Ultimate Trivia Quiz About Cryptocurrency!

The infrastructure of digital currency is founded on blockchain technology. Blockchain is a decentralized and transparent digital ledger that records all transactions made with a particular cryptocurrency. It ensures security, immutability, and trustworthiness by distributing transaction records across multiple computers or nodes. This technology eliminates the need for intermediaries like banks and allows for peer-to-peer transactions. Additionally, blockchain technology enables the verification and authentication of transactions, preventing fraud and ensuring the integrity of the digital currency system.

China is one of the current largest miners of Bitcoin. This is because China has a significant amount of cheap electricity and a large number of mining farms. Additionally, the country has a high concentration of mining pools and hardware manufacturers, making it a major player in the Bitcoin mining industry.

Altcoin is the correct answer because it is a term commonly used to refer to any cryptocurrency that is not Bitcoin. It is a combination of the words "alternative" and "coin," indicating that it is an alternative to Bitcoin. Altcoins include cryptocurrencies such as Ethereum, Litecoin, Ripple, and many others. They are often created with the intention of offering different features or improvements compared to Bitcoin.

The correct answer is 21 million. This is because the total supply of Bitcoin is limited to 21 million coins. This limit is built into the Bitcoin protocol and is designed to create scarcity and prevent inflation. As more coins are mined, the rate at which new coins are created decreases over time, eventually reaching zero when the total supply reaches 21 million. This limited supply is one of the key factors that contribute to the value and appeal of Bitcoin as a decentralized digital currency.

Cryptokitties is the correct answer because it was the first game built using Ethereum technology. Cryptokitties is a blockchain-based game where players can buy, sell, and breed virtual cats using Ethereum's smart contract functionality. It gained significant popularity in late 2017 and was one of the earliest examples of non-fungible tokens (NFTs) being used in a gaming context.

Bolivia is the correct answer because the use of blockchain currency is banned in the country. This means that cryptocurrencies like Bitcoin, Ethereum, and others cannot be used as a form of payment or investment in Bolivia. The government of Bolivia has taken this stance due to concerns about money laundering, fraud, and the lack of control over these decentralized currencies.

May 22nd is celebrated in the cryptocurrency world as Bitcoin Pizza day. On this day in 2010, Laszlo Hanyecz, a programmer, made the first real-world transaction using Bitcoin by buying two pizzas for 10,000 BTC. This event is considered significant as it demonstrated the value and potential use of Bitcoin as a form of currency. Therefore, May 22nd is celebrated as Bitcoin Pizza day to commemorate this milestone in the history of cryptocurrencies.

The first decentralized digital coin was created in 2008. This refers to the creation of Bitcoin, which was introduced in a whitepaper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" by an individual or group using the pseudonym Satoshi Nakamoto. The whitepaper was published in October 2008, outlining the concept and principles behind Bitcoin. The actual implementation and mining of the first Bitcoin occurred in early 2009.

The given question asks for the name that does not belong to a cryptocurrency. Pizzacoin, Cabbage, and Coinye are all examples of cryptocurrencies that have been created. However, Steblecoins is not a recognized cryptocurrency name.

A Satoshi is the smallest unit of Bitcoin, named after its pseudonymous creator, Satoshi Nakamoto. It represents one hundred millionth of a single Bitcoin (0.00000001 BTC). This subdivision allows for small transactions and adjusts for the digital currency’s potential increase in value, making Bitcoin accessible for micro-transactions. It's crucial for facilitating smaller transactions in the cryptocurrency space, enhancing Bitcoin's usability as an everyday currency.