How Much Do You Know About Bitcoin?

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| By Zlatan Aleksic

Zlatan Aleksic

Community Contributor

Quizzes Created: 193 | Total Attempts: 1,023,457

Questions: 10 | Attempts: 1,421 | Updated: Dec 27, 2023

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How Much Do You Know About Bitcoin? - Quiz

Embark on a knowledge journey with our Bitcoin Mastery Quiz, delving into the intricate world of the groundbreaking digital currency. This quiz is designed to test your understanding of Bitcoin, covering its origins, technology, and impact on the global financial landscape. Explore questions on blockchain technology, mining processes, and the intricacies of Bitcoin transactions. Challenge yourself with inquiries about the cryptocurrency's historical milestones and its role in reshaping traditional finance. Whether you're a novice or an enthusiast, this quiz promises to be an engaging exploration into the fundamental concepts and developments surrounding Bitcoin. Elevate your comprehension of this Read morerevolutionary digital asset and gain insights into its potential implications for the future of finance. Let the Bitcoin Mastery Quiz be your gateway to mastering the complexities of this transformative cryptocurrency.

Bitcoin Knowledge Questions and Answers

1.

Who was the first person that made the first real-world transaction using Bitcoin?
- A.
  
  Laszlo Hanyecz
- B.
  
  Krisztián Vastag
- C.
  
  Tibor Henyecz
- D.
  
  Nándor Balasz
Correct Answer
A. Laszlo Hanyecz

Explanation
Laszlo Hanyecz is known as the first person to make the first real-world transaction using Bitcoin. In May 2010, he famously purchased two pizzas for 10,000 bitcoins, establishing the first known value of the cryptocurrency in a real-world transaction. This event is now celebrated as Bitcoin Pizza Day and is considered a significant milestone in the history of Bitcoin.

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2.

What is the maximum amount of Bitcoins that can ever exist?
- A.
  
  36 milion
- B.
  
  21 million
- C.
  
  16 milion
- D.
  
  72 milion
Correct Answer
B. 21 million

Explanation
The maximum amount of Bitcoins that can ever exist is 21 million. This is because the Bitcoin protocol has a built-in limit of 21 million coins that can be mined. Once this limit is reached, no new Bitcoins can be created. This scarcity is one of the key factors that contribute to the value and appeal of Bitcoin as a decentralized digital currency.

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3.

What do you need to download before buying Bitcoins?
- A.
  
  Swedish bank account
- B.
  
  Digital piggy bank
- C.
  
  Digital wallet
- D.
  
  Digital credit card
Correct Answer
C. Digital wallet

Explanation
Before buying Bitcoins, you need to download a digital wallet. A digital wallet is a software application that allows you to securely store, send, and receive Bitcoins. It acts as a virtual wallet where you can store your Bitcoins and manage your transactions. Without a digital wallet, you won't have a place to store your Bitcoins or make any transactions in the cryptocurrency world.

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4.

How much was pizza worth from first real-world transaction with Bitcoins?
- A.
  
  1 Bitcoin
- B.
  
  100000 Bitcoins
- C.
  
  10000 Bitcoins
- D.
  
  1000 Bitcoins
Correct Answer
C. 10000 Bitcoins

Explanation
In the first real-world transaction with Bitcoins, the value of the pizza was 10,000 Bitcoins. This means that the person who bought the pizza paid 10,000 Bitcoins to the person who sold it. This transaction is famously known as the "Bitcoin Pizza Day" and took place on May 22, 2010. At that time, the value of Bitcoin was very low, and it was not yet widely accepted as a form of currency. However, this transaction played a significant role in establishing Bitcoin's value and demonstrating its potential as a medium of exchange.

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5.

What is approximate amount of Bitcoins mined every day?
- A.
  
  4600
- B.
  
  5900
- C.
  
  2300
- D.
  
  3700
Correct Answer
D. 3700

Explanation
Approximately 3700 Bitcoins are mined every day. This number is constantly changing due to the nature of Bitcoin mining, which involves solving complex mathematical problems to validate transactions and add them to the blockchain. The reward for successfully mining a block is currently 6.25 Bitcoins, and this reward is halved approximately every four years in an event known as the "halving." As a result, the amount of Bitcoins mined daily decreases over time.

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6.

What was the starting price for one bitcoin in 2009?
- A.
  
  $ 10
- B.
  
  $ 0.1
- C.
  
  $ 1
- D.
  
  $ 0.001
Correct Answer
D. $ 0.001

Explanation
In 2009, the starting price for one bitcoin was $0.001. This suggests that initially, the value of bitcoin was extremely low, indicating that it was not widely recognized or valued at that time. Over the years, the price of bitcoin has significantly increased, making it a highly sought-after and valuable cryptocurrency in the present day.

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7.

When was the first real-world transaction with Bitcoins?
- A.
  
  11. June 2012
- B.
  
  22. May 2010.
- C.
  
  07. April 2011.
- D.
  
  26. May 2013.
Correct Answer
B. 22. May 2010.

Explanation
The correct answer is 22. May 2010. This is the date of the first real-world transaction with Bitcoins. It marks the moment when Laszlo Hanyecz, a programmer, successfully traded 10,000 Bitcoins for two pizzas. This transaction is now famously known as "Bitcoin Pizza Day" and is considered a significant milestone in the history of cryptocurrency.

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8.

What does losing a wallet mean?
- A.
  
  You need new account
- B.
  
  You need more Bitcoins
- C.
  
  It doesn't mean anything
- D.
  
  Those bitcoins are lost forever
Correct Answer
D. Those bitcoins are lost forever

Explanation
Losing a wallet means that the bitcoins stored in it are permanently lost and cannot be recovered. Once a wallet is lost, there is no way to access or retrieve the bitcoins stored in it. Therefore, losing a wallet implies that the bitcoins are lost forever.

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9.

Which of these US states introduced the BitLicense regulation for cryptocurrency companies?
- A.
  
  California
- B.
  
  New York
- C.
  
  Texas
- D.
  
  Colorado
Correct Answer
B. New York

Explanation
New York is the correct answer because it was the first US state to introduce the BitLicense regulation for cryptocurrency companies. The BitLicense is a regulatory framework that requires businesses involved in virtual currency activities to obtain a license from the New York State Department of Financial Services. This regulation was implemented in 2015 to ensure consumer protection, anti-money laundering compliance, and cybersecurity measures in the cryptocurrency industry.

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10.

What’s the name of bitcoin’s creator?
- A.
  
  Sartori Kimono
- B.
  
  Satoshi Nakamoto
- C.
  
  Natoshi Nakamoto
- D.
  
  Nakimo Sikaramo
Correct Answer
B. Satoshi Nakamoto

Explanation
The true identity of Bitcoin's creator remains unknown. The pseudonym "Satoshi Nakamoto" is used, but whether it represents an individual or a group is uncertain. Nakamoto published the Bitcoin whitepaper in 2008 and initiated the development of the cryptocurrency before vanishing from public view in 2010.

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