Bitcoin has not just been a trendsetter, ushering in a wave of cryptocurrencies built on a decentralized peer-to-peer network, it’s become the de facto standard for cryptocurrencies, inspiring an ever-growing legion of followers and spinoffs.
1. BITCOIN USES ________ TECHNOLOGY TO OPERATE WITH NO CENTRAL AUTHORITY
✔️Right Answer: Peer-to-peer
2.VERSION 1. BITCOIN TRANSACTIONS ARE ALL OF THESE EXCEPT?
✔️Right Answer: Reversible
2.VERSION 2. WHAT DID SATOSHI NAKOMOTO HARD CODE INTO THE GENESIS BLOCK?
- Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.
- Men make counterfeit money; in many more cases, money makes counterfeit men.
- A wise man should have money in his head, but not in his heart.
- The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
✔️Right Answer: The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
3. WHICH OF THESE DESCRIBES A DEAD BITCOIN?
- A bitcoin that has been hacked and stolen.
- A bitcoin that has been used in an illegal transaction.
- A bitcoin which can no longer be accessed.
- A bitcoin which has corrupted and lost its value.
✔️Right Answer: A bitcoin which can no longer be accessed.
4. WHAT WAS SILK ROAD?
- A piece of code that is apart of the blockchain technology.
- A bitcoin wallet used to store bitcoins offline.
- A reddit group dedicated ton bitcoin technology.
- An online marketplace where illegal goods were purchased with bitcoin.
✔️Right Answer: An online marketplace where illegal goods were purchased with bitcoin.
5.VERSION 1. WHAT WAS THE STARTING PRICE FOR ONE BITCOIN IN 2009?
✔️Right Answer: $.0001
5.VERSION 2. WHAT IS A PRIVATE KEY IN BITCOIN?
- A point on the elliptic curve
- The password generated from the public key through modular arithmetic and SHA-256
- A mode of turning off your wallet so no one can see your transaction history
- A multiplier of the generator point on the elliptic curve
✔️Right Answer: The password generated from the public key through modular arithmetic and SHA-256
6. WHEN DO BITCOIN BLOCK REWARDS CHANGE FOR MINERS?
- After 300,000 blocks
- After 430,000 blocks
- After 210,000 blocks
- After 180,000 blocks
✔️Right Answer: After 210,000 blocks
7.VERSION 1. WHAT IS THE CURRENT BLOCK REWARD FOR MINERS?
- 12.5 BTC
- 25 BTC
- 6.25 BTC
- 3.125 BTC
✔️Right Answer: 6.25 BTC
7.VERSION 2. WHERE IS BITCOIN ILLEGAL?
✔️Right Answer: Ecuador
8. WHAT IS THE SMALLEST UNIT OF BITCOIN CALLED?
✔️Right Answer: Satoshi
9. WHICH ONE OF THESE YEARS WAS THE LEAST VOLATILE FOR BITCOIN?
✔️Right Answer: 2016
10.VERSION 1. WHAT IS THE LARGEST AMOUNT OF BITCOINS TO EVER BE PRODUCED?
- 132 million
- 184 billion
- 21 million
- 32 billion
✔️Right Answer: 184 billion
10.VERSION 2. WHAT DOES SATOSHI NAKOMOTO LOOSELY TRANSLATE TO?
- Wise Future Thought
- Inside Teacher Origin
- Balanced Inside Origin
- Wise Inside Foundation
✔️Right Answer: Wise Future Thought
11. WHICH ONE OF THESE BITCOIN HACKS LEAD TO THE LARGEST LOSS SO FAR?
- Bitfinex Hack
- Mt. Gox Collapse
- Coincheck Hack
- Govex Collapse
✔️Right Answer: Mt. Gox Collapse
12. WHICH PERFORMER WAS THE FIRST TO START ACCEPTING THE DIGITAL CURRENCY FOR THEIR RECORDS?
- 50 Cent
- Childish Gambino
- Jamie Foxx
- DJ Khaled
✔️Right Answer: 50 Cent
13. WHICH OF THESE FEATURES IS PRESENT IN BITCOIN?
- Smart Contracts
- Turing Completeness
- Delegated Proof-of-Stake
- Automated Security
✔️Right Answer: Smart Contracts
14. WHAT ARE BITCOIN FUTURES?
- Price prediction horoscopes for Bitcoin
- A financial instrument giving you the right to always buy Bitcoin at a cheaper price
- A financial instrument giving you the right to buy a quantity of Bitcoin at a set price at a given future date
- A financial instrument giving you the right to buy a quantity of Bitcoin at a set price at a given date that is at least one year in the future
✔️Right Answer: A financial instrument giving you the right to buy a quantity of Bitcoin at a set price at a given future date
15. WHAT IS INCLUDED IN A BLOCK HASH?
- All the transactions combined end to end separated by commas
- The timestamp when all the miners started working on the block
- The next block hash in the blockchain
- The nonce used to achieve the difficulty required
✔️Right Answer: The nonce used to achieve the difficulty required
16. WHAT IS A PAYMENT DISTRIBUTION METHOD FOR A MINING POOL?
- Estimated Moving Average
- Pay per Last N Shares
- Triple Geometric Method
- Fibonacci Selection
✔️Right Answer: Pay per Last N Shares
17. WHAT IS A NONCE?
- The transaction id number
- A miners ASIC chip array
- The generator point used in elliptic curve cryptography
- The number of miners run through to generate a correct hash
✔️Right Answer: The number of miners run through to generate a correct hash
18. WHAT IS THE HISTORY OF BITCOIN MINING IN TERMS OF HARDWARE USE CHRONOLOGICALLY
- CPU – GPU – FPGA – ASIC
- GPU – CPU – FPGA – ASIC
- GPU – CPU – ASIC – FPG
- AASIC – FPGA – CPU- GPU
✔️Right Answer: CPU – GPU – FPGA – ASIC
19. WHAT IS A GH/S?
- 1000 hashes per second
- 1,000,000 hashes per second
- 1,000,000,000 hashes per second
- 1,000,000,000,000 hashes per second
✔️Right Answer: 1,000,000,000 hashes per second
20. WHAT IS A BLOOM FILTER?
- A way of lowering the amount of data mobile wallets need to stay up to date
- A micro transaction service for music streaming using Bitcoin
- A way of sending Bitcoins and verifying the address through proof of address certificates
- A full Bitcoin node verifying incoming transactions
✔️Right Answer: A way of lowering the amount of data mobile wallets need to stay up to date