Virtual Labs

What is the difference between a hot wallet and a cold wallet?

a: A hot wallet is connected to the internet, while a cold wallet is not. Explanation

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b: A hot wallet is a software program, while a cold wallet is a hardware device. Explanation

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c: A hot wallet is more secure than a cold wallet. Explanation

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d: A cold wallet is more expensive than a hot wallet. Explanation

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What is a gas fee and why do I have to pay one?

a: A gas fee is a transaction fee that users must pay to process transactions on the Ethereum blockchain. Explanation

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b: A gas fee is a reward that miners receive for processing transactions. Explanation

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c: A gas fee is a tax that the government charges on cryptocurrency transactions. Explanation

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d: A gas fee is a fee that users must pay to access the MetaMask wallet. Explanation

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What are some of the benefits of using MetaMask?

a: It is a secure and easy-to-use wallet for storing and managing Ethereum and other ERC-20 tokens. Explanation

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b: It allows you to connect to decentralized applications (DApps) and interact with them directly from your browser. Explanation

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c: It is a non-custodial wallet, which means that you have full control over your private keys and funds. Explanation

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d: It is a free and open-source software, which means that anyone can contribute to its development. Explanation

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What happens if you lose access to your MetaMask wallet without a backup?

a: You can reset your wallet by contacting MetaMask support. Explanation

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b: Your funds are lost permanently if you don’t have the seed phrase. Explanation

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c: You can recover your wallet by logging in with your email address. Explanation

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d: You can retrieve your funds using a different device. Explanation

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What is the purpose of a seed phrase in a crypto wallet?

a: It is used to encrypt wallet transactions for security. Explanation

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b: It serves as a backup to recover your wallet if you lose access. Explanation

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c: It is required to send crypto transactions. Explanation

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d: It is a passcode for accessing DApps. Explanation

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How can you ensure the security of your MetaMask wallet?

a: Never share your seed phrase with anyone. Explanation

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b: Enable two-factor authentication (2FA) on MetaMask. Explanation

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c: Use a strong password and keep your device secure. Explanation

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d: All of the above. Explanation

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Ethereum Wallets and Transactions