Bitcoin website quiz

Who created bitcoin?

Satoshi Nakamoto

What is the original document that proposed Bitcoin, considered by many in the space to be a “must read”?

The Bitcoin Whitepaper

What is the name of the bitcoin exchange from Japan that famously collapsed in 2014 due to a devastating hack?

Mt. Gox

How much bitcoin will ever be created?

21 million

What is the name of the off-chain scaling solution that is being developed to mitigate bitcoin’s fees and long transaction times?

Lightning Network

Which of the following statements is NOT true about bitcoin wallets?

To open a wallet, you must submit a request to the wallet provider.

What is the name of the technology underlying Bitcoin?

bloackchain

T or F? Bitcoin can be sent to an Ethereum address

False

The first underground marketplace on the dark web which used bitcoin as its native currency and was created by Ross Ulbricht was called:

Silk Road

Bitcoins can be divisible down to the eighth decimal point. What is that unit called?

Satoshi

Which traditional stock exchange was the first to list bitcoin futures contracts?

The Chicago Board Options Exchange (CBOE)

The computes that find new blocks are called:

miners

Which of the following is NOT true about Bitcoin Cash, a fork from Bitcoin?

Bitcoin Cash removed its block size limit completely. (the limit is actually 32MB)

Where is the Bitcoin processing server located?

Bitcoin has no central server

What date was the Bitcoin network launched? 

January 3, 2009

When was Bitcoin’s all-time high exchange rate achieved (as of 9/11/18)

December 17, 2017

Which of the following statements is true?

Bitcoin has smart contract capabilities

How often, on average, can we expect a new block be found by miners?

10 minutes

What is Bitcoin Pizza Day, May 22nd?

The day when a computer programmer, Laszlo Hanyecz, paid 10,000 bitcoins for two pizzas in 2010

How many new bitcoins should be created each day with the current block reward, on average?

1,800

What is the difference between a soft fork and a hard fork?

A hard fork is a backwards-incompatible protocol change because it makes previously invalid blocks or transactions valid. A soft fork is a backwards-compatible protocol change because it makes previously valid blocks or transactions invalid.

What does ASIC stand for?

Application Specific Integrated Circuit

What does an ASIC do for Bitcoin?

Performs one specific task of solving a mathematical problem in order to find a new block

Is Bitcoin truly anonymous? 

No, all transactions are recorded on a global transparent ledger that can be traced using analytical technologies.

What is SHA 256?

A secure hashing algorithm used by Bitcoin, originally designed by the NSA

What is a nonce? 

An empty value in each block that is filled by the miner of that block

What is “difficulty” in relation to Bitcoin?

A measure of how difficult it is to find a hash below the target

What is multi-sig verification?

A technology to verify wallets by requiring multiple signatures to process a single transaction with enhanced security

Bitcoin consumes roughly 1 percent of the world’s energy consumption. What does this mean about its security?

Bitcoin is secure to the point that it would require approximately 1% of the entire world’s energy consumption to attack the network.

What is a Merkle Root in Bitcoin?

A hash of all transactions in a block that allows any specific transaction to be verified without downloading the entire blockchain