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Binance Welcome Quiz Answers

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Participating in the Learn and Earn program within the Binance Academy is a great way to understand the fundamentals of cryptocurrencies and blockchain technology. This article will guide you through the topics covered in the course and provide you with answers to the Binance welcome quiz.

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Binance welcome quiz: a screenshot of an educational video in the Binance Academy’s Learn and Earn course
Binance Academy

Welcome to Crypto: Binance Course Topics

The "Welcome to Crypto" Binance course is designed to help beginners understand the basics of cryptocurrencies and the Binance platform. This course touches on several essential topics that serve as the building blocks of cryptocurrency knowledge. Here's an overview of the core subjects.

What is a Cryptocurrency?

Cryptocurrencies are digital assets protected by cryptography. They operate in decentralized peer-to-peer networks, promoting fast and cost-effective transactions. Their distributed network structure improves security by eliminating single points of failure.
Key features:
  • Permissionless
  • Censorship resistant
  • Efficient payments

Ensuring Binance Account Security with KYC

Protecting your Binance account relies heavily on Know Your Customer (KYC) procedures. KYC is the practice of financial service providers identifying and verifying customers, essential for anti-money laundering/anti-terrorist financing (AML/CTF) compliance, combating financial crime, and ensuring due diligence.
The proactive nature of KYC combats illicit activities by collecting and validating customer information. These measures not only increase confidence in the industry but also help financial service providers effectively manage risks.

Crypto Wallets

A crypto wallet is a vital tool for interacting with blockchain networks. These wallets come in various types, mainly categorized as custodial and non-custodial wallets.
  • Custodial wallets: Custodial wallets offer convenience and simplicity. Service providers safeguard your assets and private keys, mitigating the risk of key loss. When you engage in cryptographic activities through platforms such as Binance, you typically use custodial wallets.
  • Non-custodial wallets: In contrast, non-custodial wallets provide users with full control over their assets and keys. However, they require a certain degree of technical knowledge and diligence. The caveat here is that if you lose your private keys, accessing your funds becomes an arduous challenge.

How to Make Secure Cryptocurrency Transfers

When depositing or withdrawing cryptocurrencies into your Binance account, use caution during the process. It is easy to confuse BNB Smart Chain (BEP-20) with Ethereum (ERC-20), which can lead to token transfers to the wrong blockchain.
In cases where your crypto wallet supports both BEP-20 and ERC-20 tokens, you can rectify the situation by following a few simple steps to return your crypto to Binance. However, if your wallet only supports ERC-20 or BEP-20 tokens, you will need to import your wallet's private key into a new wallet that supports both types of blockchain.
Always prioritize accuracy by copying and pasting addresses or scanning QR codes, avoiding manual entry. Depositing tokens incorrectly into the wrong blockchain network can lead to irreversible loss of funds.

Binance Welcome Quiz Answers

Now, let's look at the quiz and the correct answers.
1. What is a cryptocurrency?
A. A cryptocurrency keeps your private keys – the passwords that give you access to your assets.
B. A cryptocurrency is a form of digital cash that enables individuals to transmit value in a digital setting.
C. A cryptocurrency is a distributed database shared across the nodes of a computer network.
D. A cryptocurrency is a process of creating a new asset by solving puzzles.

2. The main benefit of keeping your crypto in a non-custodial wallet is that you won't lose your crypto if you forget your password. (True or false?)
A. True
B. False

3. BNB Smart Chain and Ethereum network are different networks, similar to various banks. We need to select the correct deposit address to make a deposit. What steps should you follow to deposit your crypto into Binance?
A. Check if Binance supports the token you are depositing > Select a deposit network that the withdrawal platform supports > Retrieve the deposit address from Binance > Proceed to deposit with the deposit address > Check and verify your deposit after the transaction has been processed on-chain
B. Select any deposit network without checking if Binance supports the asset > Retrieve the deposit address from Binance > Proceed to deposit with the deposit address > Check and verify your deposit after the transaction has been processed on-chain

4. I have noticed that my Ethereum and BSC wallet addresses are identical. However, it doesn't matter if I choose to transfer my crypto asset to any of these two networks. (True or false?)
A. True
B. False

5. Why KYC (Know Your Customer) matters?
A. KYC proactively combats criminal activities
B. It's a part of Anti-Money-Laundering (AML) & Countering Financing of Terrorism (CFT) compliance efforts to conduct due diligence and combat financial crimes
C. KYC improves your account security level and provides access to Binance product offerings
D. KYC checks require financial service providers to identify and verify their customers' identities
E. All options are correct

Correct Binance Welcome Quiz Answers

1) B; 2) B; 3) A; 4) B; 5) E.

Binance Welcome Quiz Answers – Conclusion

The Learn and Earn program at Binance Academy offers a welcome quiz that covers a variety of topics related to cryptocurrencies, including crypto wallets, safety measures and digital transfers.
We hope that the Binance Welcome quiz answers have aided you in your educational endeavors. For further in-depth information, we advise you to participate in Binance Academy courses.
Related article: Binance KNC Quiz Answers