Cards
All 158 knowledge cards
The complete learning path across twelve topics. Each card includes a question, solution, deeper explanation, and traceable sources.
Functions and properties of money
Functions of money, acceptance, scarcity, and basic monetary properties.
Card 1 · Explorer
You sell apples but want to buy shoes. How does money help you make the exchange?
Card 2 · Explorer
Why is money especially useful in a society where people specialize in different kinds of work?
Card 3 · Explorer
What are the three main functions of money?
Card 4 · Explorer
What is credit?
Card 5 · Explorer
A loaf of bread costs 2 euros and a lunch costs 6 euros. What does pricing both in the same unit allow you to do?
Card 6 · Explorer
What is a store of value?
Card 7 · Navigator
Why is a valuable gold coin of limited use for payments if hardly anyone accepts it?
Card 8 · Navigator
What can happen when the money supply expands?
Card 9 · Navigator
Why should good money be divisible?
Card 10 · Navigator
Which properties make money easy to store and carry?
Card 11 · Navigator
How can you check whether money is genuine?
Card 12 · Explorer
How does a person decide what to buy?
Card 13 · Captain
Which statement most accurately distinguishes money, currency and an asset?
Card 14 · Navigator
How are market prices formed?
Card 15 · Navigator
What do prices in a free market tell us?
Card 16 · Navigator
What effects can subsidies have on a market?
History of money and fiat money
Forms of money, gold, fiat money, bank money, central banks, and the historical transition to today’s monetary system.
Card 17 · Explorer
What has been used as money throughout history?
Card 18 · Explorer
Why was gold suitable for use as money?
Card 19 · Explorer
Why could people pay with certificates for deposited gold instead of moving the gold itself?
Card 20 · Explorer
What is fiat money?
Card 21 · Explorer
Why do people accept euros or dollars as money?
Card 22 · Navigator
What is the difference between 100 euros in cash and 100 euros in a bank account?
Card 23 · Navigator
How is new money created in bank accounts?
Card 24 · Navigator
What happened to the dollar's link to gold in 1971?
Card 25 · Navigator
What is a central bank's role?
Card 26 · Navigator
Why is the Whitepaper in 2008 → Genesis Block in 2009 → first known Bitcoin transfer between two people in 2009. financial crisis important to the origins of Bitcoin?
Card 27 · Captain
How was the dollar linked to gold under the Bretton Woods system?
Card 28 · Captain
Which of these schools of economics is especially associated with subjective value theory, decentralized market processes, and criticism of discretionary monetary and credit expansion?
Inflation and purchasing power
Inflation, purchasing power, nominal and real values, personal price developments, and preserving purchasing power over time.
Card 29 · Explorer
What is inflation?
Card 30 · Explorer
How is inflation measured?
Card 31 · Explorer
Why can price increases build on one another over several years?
Card 32 · Explorer
What is deflation?
Card 33 · Navigator
What is the difference between nominal and real values?
Card 34 · Navigator
Why might your personal inflation rate differ from the official rate?
Card 35 · Navigator
When do savings lose purchasing power even though they earn interest?
Card 36 · Navigator
What is a simple way to estimate the real interest rate?
Card 37 · Navigator
What should you consider when investing to preserve your purchasing power?
Card 38 · Captain
Why does a larger money supply not automatically make a society richer?
Card 39 · Captain
What does the Cantillon effect describe?
Saving, debt and assets
Budgets, reserves, debt, wealth, risk, and diversification.
Card 40 · Explorer
What is interest?
Card 41 · Explorer
When can taking on debt make economic sense?
Card 42 · Explorer
Why does a low monthly payment tell you little about a loan's total cost?
Card 43 · Captain
A loan has a fixed nominal amount and an unchanged interest rate. Prices and incomes rise over several years. Which statement is most accurate?
Card 44 · Explorer
What is the difference between an asset and a liability?
Card 45 · Navigator
What risks come with real assets such as property or gold?
Card 46 · Explorer
What does liquidity mean?
Card 47 · Navigator
What does diversification mean?
Card 48 · Navigator
What does lifestyle inflation mean?
Card 49 · Navigator
What does financial resilience mean?
Card 50 · Captain
A market has little ability to increase supply in the short term. What can happen if credit suddenly finances many more buyers?
Card 51 · Navigator
What does time preference mean?
Card 52 · Navigator
Which explanation best describes why a lender may charge interest?
Bitcoin basics
Origins, the white paper, decentralization, open source, and Bitcoin’s fundamental operation.
Card 53 · Explorer
What was Bitcoin designed to make possible as a digital payment system?
Card 54 · Captain
Which statement about Satoshi Nakamoto is most accurate based on what is known today?
