How Well Do You Know About BITCOIN? QUIZ

  • 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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