Basics of Bitcoin Quiz!

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(Article: What is Bitcoin?)

What are the three basic parts of the Bitcoin network? *

10 points

Buyers, sellers, and validators

Users, nodes, and miners

Blockchain, ledger, and nodes

Miners, traders, and investors

(True / False): Users of the Bitcoin network determine the price or value of Bitcoin by trading it with each other.

10 points

True

False

Fill in the blank: The smallest unit of bitcoin is known as a __________.
*

10 points

bit

bitcent

satoshi

satcent

Fill in the blank: Nodes keep a complete history of the __________ ledger, which can be audited by anyone in the world at any time. *

10 points

Bitcoin

Mining

Coinbase

Cryptographic

What is one reason miners are important for the Bitcoin network?

10 points

Miners locate and eliminate hackers from the network

Miners track IP addresses of every bitcoin user

Miners secure the network from attacks and theft

Miners meet with each other to determine the price of bitcoin

Fill in the blank: Compared to many other forms of money, bitcoin grades well in each of 5 important monetary properties: Scarcity, Fungibility, Durability, Divisibility, and _________.

10 points

Likability

Futility

Scalability

Portability

Fill in the blank: In Bitcoin, the process of spending time and energy to search for an answer to a cryptographic puzzle is known as "__________". *

10 points

Searching

Mining

Coinbasing

Validation

What happens if a miner tries to cheat by including fake transactions in a block? *

10 points

The miner's coinbase transaction gets processed and they receive a reward

Other nodes in the network quickly reject the block

The miner's funds are seized by Satoshi Nakamoto

The miner's equipment gets confiscated

Fill in the blank: Bitcoin has a hard supply cap of "__________" coins.
*

10 points

21 million

21 billion

12 million

12 billion

What is the function of the coinbase transaction in a block? *

10 points

To validate other transactions

To reward the miner for their work

To set the price of Bitcoin

To determine the next halving event

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