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33 Bitcoin Quiz Questions And Answers: Decentralised

We Love Quizzes November 29, 2021

Bitcoin and cryptocurrency have been among the hottest keywords for investors over the last decade. This disruptive technology is expected to change every aspect of the digital world these days. Whether you are planning to invest or want to learn more, check out these 33 trivia Bitcoin quiz questions and answers.

Bitcoin Quiz Questions And Answers

Bitcoin Quiz Questions And Answers


1. What is actually Bitcoin?

A. A stock

B. A natural resource

C. A digital currency

Click to see the correct answer
Answer: C. A digital currency

2. When was Bitcoin first introduced?

A. 2001

B. 2008

C. 2015

Click to see the correct answer
Answer: B. 2008

3. What is the maximum number of Bitcoins that can exist?

A. 21,000

B. 2,100,000

C. 21,000,000

Click to see the correct answer
Answer: C. 21,000,000

4. Bitcoin is a decentralised digital currency. What does it mean?

A. It is not controlled by a government or organisation

B. It is completely free to use

C. It is distributed equally to everyone

Click to see the correct answer
Answer: A. It is not controlled by a government or organisation

5. Who is considered to be the creator of Bitcoin?

A. Vitalik Buterin

B. Satoshi Nakamoto

C. Elon Musk

Click to see the correct answer
Answer: B. Satoshi Nakamoto

6. What is the name of the underlying technology of Bitcoin and many cryptocurrencies?

A. Blockchain

B. Metaverse

C. Virtualistic

Click to see the correct answer
Answer: A. Blockchain

7. Which factor or who determines the market price of Bitcoin?

A. The creator of Bitcoin

B. The supply and demand of Bitcoin

C. The world’s economy and politics

Click to see the correct answer
Answer: B. The supply and demand of Bitcoin

8. What is currently the smallest unit of the Bitcoin currency?

A. Bitty

B. Satoshi

C. Naka

Click to see the correct answer
Answer: B. Satoshi

9. What was the price of 1 Bitcoin when it was first traded on an online exchange in March 2010?

A. 0.003 USD

B. 3 USD

C. 30 USD

Click to see the correct answer
Answer: A. 0.003 USD

10. Which was the first artist to accept Bitcoin for purchasing his records?

A. DJ Khaled

B. Eminem

C. 50 Cent

Click to see the correct answer
Answer: C. 50 Cent

11. In 2021, which country became the first one in the world to legalise Bitcoin?

A. Estonia

B. El Salvador

C. South Africa

Click to see the correct answer
Answer: B. El Salvador

12. Bitcoin is based on which type of network to operate without the need for central authority?

A. Miner-to-Owner

B. Peer-to-Peer

C. Creator-to-Buyer

Click to see the correct answer
Answer: B. Peer-to-Peer

13. Which of the following is NOT a feature of a Bitcoin transaction?

A. Reversible

B. Private

C. Permissionless

Click to see the correct answer
Answer: A. Reversible

14. What is the name of the process to create new Bitcoins?

A. Forging

B. Shaping

C. Mining

Click to see the correct answer
Answer: C. Mining

15. Which cryptography algorithm is used for hasting new blocks and running the network to create Bitcoins?

A. THX1138

B. PLA196

C. SHA256

Click to see the correct answer
Answer: C. SHA256

16. What is the estimated year when the last Bitcoin is mined?

A. 2040

B. 2140

C. 2400

Click to see the correct answer
Answer: B. 2140

17. Which of the following electronic devices do you need to mine Bitcoin?

A. A graphics processing unit

B. A random-access memory

C. A central processing unit

Click to see the correct answer
Answer: A. A graphics processing unit

18. Where can you purchase Bitcoin?

A. Cryptocurrency exchanges

B. Big banks

B. Bitcoin miners

Click to see the correct answer
Answer: A. Cryptocurrency exchanges

19. What is the difference between a cold wallet and a hot wallet for storing Bitcoin?

A. A hot wallet is connected with the Internet, while a cold wallet is not

B. A cold wallet is more prone to attack than a hot wallet

C. A hot wallet is hardware, while a cold wallet is a software

Click to see the correct answer
Answer: A. A hot wallet is connected to the Internet, while a cold wallet is not

20. What is a Bitcoin halving?

A. An event that reduces Bitcoin price

B. An event that reduces rewards for mining Bitcoin

C. A event that divides Bitcoin into the two different coins

Click to see the correct answer
Answer: B. An event that reduces rewards for mining Bitcoin

21. On May 22, 2010, an American programmer named Laszlo Hanyecz made the first commercial Bitcoin transaction by paying 10,000 BTC for what?

A. A laptop

B. A house

C. A pizza

Click to see the correct answer
Answer: C. A pizza

22. Which cryptocurrency term refers to entities or individuals that hold large amounts of Bitcoin?

A. A bull

B. A whale

C. A phoenix

Click to see the correct answer
Answer: B. A whale

23. Which of the following is a feature present in Bitcoin?

A. Delegated Proof-of-Stake

B. Automated Security

C. Smart Contracts

Click to see the correct answer
Answer: C. Smart Contracts

24. Which was the first notable Bitcoin fork in 2014?

A. Bitcoin XT

B. Bitcoin Cash

C. Bitcoin SV

Click to see the correct answer
Answer: A. Bitcoin XT

25. What was the title of the original white paper in which Satoshi Nakamoto introduced Bitcoin?

A. Bitcoin: A Peer-to-Peer Electronic Cash System

B. Bitcoin: A Disruptive Digital Currency

C. Bitcoin: A Decentralised Cash Network

Click to see the correct answer
Answer: A. Bitcoin: A Peer-to-Peer Electronic Cash System

26. On average, how often is a new block of Bitcoin mined?

A. 10 minutes

B. 24 hours

C. 1 month

Click to see the correct answer
Answer: A. 10 minutes

27. Which was the first publicly-traded company to purchase Bitcoin in 2020?

A. Tesla

B. MicroStrategy

C. Paypal

Click to see the correct answer
Answer: B. MicroStrategy

28. Which famous Bitcoin exchange went bankrupt in 2014 after a huge loss of 850,000 Bitcoins?

A. Binancce

B. Coinbase

C. Mt. Gox

Click to see the correct answer
Answer: C. Mt. Gox

29. What is the generally accepted abbreviation for Bitcoin?

A. BIT

B. BTC

C. BIC

Click to see the correct answer
Answer: B. BTC

30. What is the all-time high price of 1 Bitcoin as of November 2021?

A. 14,500

B. 68,500

C. 123,500

Click to see the correct answer
Answer: B. 68,500

31. Which of the following social issues is usually associated with the use of Bitcoin?

A. Environmental problems

B. Economic inequality

C. Corruption

Click to see the correct answer
Answer: A. Environmental problems

32. Which country is currently the biggest Bitcoin miner in the world?

A. The United States

B. China

C. India

Click to see the correct answer
Answer: B. China

33. What do you need to access a Bitcoin wallet address?

A. A password

B. An encoded line of code

C. A private key

Click to see the correct answer
Answer: C. A private key

What do you think about these Bitcoin quiz questions and answers? We hope you learn a lot of useful knowledge and interesting facts about this new digital asset. For more challenges on this topic, check out the following money quiz.

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