockchain-based smart contract is used in:

• Centralized finance

• Decentralized finance