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It uses blockchain to store all user funds

It’s managed by one company that runs the system

It has no company or owner

It only works in one country

What does “centralized” mean in a centralized exchange (CEX)?

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Directly in your personal wallet

On the public blockchain

In a custodial wallet managed by the exchange

Where is your crypto actually stored when using a centralized exchange?

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They use fewer computers

They skip verification

They move balances within the exchange’s system

They use tokens built for speed

Why are transactions on a centralized exchange usually fast?

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Speeding up transactions

Adding an extra security step for login

Lowering withdrawal fees

Checking crypto prices

What is Two-Factor Authentication (2FA) used for?

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Creates new cryptocurrencies

Mines crypto automatically

Stores and manages your keys

What does a crypto wallet do?

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A password for your exchange account

A secret code that gives access to your crypto

A list of public wallet addresses

A type of cold wallet

What is a private key?

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The company or exchange that provides the wallet

The user only

The wallet app developer

Who controls the keys in a custodial wallet?

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It’s connected to the internet

It’s used for large, long-term holdings

It’s stored on paper

What makes a wallet “hot”?

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They’re always online

They’re offline and safer for long-term storage

They can’t hold more than one coin

They’re only available on exchanges

Which is true about cold wallets?

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Memorize the whole address

Triple-check the wallet address carefully

Use any address that looks similar

Skip the check if it’s from a trusted source

What should you always do before sending crypto to an address?

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Wallet app name and version

The token and the network it’s sent on

The sender’s and receiver’s country

The amount and gas fee

What should always match when you send crypto?

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Their email or phone number

Their wallet address or QR code

Their exchange password

Their transaction history

What information do you need from the person you’re sending crypto to?

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Hidden exchange charges

A penalty for slow transactions

Network costs that power your transaction

What are gas fees?

Badge Collection

Test your knowledge with our recap quiz!