Top 50 Cryptocurrency Quiz and Answers (#Most Important)

How much do you know about cryptocurrency? Try to solve these crypto quiz and answers. These are the most important Cryptocurrency Quiz and Answers. These Crypto Quiz and Answers are collected by our team.

Cryptocurrency Quiz and Answers

1. Encryption process to control the creation of coins and to verify transactions is called

a) Cryptographic

b) Mining

c) Decentralization

d) Proof-of-work

Answer: a

2. What is a fiat currency?

a) Currency backed by a gold standard

b) A currency used to purchase a car

c) A currency backed by a physical commodity

d) A currency that is declared a currency by the government, although not backed by a physical commodity

Answer: d

3. Bitcoin’s all-time high was ______________ / BTC.

a) $22,984.30

b) $19,783.21

c) $16,394.56

d) $13,098.49

Answer: b

4. What does the block in the blockchain consist of?

a) Transaction data

b) A Hash point

c) A Timestamp

d) all of these

Answer: d

5. Where is the bitcoin central server located?

a) London

b) Washington DC

c) Tokyo

d) None

Answer: d

6. How many Bitcoins will there ever be?

a) 21 million in 2140

b) 21 million in 2020

c) 14 million 2015

d) 23 million in 2140

Answer: a

7. How does one acquire bitcoins?

a) As payment for goods or services.

b) Purchase bitcoins at a Bitcoin exchange.

c) Exchange bitcoins with someone near you.

d) All of the above

Answer: d

8. People who update the blockchain are called:

a) workers

b) miners

c) losers

d) scientists

Answer:

9. What is necessary for Bitcoin?

a) bank

b) internet

c) government

d) oxygen

Answer:

10. Where was Bitcoin used to purchase items during an economic crisis?

a) Haiti

b) NIgeria

c) Russia

d) Venzuela

Answer:

11. Bitcoin was launched in

a) 2018

b) 2015

c) 2011

d) 2009

Answer: d

12. The creator of Bitcoin is

a) Bill Gates

b) Satoshi Nakamoto

c) Steve Jobs

d) Mark Zuckerberg

Answer: b

13. A blockchain is

a) a chain of lego blocks

b) a National Bank database

c) a Chinese currency

d) a database with information on transactions

Answer: d

14. A blockchain is secured by

a) PIN code

b) ‘hash’ code

c) password

d) login

Answer: b

15. A computer program that utilizes a blockchain for data storage, runs autonomously, is not controlled or operated from a single entitiy, is open source and has its use incentivized by the reward of fees or tokens.

a) Bitcoin

b) Blockchain

c) Cryptocurrency

d) Decentralized Application

Answer: d

16. Bitcoin was the first and is the most successful of all the cryptocurrencies. All the other coins are grouped together under this category.

a) Bitcoin

b) Altcoins

c) Cryptocurrency

d) Circulating Supply

Answer: b

17. A digital ledger of all the transactions ever made in a particular cryptocurrency and is repeatedly copied and saved onto thousands of computers all around the world, and it must always match each copy. As there is no master copy stored in one location, it’s considered decentralized.

a) Cryptography

b) Blockchain

c) Bitcoin

d) Decentralized Application

Answer: b

18. The very first cryptocurrency. It was created in 2008 by an individual or group of individuals operating under the name Satoshi Nakamoto. It was intended to be a peer-to-peer, decentralized electronic cash system.

a) Crytocurrenc

b) Altcoins

c) Blockchain

d) Bitcoin

Answer: d

19. The process of encrypting and decrypting information.

a) Decentralized Application

b) Cryptocurrency

c) Block

d) Cryptography

Answer: d

20. Bitcoin derives value through which method?

a) Collapse of national banks

b) Insider dealing

c) Scarcity

d) ETF trading

Answer: c

21. What is the fastest time you can send or receive payment in bitcoin without verification?

a) Instantaneously

b) 2 minutes

c) 60 minutes

d) 24 hours

Answer: a

22. The computers that process transactions for the bitcoin network are commonly called

a) GPU

b) Bitcoin Foundation Member Units

c) Miners

d) Truckers

Answer: c

23. What is the name of the general ledger that tracks all bitcoin transactions?

a) The Block Chain

b) The Gox Chain

c) Ledger Link

d) Satoshi Square

Answer: a

24. How long is Bitcoin’s block time, in minutes?

a) 1 minute

b) 2 minutes

c) 5 minutes

d) 10 minutes

Answer: d

25. What is the current Bitcoin block reward?

a) 50 BTC

b) 25 BTC

c) 12.5 BTC

d) 6.25 BTC

Answer: c

26. The Bitcoin was introduced in this world by?

A. Stuart Haber

B. W. Scott Stornetta

C. Satoshi Nakamoto

D. Dave Bayer

Answer: C

27. Bitcoin is a cryptocurrency invented in?

A. 2007

B. 2008

C. 2009

D. 2010

Answer: B

28. Bitcoins are created as a reward for a process known as?

A. mining

B. wallet

C. bubble

D. ledger

Answer: A

29. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a?

A. cryptocurrency wallet

B. blockchain

C. nodes

D. cryptocurrency

Answer: B

30. Which hash function used in Ledger?

A. SHA-64

B. SHA-128

C. SHA-256

D. SHA-512

Answer: C

31. What is the block time of the ledger?

A. 5 mins

B. 8 mins

C. 2 mins

D. 10 mins

Answer: D

32. Nakamoto implemented the bitcoin software as open-source code

A. TRUE

B. FALSE

C. Can be true or false

D. Can not say

Answer: A

33. To claim the reward, a special transaction called a?

A. nonce

B. online wallets

C. hardware wallet

D. coinbase

Answer: D

34. Which of the following statement is true about bitcoin?

A. There is no central server; the bitcoin network is peer-to-peer

B. There is no central storage; the bitcoin ledger is distributed

C. The ledger is public; anybody can store it on their computer

D. All of the above

Answer: D

35. Bitcoin have a central authority?

A. TRUE

B. FALSE

C. Can be true or false

D. Can not say

Answer: B

Related Quizzes on Cryptocurrency:

Amp Coinbase Quiz and Answers
Balancer Coinbase Quiz and Answers
Barnbridge Coinbase Quiz and Answers
Binance Futures Quiz and Answers
Clover Finance Coinbase Quiz and Answers
Coinbase Crypto Quiz and Answers
Coinbase GRT Quiz and Answers
Coinbase Quizzes and Answers
Fetch Ai Coinbase Quiz and Answers
Incredible Crypto Quiz and Answers
The Graph Quiz Coinbase