All answers for Y Nation BOT Telegram

What is money?
✅ A medium of exchange

Coins were better than commodity money because:
✅ They were easy to carry and count

Why have people started exploring cryptocurrencies and new forms of money?
✅ Modern money isn't backed by anything

Paper money before the 1900s had stable purchasing power because
✅ It was backed by gold

Modern fiat money has value because
✅ The law makes it a legal tender

What is the average lifespan of fiat currency?
✅ 30 years

Money printing leads to:
✅ Money losing value

Savings don't work as well as you'd like to because:
✅ Inflation makes money lose value

How much value has the US dollar lost in 50 years?
✅ 85%

What percentage of the world's money exists as physical cash?
✅ 8%

Do banks hold clients money in cash?
✅ No. They only store a reserve - 10-20% of deposits in cash.

Why do banks fail?
✅ They don't have enough real cash

Money in which form can you truly own?
✅ Cash

How much do banks make by charging fees?
✅ Over $34 billion a year.

What is the "bounce fee"?
✅ It's the fee for failed payment.

Why 1.4 billion people are unbanked?
✅ They can't afford banks' service fees.

Where do most unbanked people live?
✅ African countries

How many traders actually make a profit each year?
✅ 1.6%

Why do most new traders fail?
✅ They don't have knowledge and rely on luck

Do most traders lose money in all markets?
✅ Yes. Most traders lose money no matter which market they trade.

What is the percentage of novices who will quit trading in the first year?
✅ 80%

What is the vig?
✅ The percentage fee.

How much do casinos earn in a year?
✅ Over $60 billion

Is it possible to make a living by betting and gambling?
✅ It's impossible to win consistently because of the vig.

What is the most unfair gambling activity?
✅ Binary options

The vig of 7% means that a player betting $100 can have a payout of
✅ 93

What is a centralized system?
✅ A system where one central actor can control the whole system.

What is a decentralized system?
✅ A robust and highly reliable system without a central entity.

How were participants' bank accounts affected during the 2022 protests in Canada?
✅ Their accounts were frozen by government order.

What is blockchain?
✅ A special kind of database.

Do Bitcoin transactions ever get deleted?
✅ No, Bitcoin blockchain stores all transactions and never deletes them.

How are blockchains protected from missing and corrupted data?
✅ Each node stores its own copy of the blockchain.

Why are cryptocurrencies called so?
✅ They use cryptography to maintain security.

What is used to sign a cryptocurrency transaction?
✅ A private key.

Why do blockchain networks store all old transactions?
✅ To verify users' balance.