Naija Bitcoin Intermediate’s Quiz

Satoshi's Intermediate Quiz

Test your Bitcoin knowledge with the Satoshi's Intermediate Quiz

1. Why was Bitcoin created?

a. To make early investors rich

b. To make transactions faster

c. To enable transactions to be more secure

d. To end central banking

2. What is the most secure way to store your Bitcoin?

a. On a reputable Exchange

b. Offline in cold storage

c. On a wallet on your phone secured by 2FA

d. In a trusted bank that integrates Bitcoin

3. What property of Bitcoin makes it far superior money to Fiat?

a. Portability

b. Recognizability

c. Scarcity

d. Fungibility

4. What property of Bitcoin makes it far superior money to Gold?

a. Portability

b. Recognizability

c. Scarcity

d. Fungibility

5. How are miners incentivized to secure the Bitcoin network?

a. Block reward and transaction fees

b. Annual fees from users

c. Donations from Bitcoin developers

d. Crowdfunding from users

6. Which is not something that Satoshi did to strengthen Bitcoin?

a. Satoshi left his Bitcoin project to others

b. Satoshi donated most of his Bitcoin to those in need

c. Satoshi made Bitcoin's code open source

d. Satoshi never sold any of his Bitcoin

7. What does the Difficulty Adjustment ensure?

a. That nodes can view all transactions even when the network gets overwhelmed

b. That miners can still create new Bitcoin as technology gets better

c. That the block time remains 10 minutes long

d. That blocks don't get too big or too small

8. What is not a role or function of a Bitcoin node?

a. To store the entire Blockchain

b. To increase decentralization

c. To enforce the rules of the code

d. To prevent a 51% attack

9. What is not true about Proof-of-Work?

a. It wastes a lot of Energy

b. It solves the Byzantine General's Problem

c. It leads to easily verifiable consensus

d. It leads to an irrefutable history of transactions

10. What is the supply cap of Bitcoin and when will the last satoshi be mined?

a. 21 Million, Year 2140

b. 81 Million, Year 2180

c. No Limit, 2180

d. No Limit, Unknown Year

11. Which is the revolutionary innovation that was discovered with Bitcoin?

a. Digital Scarcity

b. Non-fungible Tokens (NFTs)

c. Web3 Applications

d. Blockchain Technology

12. What was the first country to make Bitcoin legal tender?

a. Central African Republic

b. Palestine

c. El Salvador

d. Nigeria

13. What is the main reason why Bitcoin is a great store of value?

a. Countries are making Bitcoin legal tender

b. Can be used anytime and anywhere in the world

c. Lightning transactions are very fast

d. Limited supply

14. Bitcoin's Lightning Network primarily improves what two aspects?

a. Security and Recognizability

b. Scalability and Privacy

c. Divisibility and Fungibility

d. Immutability and Portability

15. How many times has Bitcoin's monetary policy changed?

a. Once

b. Twice

c. Unknown

d. It has never changed

16. What tends to be the primary function of alternative (alt) coins?

a. To improve upon Bitcoin

b. To make Bitcoin easier to use

c. To enrich the founders of the alt coin

d. To give people another useful monetary option

Fill in the details to get your results

Your score is

Exit

Satoshi intermediate's Quiz

©Copyright 2024 Naijabitcoin24. Developed Sponsored Digitals.