How Well Do You Know About BITCOIN?

Bitcoin is the most widely used crypto currency with lots of new investors diving in every single second.
With this in mind, we have decided to help at least 20 people join the bitcoin network. But in other to be part of this 20 people, you need to proof to us how much you know about bitcoin by taking our below quiz.
There are lots of so called bitcoin gurus claiming to know much about bitcoin but ended up scoring below average in this basic bitcoin test. So if you haven’t taken this test, this is your opportunity to prove yourself in the bitcoin world.
At the end of the week, the winners will be announced and will be awarded with $500 worth of bitcoin straight to their wallet. Please leave behind your bitcoin wallet address on the comment section below if you score above 20 questions correctly.

  • Question of

    How many bitcoins can ever exist in the bitcoin world?

    • 100 million
    • 31 Million
    • 41 Million
    • 21 Million
    • 11 Million
  • Question of

    Which of the below options clearly describes a Bitcoin wallet?

    • A software that has the ability to receive and send bitcoins as well as storing private keys
    • An online flash drive for storing private keys
    • its similar to a bitcoin address
    • its a private wallet for storing bitcoin addresses
  • Question of

    Who invented Bitcoin ?

    • A research group from MIT
    • A research group from Russia
    • An anonymous person with the name nakamoto satoshi
    • Amazon founder
  • Question of

    What determines the current price of bitcoin ?

    • demand and supply across bitcoin exchanges
    • The price of USD
    • determined by satoshi nakamoto
    • determined by the number of bitcoin transactions present at the moment
  • Question of

    What is a bitcoin address ?

    • a complex looking string consisting of latin letters and numbers which can be used to receive bitcoin funds into your wallet
    • same as a bitcoin wallet
    • a unique identifier for a bitcoin user in the bitcoin network
    • similar to a bitcoin transaction
  • Question of

    What is a bitcoin private key?

    • Same as bitcoin address
    • Same as bitcoin wallet password
    • A string of letters and numbers which is used to sign bitcoin transactions that spend bitcoins in a wallet
    • The password to the bitcoin exchange
  • Question of

    What is known as seed ?

    • A sequence of words from which a bitcoin wallet private key can be generated
    • A sequence of words from which a bitcoin wallet address can be generated
    • same as private key
    • same as bitcoin wallet password
  • Question of

    What is bitcoin exchange?

    • A website that allows users to buy and sell bitcoins
    • A large organization that determines the current price of bitcoin
    • a large organization for mining bitcoin
    • a type of bank that sells only bitcoin
  • Question of

    What is a bitcoin transaction?

    • A synonym to bitcoin address
    • A message found on the bitcoin blockchain, that shows how much bitcoin was sent to a certain address
    • a group of blockchain bitcoin addresses
    • a transfer of converted bitcoin funds into your local bank account
  • Question of

    What is a bitcoin block?

    • Bunch of bitcoin verified transactions bundled together and clearly written on the blockchain
    • Newly mined bitcoins
    • A small bitcoin transaction with data less than 1MB
    • A confirmed bitcoin transaction
  • Question of

    When can we say a bitcoin transaction is confirmed?

    • After is has been included in the bitcoin block
    • After 15 Minutes of initiating the transaction
    • After receiving the bitcoin transaction receipt
    • After the blockchain shows one confirmation
  • Question of

    How many confirmation is considered safe for bitcoin transactions ?

    • 1
    • 2
    • 3
    • 4
    • 6
  • Question of

    What is a Bitcoin transaction fee?

    • An amount bitcoin users pay to the miner to include the transaction in the bitcoin block
    • Its a fee that is paid to the exchange for the bitcoin sent
    • its a monthly fee paid to the wallet company for all transactions
    • its a fee removed from all transactions and destroyed
  • Question of

    What is a bitcoin blockchain?

    • A sequence of blocks with all the data (confirmed transactions) in it distributed and stored by each full node on the system
    • Bundles of unconfirmed transactions
    • Bundles of confirmed transactions
    • Bundles of bitcoin transactions fees
  • Question of

    What purpose do miners serve?

    • They are off no purpose
    • They collectively synchronize or work on a single history of bitcoin transactions
    • They manufacture new bitcoins for users
    • They control how many new bitcoins are issued to users every minutes
  • Question of

    How fast are new bitcoin blocks formed?

    • An average of every 10 minutes
    • exactly 10 minutes
    • On average of every 20 minutes
    • On average of every 60 minutes
  • Question of

    What is proof of work?

    • Its a term for a bitcoin transaction that has been confirmed
    • a term for an unconfirmed bitcoin transaction
    • data showing that energy was spent mining a block and verifying the bitcoin transactions on it
    • Amount of energy spent on mining the next block
  • Question of

    What is a block reward?

    • A sum of the transactions fees in a block plus the newly generated bitcoins that go to the miner that mined the block
    • A sum of all the bitcoin transaction fees
    • A sum of all the bitcoin wallet fees
    • A sum of all the bitcoin exchanges fees kept in a block
  • Question of

    What is cold storage?

    • A bitcoin wallet on a device that has never been connected to the internet before
    • A Synonym to a bitcoin hard wallet
    • synonymous to a private key
    • just a private key stored on a flash
  • Question of

    What is a hardware wallet ?

    • A device with a single purpose of serving as a bitcoin wallet
    • similar to a cold storage
    • a device for mining hard coins
    • a computer with a bitcoin wallet installed
  • Question of

    How many bitcoins is worth 1 satoshi?

    • 0.1
    • 0.01
    • 0.001
    • 0.0001
    • 0.00001
    • 0.00000001
  • Question of

    What is “change” in bitcoin transactions?

    • Bitcoin sent to the senders wallet address in the same transaction
    • similar to transaction fee
    • similar to transaction receipt
    • same as private keys
  • Question of

    What is bitcoin full-node?

    • A wallet that has the ability to store the whole blockchain on the machine it is installed on
    • A wallet that is fully encrypted
    • a strong bitcoin private key
    • A wallet that is not fully encrypted
  • Question of

    What is TESTNET?

    • Just a parallel bitcoin network that was created for the purpose of testing
    • A pool of unconfirmed transactions
    • A private key security testing network
    • Name of a bitcoin testing exchange company
  • Question of

    What is referred to as “difficulty” in bitcoin?

    • difficulty is or controls how “hard” it is to mine a new bitcoin block
    • This is simple timing showing when the next block will be found
    • this controls how difficult it is for the miner to remember the private keys
    • The electricity spent to mine a single block of bitcoin
  • Question of

    A wallet requiring two more keys to send a transaction is called ?

    • Multisig wallet
    • 2fa wallet
    • A multi-key wallet
    • a private key
  • Question of

    What is known as a public key ?

    • corresponds to a bitcoin address mathematically
    • same as a private key
    • same as a seed
    • same as a block key
  • Question of

    How many addresses does a bitcoin wallet have ?

    • 1
    • 2
    • 4
    • 14
    • a very large number
  • Question of

    How can the right transaction fee be set?

    • Transaction fees are not set manually
    • by writing your own bitcoin software
    • by looking at the previous transaction fees
    • Most wallets give estimates of the transactions fees depending on how fast you want the transaction confirmed
  • Question of

    Which of the below strings is a bitcoin wallet ?

    • 536622
    • 14zm63GLbKCsfmhrUXnxDhrdccXL1TP1Mg
    • bc1qc7slrfxkknqcq2jevvvkdgvrt8080852dfjewde450xdlk4ugp7szw5tk9
    • 1c1qc7slrfxkknqcq2jevvvkdgvrt8080852dfjewde450xdlk4ugp7szw5tk9

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