Bitcoin quiz

When was Bitcoin created?

January 3, 2009

Who created Bitcoin?

Satoshi Nakamoto

Bitcoin

global, borderless, decentralized protocol that enables the peer-to-peer exchange of bitcoin

what does bitcoin solve?

• centralization

• verifiability

• inflation

• will supposedly ‘fix the world’

centralization

no need for 3rd party systems like banks to confirm or validate; no need for government control

verifiability

there are counterfeit dollar bills, no counterfeit bitcoin

inflation

bitcoin is capped at 21 million

Who is Bitcoin centralized by?

no one

centralized money

money controlled by the government

fiat

originated by the latin word “a determination by authority”

What composes the Bitcoin network

everyone who participates in it

Who has control over you wealth?

your

What considers something to be money?

• a unit of account

• medium of exchange

• a store of value

Who used Rai stones

Yapanese people

POW meaning

proof of work

Do you have to work for bitcoin?

yes

For every 210k blocks (every 4 years) the number of new bitcoin is cut in _____?

half

What happens to the demand when more people join Bitcoin?

raises

What makes up bitcoin?

nodes

Different nodes that make up bitcoin

• mining nodes

• full nodes

• light nodes

Jobs of nodes

1. Keep copy of entire bitcoin blockchain

2. Validate transactions

3. Enforce the rules of the network

What is bitcoin immune from?

blockchain attacks

What are bitcoin transactions spread like?

rumors

Running your own nodes eliminates the trust needed for _________?

other nodes to be honest

Running transactions through your own node is like ______?

running your own bank

In 2014, how much bitcoin was stolen?

$460 million, equivalent to $38 billion

If __% of bitcoin can be stolen, then hackers can take all of it

51

Ways to avoid getting hacked?

• 2-face authentication

• use computed-generated passwords

Soft fork

• an update

• new rules

• compatible with old version

Hard fork

• a change

• new block chain

• incompatible with old version

When sending bitcoin, it more an an ___ than sending actual money

IOU

Value of bitcoin is secured by blockchain, managed by _____?

middleman

To ensure security, carry bitcoin on device no longer than ___?

a USB

Bitcoin doctrine is about…

• privacy

• freedom

• self- sovereignty

Bitcoin believes in _______?

separation of state and money

Does bitcoin lead to a certain political party?

no

Where can you buy bitcoin?

off exchange (strike or cashapp)

What to do after bitcoin purchase

send bitcoin to self-custody solution

What does self-custody solution do?

Protects bitcoin just incase it gets hacked

What must you own to have full custody of bitcoin?

set of ‘privacy keys’

privacy keys

randomly generated passwords

different self-custody methods

software wallets

mobile self custody methods

• blue wallet

• muun wallet

desktop self-custody methods

• electrum

Physical self-custody methods

USB drive

Lyn Alden Analogy

image bitcoin block confirmation are like running a dishwasher, no matter how many dishes are in the machine, the same amount of water and energy will be used

fix the money

fix the world

Which country adopted bitcoin as legal tender?

El Salvador

When did El Salvador adopt bitcoin?

June 9, 2021

What does Bitcoin encourage

cheap, renewable energy

How many different types of energy are on the Kardashev scale ?

5

Where do humans sit on the Kardashev scale?

0.7

With each additional user, there is a growth in ____?

dominance

What makes bitcoin more secure and harder to dominate?

Each new node

Bitcoin is ____ and ____

secure; volatile

Fiat is ____ and ____

insecure; relatively stable in price

When was the first block of bitcoin released?

January 9 2009

Laszlo Hanyez used 10k bitcoin to pay for what?

2 papa johns pizzas

Jack Dorsey

CEO, Square/ CashApp/ Twitter

Micheal Saylor

CEO, Microstrategy

Cathie Wood

CEO, ARK Invest

Cynthia Lummis

U.S. Senetor, Wyoming (republican)

Elon Musk

CEO, Tesla and X

blockchain

shared, digital ledger containing:

• transaction records

• automated ‘smart records’

• other info

cryptocurrency

digital currency w/ transactions recorded by computers solving cryptographic puzzles

smart contracts

programs on a blockchain that trigger transactions and other commands when certain criteria are filled

DAO

decentralized autonomous organization, used smart contracts to coordinated decentralized government