Bitcoin General Knowledge Quiz

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| By Kizz
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Kizz
Community Contributor
Quizzes Created: 1 | Total Attempts: 380
| Attempts: 380
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  • 1/5 Questions

    In what year was Bitcoin launched? 

    • 2009
    • 2008
    • 1996
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About This Quiz

This Bitcoin general knowledge quiz assesses foundational knowledge of Bitcoin, covering its launch year, transaction verification, and key characteristics. It evaluates understanding of cryptocurrency mechanisms and is essential for anyone interested in digital finance.

Bitcoin General Knowledge Quiz - Quiz

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  • 2. 

    Who are the fees paid by? 

    • Purchaser

    • Vendor

    Correct Answer
    A. Purchaser
    Explanation
    The fees are paid by the purchaser. This means that the person or entity buying a product or service is responsible for paying any associated fees. The vendor, on the other hand, is the one offering the product or service and is not responsible for paying the fees.

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  • 3. 

    What is the Blocksize Limit (2015)?

    • 3MB

    • 1MB

    • 2MB

    • 6MB

    Correct Answer
    A. 1MB
    Explanation
    The blocksize limit in 2015 was 1MB. This refers to the maximum size that a block of transactions could be in the blockchain. A block is a collection of transactions that are grouped together and added to the blockchain. The blocksize limit helps to ensure that the blockchain remains efficient and scalable. By limiting the size of each block, it helps to prevent the blockchain from becoming too large and difficult to manage. This limit has been a topic of debate and discussion within the cryptocurrency community, as some argue for increasing the blocksize limit to accommodate more transactions per block.

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  • 4. 

    Is Bitcoin the first cryptocurrency? 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Bitcoin is not the first cryptocurrency. While it was the first decentralized digital currency to gain widespread popularity, there were earlier attempts at creating digital currencies. For example, DigiCash, created by David Chaum in the 1980s, and B-Money, proposed by Wei Dai in 1998, were both early attempts at creating digital currencies. However, Bitcoin was the first to successfully solve the double-spending problem and gain significant adoption, making it the most well-known and influential cryptocurrency.

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  • 5. 

    Transactions are verified by? 

    • Banks

    • Network nodes

    • Bitcoin organization

    Correct Answer
    A. Banks
    Explanation
    Transactions are verified by banks. Banks play a crucial role in the verification process as they ensure that the transactions are legitimate and comply with all the necessary regulations. They verify the authenticity of the transactions, confirm the availability of funds, and ensure that the transaction details are accurate. This verification process helps in preventing fraudulent activities and maintaining the integrity of the financial system. Network nodes and the Bitcoin organization may also play a role in verifying transactions in their respective contexts, but the primary responsibility lies with banks.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Apr 24, 2016
    Quiz Created by
    Kizz
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