Card 55 · Explorer
What does the Bitcoin whitepaper present?
Card 56 · Explorer
What is Bitcoin's genesis block?
Card 57 · Explorer
What does it mean that Bitcoin is an open network?
Card 58 · Explorer
What does peer-to-peer mean in Bitcoin?
Card 59 · Navigator
How does Bitcoin solve the double-spending problem?
Card 60 · Navigator
What does decentralisation mean in Bitcoin?
Card 61 · Navigator
What is an advantage of Bitcoin's publicly available code?
Card 62 · Navigator
How does Bitcoin verify payments without a central bank?
Card 63 · Navigator
Which statement correctly describes Bitcoin compared with centrally managed crypto projects?
Card 64 · Navigator
What did many cypherpunks advocate?
Card 65 · Captain
Which statement most accurately compares the transferability of Bitcoin and gold?
Scarcity and halving
Limited supply, 21 million, the block subsidy, halvings, satoshis, and the long-term issuance schedule.
Card 66 · Explorer
What is the effect of Bitcoin's fixed maximum supply?
Card 67 · Explorer
How are new bitcoin created?
Card 68 · Navigator
How many new bitcoin could miners receive per block at the beginning?
Card 69 · Navigator
What is the difference between newly created bitcoin and transaction fees?
Card 70 · Explorer
What is cut in half in a Bitcoin halving?
Card 71 · Captain
Which combination correctly describes the first Bitcoin halving in 2012?
Card 72 · Navigator
How does the issuance of new bitcoin change over time?
Card 73 · Navigator
When are the last new bitcoin expected to be issued through mining?
Card 74 · Explorer
What is a satoshi?
Card 75 · Navigator
What happens if the only key to some bitcoin is lost forever?
Card 76 · Navigator
What can happen if fewer new bitcoin are created after a halving and demand stays high?
Card 77 · Navigator
What happens if a miner tries to create more new bitcoin than allowed?
Card 78 · Navigator
Does Bitcoin's limited supply guarantee a rising price?
Card 79 · Captain
What does 'hard money' mean?
Card 80 · Captain
Why might transaction fees become more important to miners?
Transactions, blockchain and network
Transactions, UTXOs, signatures, hashes, blocks, fees, and the network.
Card 81 · Navigator
What is a UTXO in Bitcoin?
Card 82 · Navigator
You have a spendable amount of bitcoin and only want to send part of it. What happens to the rest?
Card 83 · Navigator
What does a valid digital signature prove in Bitcoin?
Card 84 · Navigator
What is a hash?
Card 85 · Navigator
Where does an unconfirmed Bitcoin transaction wait?
Card 86 · Navigator
What does a Bitcoin block contain?
Card 87 · Explorer
What is the Bitcoin blockchain?
Card 88 · Navigator
When does a Bitcoin transaction get its first confirmation?
Card 89 · Navigator
Why does a Bitcoin transaction not automatically cost more when you send more bitcoin?
Card 90 · Navigator
What happens to a Bitcoin transaction before it gets its first confirmation?
Card 91 · Captain
Why can a Bitcoin confirmation take longer than ten minutes?
Card 92 · Navigator
What is the Lightning Network?
Wallets and self-custody
Wallet types, keys, recovery phrases, backups, hardware wallets, and self-custody.
Card 93 · Explorer
What does a Bitcoin wallet do?
Card 94 · Navigator
How are a private key and a public key related?
Card 95 · Explorer
What is a Bitcoin address used for?
Card 96 · Explorer
What is a seed phrase used for?
Card 97 · Explorer
What is a backup of your Bitcoin wallet for?
Card 98 · Explorer
What does self-custody mean in Bitcoin?
Card 99 · Explorer
What is a hot wallet?
Card 100 · Navigator
Why should you check the details on your hardware wallet's display?
Card 101 · Navigator
What characterises a cold wallet?
Card 102 · Navigator
Why should you test a wallet backup?
Card 103 · Captain
What happens when you add a passphrase to a seed phrase?
Card 104 · Captain
In a 2-of-3 multisig wallet, one of the three keys is permanently lost. What follows?
Card 105 · Navigator
When you use a hardware wallet, where are your bitcoin actually held?
Mining, nodes and consensus
Proof of work, mining, nodes, consensus, difficulty, and 51% attacks.
Card 106 · Explorer
What is the main job of Bitcoin miners?
Card 107 · Explorer
What is the main job of a Bitcoin full node?
Card 108 · Explorer
What is the difference between miners and full nodes?
Card 109 · Navigator
What is proof of work in Bitcoin?
Card 110 · Navigator
How does Bitcoin keep the average block time close to 10 minutes?
