Bitcoin Quiz Answers | Quiz Help

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

  • Mentor-to-Mentee
  • Peer-to-peer
  • Administrator-to-Subject
  • Miner-to-Buyer

✔️Right Answer: Peer-to-peer

2. BITCOIN TRANSACTIONS ARE ALL OF THESE EXCEPT?

  • Permissionless
  • Anonymous
  • Private
  • Reversible

✔️Right Answer: Reversible

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. WHAT WAS THE STARTING PRICE FOR ONE BITCOIN IN 2009?

✔️Right Answer: $.0001

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. WHAT IS THE CURRENT BLOCK REWARD FOR MINERS?

  • 12.5 BTC
  • 25 BTC
  • 6.25 BTC
  • 3.125 BTC

✔️Right Answer: 6.25 BTC

8. WHAT IS THE SMALLEST UNIT OF BITCOIN CALLED?

  • Satoshi
  • Millibit
  • Fillmore
  • Finney

✔️Right Answer: Satoshi

9. WHICH ONE OF THESE YEARS WAS THE LEAST VOLATILE FOR BITCOIN?

✔️Right Answer: 2016

10. WHAT IS THE LARGEST AMOUNT OF BITCOINS TO EVER BE PRODUCED?

  • 132 million
  • 184 billion
  • 21 million
  • 32 billion

✔️Right Answer: 184 billion

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

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