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3. Are Bitcoin/VC transactions anonymous? (See CNN ) _ ______________________________________________________________________________ 4. According to the California Department of Business Oversight , why are VCs high risk? _ ______________________________________________________________________________ _ ______________________________________________________________________________ 5. According to Consumer Advisory , what happens if your virtual currency is lost in any way – by forgetting your passcode (called private keys ) to your virtual wallet, or as the result of a cyberattack? How is this different from money held in a regular bank account ? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 6. According to Consumer Advisory , VC exchanges are required to register with what division of the Department of the U.S. Treasury? _ ______________________________________________________________________________ _ ______________________________________________________________________________ 7. According to Consumer Advisory , although a VC company has registered with the federal government, it is no guarantee that the company is __________________. 8. According to Consumer Advisory , Bitcoin values are quite volatile. In fact, Bitcoin values fell _______ in a single day in 2013. In 2014, a one-day price drop was _______. 9. According to The History of Bitcoin , who is Satoshi Nakamoto? _ ______________________________________________________________________________ 10. According to CNN what is Mt. Gox? _ ______________________________________________________________________________ 11. According to The History of Bitcoin , what warning did the Financial Action Task Force issue in October 2010? _ ______________________________________________________________________________ _ ______________________________________________________________________________ Many people have lost their VC by forgetting their private keys, losing their hard drive , or through a hacked exchange . There is little to no recourse for getting lost VC back . Bank deposits, however, are insured by the federal government. If a bank loses your money, you will get it back, and if you lose your account password, you can always reset it. Virtual currency exchanges are required to register with the Financial Crimes Enforcement Network . He is the alleged originator of Bitcoin (“BTC”) The largest Bitcoin exchange . It warned that digital currencies could be use to finance terrorist groups. trustworthy 61% 80% Virtual currency transactions are considered high-risk because they are vulnerable to cyberattacks—of which there have been many. Yes PRODUCT PREVIEW
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Lesson 4 | The Money Morph
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