Card 111 · Navigator
Why does miners' computational work help secure Bitcoin?
Card 112 · Navigator
Who checks that Bitcoin's rules are followed?
Card 113 · Navigator
What is a BIP in Bitcoin?
Card 114 · Captain
What is an important difference between a soft fork and a hard fork?
Card 115 · Navigator
What does consensus mean in Bitcoin?
Card 116 · Captain
What could someone with more than 50% of the mining power attempt?
Card 117 · Captain
Two miners have the same hashrate. One pays much less for electricity and uses more efficient equipment. What follows for profitability?
Security and privacy
Recognize scams, protect recovery phrases, secure access, and protect privacy when using Bitcoin.
Card 118 · Explorer
When can it be appropriate to enter your seed phrase?
Card 119 · Explorer
Someone claiming to be support contacts you and asks for your seed phrase. What should you do?
Card 120 · Explorer
What adds protection to an exchange account?
Card 121 · Explorer
Which combination is a clear warning sign of possible investment fraud?
Card 122 · Explorer
Why should you check a Bitcoin payment carefully before sending it?
Card 123 · Explorer
Someone promises: 'Send bitcoin and you will get twice as much back.' What should you do?
Card 124 · Navigator
Why can it be risky to keep a photo of your seed phrase on your phone or in the cloud?
Card 125 · Navigator
How can you reduce the risk of sending bitcoin to a tampered address?
Card 126 · Navigator
Why is Bitcoin considered pseudonymous rather than automatically anonymous?
Card 127 · Navigator
What can happen if an exchange knows your identity and you reuse the same Bitcoin address?
Card 128 · Captain
What can you choose with Coin Control in a Bitcoin wallet?
Card 129 · Captain
What is CoinJoin used for in Bitcoin?
Card 130 · Captain
Why is it useful to use new receiving addresses for new Bitcoin payments?
Using Bitcoin
Buy, receive, send, and hold bitcoin safely, and use Lightning in practice.
Card 131 · Explorer
What is the main difference between keeping bitcoin on an exchange and in your own wallet?
Card 132 · Explorer
What is the spread when buying bitcoin?
Card 133 · Explorer
What can be a cautious way to make your first Bitcoin purchase?
Card 134 · Explorer
What is a Bitcoin transaction ID, or TXID?
Card 135 · Explorer
What should you check particularly carefully before sending bitcoin to another person?
Card 136 · Navigator
You want to send a larger amount of bitcoin to a new address. What can be a useful precaution?
Card 137 · Explorer
Someone wants to send you bitcoin. Does your wallet need to be switched on or connected to the internet at that moment?
Card 138 · Navigator
What is the Lightning Network used for in Bitcoin?
Card 139 · Navigator
What advantage can Bitcoin offer for cross-border payments?
Card 140 · Navigator
What is the difference between bitcoin in your own wallet and shares of a spot Bitcoin ETF/ETP?
Bitcoin market, history and myths
Understand bitcoin prices, buying decisions, key historical events, and common myths.
Card 141 · Explorer
What does it mean that the Bitcoin price is volatile?
Card 142 · Explorer
What does it mean to act out of FOMO when investing?
Card 143 · Navigator
What can happen if you buy or sell bitcoin out of fear or euphoria?
Card 144 · Explorer
What does DCA mean when buying bitcoin?
Card 145 · Navigator
Why can it be a bad idea to buy bitcoin with money you will need soon?
Card 146 · Navigator
Why can it help to have a plan before buying bitcoin?
Card 147 · Navigator
Which description best reflects how 'HODL' is used in the Bitcoin context?
Card 148 · Navigator
Which statement about bull and bear markets is most accurate?
Card 149 · Navigator
If someone copies Bitcoin's code and creates another currency from it, have they created a second Bitcoin?
Card 150 · Captain
Which statement links Bitcoin and time preference most cautiously without claiming a certain causal effect?
Card 151 · Navigator
Which chronological order of early Bitcoin milestones is correct?
Card 152 · Navigator
What did Satoshi Nakamoto write in the first Bitcoin block?
Card 153 · Explorer
To whom did Satoshi Nakamoto send the first known Bitcoin transfer between two people?
Card 154 · Explorer
What did Laszlo Hanyecz receive for 10,000 BTC in May 2010?
Card 155 · Explorer
What happened to the Bitcoin exchange Mt. Gox in 2014?
Card 156 · Explorer
Which cryptocurrency emerged from Bitcoin's hard fork on 1 August 2017?
Card 157 · Explorer
Which country was the first to adopt Bitcoin as legal tender in 2021?
Card 158 · Navigator